Magicpin's revenue roughly tripled in FY24, rising to about 870 crore rupees from 297 crore a year earlier, ranking the hyperlocal commerce startup as India's third largest food app. Its adjusted EBITDA margin improved sharply over the year, narrowing to -9.8% from -39.2%, and cash burn dropped around 30% year on year. The company also held its position as the largest seller app for food delivery on the government-backed ONDC network. Magicpin is a WaterBridge portfolio company.
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Credit: Business Standard