Magicpin’s Cofounder Brij Bhushan Joins Prime Venture Partners

SUMMARY

Magicpin’s cofounder and former COO Brij Bhushan has joined early stage venture capital firm Prime Venture Partners as its full time venture partner

Bhushan founded Magicpin along with Abhishek Awasthi and Anshoo Sharma in 2015

The VC firm also promoted Gaurav Ranjan to principal of Investments, leaning on its plans to strengthen Prime VP’s investment and portfolio management capabilities

Hyperlocal delivery startup Magicpin’s cofounder Brij Bhushan has joined early stage venture capital firm Prime Venture Partners as its full time venture partner.

Bhushan will play a key role in Prime Venture’s investment team and will contribute to all aspects of its investment, portfolio management and fundraising, according to a statement.

Bhushan founded Magicpin along with Abhishek Awasthi and Anshoo Sharma in 2015. The startup forayed into the logistics aggregation segment with the launch of a new vertical named Velocity, earlier this year.

Based on his LinkedIn profile, Bhushan has an overall experience of two decades in various streams, and apart from founding Magicpin, he also served as the former chief operating officer of the company. Prior to that role, he worked with Nexus Venture Partners for over two years as Venture Partner.

“After nearly a decade as a founder, I’m excited to return to VC, where I can help founders navigate their journeys, leveraging my experiences alongside a team that truly understands what it takes to get a company off the ground,” Bhushan said.

Prime VP alongside Zephyr Peacock India invested $4 Mn (around INR 33.3 Cr) in equity and $2 Mn in debt in a Pre-Series A funding round in agritech startup Poshn, earlier this year.

The company also promoted Gaurav Ranjan to principal of Investments, leaning on its plans to strengthen Prime VP’s investment and portfolio management capabilities. Ranjan has worked with the investor firm since 2018 as vice president.

This new development comes at a time where numerous investment firms have begun to strengthen their team and broaden their portfolio through addition of new investors.

For instance, Wipro founder chairman Azim Premji’s family office Premji Invest roped in Lightspeed India’s former vice president Manjot Pahwa to spearhead its early stage investments in technology across SaaS and enterprise markets.

Meanwhile, Fashion Entrepreneur Fund, a platform which offers early stage investments and mentorship to fashion entrepreneurs, brought in Dalmia Group Holdings’ chairman Gaurav Dalmia as well as filmmaker Karan Johar as the company’s investors and promoters.