Meet Anshoo Sharma, who studied in IIM Ahmedabad, started his own business after leaving a high-paying job, his net worth is…

Anshoo Sharma's company Magicpin has recorded a threefold growth in its revenue for the financial year 2023-24, according to the reports.

New Delhi: Anshoo Sharma is the founder of the hyperlocal e-commerce startup Magicpin, the third-largest food delivery app in the country. An IIM Ahmedabad, Anshoo Sharma has had 4 past jobs including Venture Partner at Lightspeed India Partners. His company Magicpin has recently fulfilled 1.5 lakh food and logistics orders daily through the ONDC network. ONDC stands for Open Network for Digital Commerce. The company achieved a revenue of Rs 870 crore in the financial year 2023-24. Let’s take a look at Anshoo Sharma’s journey to success.

All You Need to Know About Anshoo Sharma:

• Anshu Sharma founded Magicpin in 2015.
• He completed his MBA from IIM Ahmedabad in 2004 and then joined companies like Motorola and Bain & Company, where he worked on a lucrative package.
• Later, he became a venture partner at Lightspeed India Partners Advisors.
• Magicpin was launched as a discovery platform for offline retail.
• It is a hyperlocal startup that helps brands and businesses enhance their visibility and connections.
• This is done by increasing their demand through a universal platform that connects with local customers.
• Magicpin is a major seller app on the Open Network for Digital Commerce (ONDC).

Completing 1.5 Lakh Orders

Anshoo Sharma’s Magicpin fulfills 1.5 lakh food and logistics orders daily through the ONDC network. It has partnered with major brands for food delivery, including Faasos, Oven Story, McDonald’s, Burger King, Pizza Hut, Barbeque Nation, Barista, and Wow! Momo. In December 2024, it entered the quick food delivery race. The startup’s 15-minute food delivery service is called MagicNow. In its first month after launch, it completed 2,00,000 orders.

Anshoo Sharma’s company Magicpin has recorded a threefold growth in its revenue for the financial year 2023-24, according to the reports. The company registered a revenue of Rs 870 crore, a significant increase from Rs 297 crore in the previous financial year. This remarkable growth reflects Magicpin’s expanding presence and rising popularity in the market.

Magicpin’s EBITDA margin declined to -9.8% in FY 2023-24, compared to -39.2% in FY 2022-23. This indicates that the company has been able to control its expenses and improve its profitability.