Tuesday, April 16, 2024

Business

Zomato-backed Magicpin's co-founder Brij Bhushan moves on

IANS | April 02, 2024 05:25 PM

NEW DELHI: Online food delivery platform Zomato-backed retail startup Magicpin cofounder Brij Bhushan on Tuesday announced to leave the company.

In a LinkedIn post, Bhushan wrote: "Over the past 9 years at magicpin, I've experienced a rollercoaster of highs and lows, filled with growth, challenges, and profound learnings. Now, it's time for me to take a step back."

"As I pause to recharge, I leave knowing magicpin is in the best hands, grateful for every moment, " he added.

Bhushan founded the Gurugram-based company with Anshoo Sharma in 2015. Sharma is the current CEO of Magicpin.

Before co-founding Magicpin, Bhushan was an investor with the venture capital firm Nexus Venture Partners.

Further in the post, he said that when Covid-19 nearly wiped them out they fought back, "Creating a home delivery system from nothing to support local retailers when they needed us most."

"This initiative, now powering ONDC (Open Network for Digital Commerce), wasn't just about survival; it was our commitment to the community, our most fulfilling achievement, " Bhushan added.

The company's operating revenue saw a significant increase of 59.6 per cent to reach Rs 233 crore in FY22, as per Entrackr.

In November 2021, the company raised an institutional round of funding worth $60 million, led by Lightspeed India and Zomato.

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