Adding another feather to his hat, Zomato founder Deepinder Goyal on Monday (July 19) joined the board of Magicpin as an independent director. After the success of much anticipated Zomato’s IPO, Goyal will be joining the existing board and advisors of Magicpin along with Bejul Somaia, MD, Lightspeed Venture Partners; Vivek Gambhir, CEO boAt Lifestyle; and Manish Kheterpal, MD, Waterbridge.
Founded in 2016 by Anshoo Sharma and Brij Bhushan and backed by Lightspeed Venture Partners, Magicpin claims to be a saving app that connects hyperlocal merchants and brands with consumers. The company since its inception has had over 1.5 lakh merchants, serving 50 lakh consumers in 50 cities. The Gurgaon-based company has also launched OrderHere platform that enables local merchants to set up their online store within minutes and serve online customers. The company offers logistics and payment support from Shadowfax, Dunzo, Roadshare and Rapido. Magicpin claims to be driving $1 Bn in annual revenues for its existing partners
Anshoo Sharma, co-founder, and CEO of Magicpin, said, “We are excited about Deepinder joining our board. He brings a wealth of experience from scaling up Zomato into the tech giant it is today. We are looking forward to his guidance and mentorship as we step into our next phase of growth.”
Commenting on the latest development, 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.”
Goyal’s Zomato, which went for IPO to raise INR 9,375 last week, was oversubscribed by 38.96 times on the final day of bidding. Its IPO received 2,751.27 Cr bids for a total issue size of 71.92 Cr equity shares, according to data from the National Stock Exchange (NSE).