magicpin’s founder and chief executive officer, Anshoo Sharma, today said that its rapid delivery arm, magicNOW, currently contributes 13% to the overall food delivery orders of the hyperlocal delivery startup.
, magicNOW offers food delivery service in 15 minutes. The service aims to maintain food freshness by operating within 1.5-2 km delivery radius and partnering directly with restaurants rather than using dark stores.
Back then, magicpin said in a statement that the service completed its pilot phase between November 14 and December 15 and would initially be launched across six Indian cities.
Meanwhile, Sharma said that the company expects magicNOW to account for 20% of its total food delivery orders by the end of the current financial year.
“With magicNOW – 15 minute quick delivery vertical already contributing 13% of our total food delivery orders, we’re well on track to scale this to 20% by the end of the financial year.”
The startup said in a statement that the magicNOW service has been expanded from six metros to 20 cities since its launch and has scaled its restaurant network from 3,000 to over 21,000, including brand stores McDonald’s, Taco Bell, Chaayos, Wendy’s, Faasos, Burger King and local eateries.
“magicNOW is showing 10% higher monthly retention than the magicpin’s platform average. We have received a strong response from both consumers and restaurant partners, especially local merchants, and will continue to double down on this high-growth vertical,” Sharma added.
Launched in 2015 by Sharma and Brij Bhushan, Gurugram-based magicpin enables people to discover, interact and transact with local businesses across food, fashion, beauty and pharmacy verticals.
In December 2021, led by foodtech major Zomato, along with its existing backer Lightspeed Venture Partners.
Although the company is yet to disclose its FY25 numbers, it said in a statement that its revenue skyrocketed to INR 870 Cr in the financial year ended March 31, 2024 (FY24) from INR 297 Cr in the previous fiscal year.
The company also claims to have trimmed its adjusted EBITDA loss to INR 86 Cr in the year under review from INR 117 Cr in FY23. magicpin’s food delivery contributed close to 30% of its overall revenue.
As food delivery giants over the last year raced to capture the quick commerce wave, different food delivery platforms seem to have developed different outlooks towards the quick food delivery segment.
In Q4 FY25, Eternal reflected pessimism towards the quick food delivery segment by pulling the plug on, citing poor customer experience and limited incremental demand.
On the other hand, Swiggy appears more optimistic. In its shareholders’ letter, it said that its quick delivery vertical, Swiggy Bolt, accounted for 12% of the food delivery orders.
Swiggy also looks to give its rather stagnant food delivery business a shot in the arm with the expansion of Bolt.
Overall, the sector is witnessing a slowdown, with food delivery revenues for both Swiggy and Eternal in Q4 FY25 growing and , respectively.
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