Zomato co-founder Deepinder Goyal has joined Magicpin as an independent director

Zomato co-founder Deepinder Goyal has joined Magicpin as an independent director
BCCL
  • The development comes a week after Reliance Retail acquired Just Dial.
  • Magicpin was founded in 2015 by Anshoo Sharma and Brij Bhushan.
  • It claims to be making $1 billion in annual sales for its clientele of 15 lakh merchants.
Gurugram-based hyperlocal discovery platform Magicpin has appointed Zomato’s chief executive officer (CEO) and cofounder Deepinder Goyal as an independent director.

Goyal will be joining the hyperlocal discovery platform’s existing board of directors and advisors Lightspeed Venture’s Bejul Somaia, BoAt Lifestyle’s Vivek Gambhir and Waterbridge’s Manish Kheterpal.

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Commenting on the same, Zomato’s Goyal said, “I am delighted to join the magicpin board. They are a high-quality team, and I am excited about how they are being a driver of growth for local merchants across categories. I am looking forward to contributing to the company's success.”

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Founded in 2015 by Anshoo Sharma and Brij Bhushan, Magicpin provides a discovery platform that allows merchants and consumers to interact and transact. The company helps drive businesses of local retailers across several categories, including restaurants, fashion, beauty, grocery and others.

Magicpin has also launched a OrderHere platform that enables local merchants to set up their online stores and serve customers. The company simplifies catalog creation and management for local businesses. It also offers integrated payments and logistics from top logistics providers such as Shadofax, Dunzo, Rapidoa and Loadshare.

It has over 1.5 lakh merchants on the platform, serving more than 50 lakh consumers across 50 cities. The company claims to be driving over $1 billion in annual revenue for its existing partners. It’s clientele includes Pantaloons, Lifestyle, Westside, Taco Bell, Amazon, Samsung, KFC, CCD and others.

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Magicpin has raised close to $41.9 million to date from marquee investors like Google Launchpad Accelerator, Samsung Venture Investments and others.

The company competes with Just Dial, which was acquired by Reliance Retail only last week. Just Dial has over 30.4 million listings, catering to consumer traffic of 129.1 million quarterly unique users (as on March 31, 2021).

Goyal can be a value add to Magicpin’s board, given his experience of building and scaling Zomato. The food aggregator business’s issue was oversubscribed by 38 times, as it attracted bids for 2,751 crore compared to the issue size of 71.9 crore shares.

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