Success Story: MBA from IIM, he left high-paying job to start own business; he is…, net worth is…

It is one of the third largest food delivery apps in the country.

New Delhi: Anshoo Sharma, an alumnus of IIM Ahmedabad, is the founder of the hyperlocal e-commerce startup Magicpin. It has become the third largest food delivery app in the country. The company fulfills 150,000 food and logistics orders daily through the Open Network for Digital Commerce (ONDC) network. The company achieved a revenue of 870 crore rupees in the financial year 2023-24. Let’s learn about Anshoo Sharma’s journey to success.

Launch in 2015

Anshoo Sharma completed his MBA from IIM Ahmedabad in 2004 and founded Magicpin in 2015. He then worked for companies like Motorola and Bain & Company with a very good package. After that, he became a venture partner at Lightspeed India Partners Advisors. Magicpin was started as a discovery platform for offline retail. It is a hyperlocal startup that helps brands and businesses increase their visibility and connections. This is done by increasing their demand through a universal platform that local customers can connect with. Magicpin is a major seller app on the ONDC.

Magicpin, led by Anshoo Sharma, fulfills 150,000 food and logistics orders daily through the ONDC network. It has partnered with major brands for food delivery such as Faasos, Oven Story, McDonald’s, Burger King, Pizza Hut, Barbeque Nation, Barista, and Wow! Momo. It entered the quick food delivery race in December 2024. The startup’s 15-minute food delivery service is called magicNOW. In the first month after launch, it fulfilled 200,000 orders.

Revenue in millions

According to media reports, the startup recorded a threefold growth in its revenue in the financial year 2023-24. The company reported a revenue of 870 crore rupees. This is significantly higher than the revenue of 297 crore rupees in the previous financial year. This remarkable growth reflects Magicpin’s increasing presence and popularity in the market. Magicpin’s EBITDA margin decreased to -9.8 percent in the financial year 2023-24, compared to -39.2 percent in the financial year 2022-23. This means that the company has been able to control its expenses and improve its profitability.