Business

Co-founder Brij Bhushan of Zomato-backed Magicpin steps down

New Delhi, April 2 (IANS) Brij Bhushan, the co-founder of Zomato-backed retail startup Magicpin, has announced his departure from the company after nine years. In a LinkedIn post, Bhushan expressed his gratitude for the growth, challenges, and learnings he experienced during his time at Magicpin and stated that it was time for him to take a step back.

Bhushan, who founded Magicpin in 2015 with Anshoo Sharma, the current CEO, reflected on the company’s resilience during the Covid-19 pandemic, highlighting their initiative to create a home delivery system to support local retailers. This initiative evolved into ONDC (Open Network for Digital Commerce), which Bhushan described as their most fulfilling achievement and a commitment to the community.

According to Entrackr, Magicpin’s operating revenue saw a significant increase of 59.6 per cent to Rs 233 crore in FY22. In November 2021, the company raised $60 million in an institutional funding round led by Lightspeed India and Zomato. Bhushan’s departure comes at a time of growth and success for Magicpin, with the company continuing to expand its services and initiatives under the leadership of Sharma.

As Bhushan steps back from his role at Magicpin, he leaves behind a legacy of resilience, growth, and community commitment. His departure marks a new chapter for the company, as it continues to innovate and thrive in the competitive online food delivery and retail industry.

IANS

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