magicpin’s revenue from operations grew 1.6X to INR 232.78 Cr in FY22 from INR 146.22 Cr in FY21
Total expenses rose 1.8X to INR 348.36 Cr, with advertising and promotional expenses surging 7.3X to INR 80.72 Cr
magicpin, backed by the likes of Zomato and Lightspeed Ventures, enables retailers to reach out to relevant local customers, reward loyal customers through magicpin points and vouchers, and more
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Gurugram-based discounts and discovery platform magicpin’s net loss widened 3.3X to INR 144.96 Cr in the financial year 2021-22 (FY22) from INR 43.75 Cr in FY21 as its expenses surged in line with the growth in its business.
Revenue from operations grew 1.6X to INR 232.78 Cr from INR 146.22 Cr in the previous fiscal. The startup earns revenue by providing support and marketing services and from sale of vouchers.
Meanwhile, total revenue rose 1.6X to INR 239.4 Cr in FY22 from INR 148.1 Cr in FY21.
Founded by Anshoo Sharma and Brij Bhushan in 2015, magicpin is a discovery and user savings platform. The startup enables retailers and brands to reach out to relevant local customers, highlight their uniqueness, reward loyal customers through magicpin points and vouchers, real-time promotions, augmented reality games, run micro influencer campaigns and more.
magicpin’s total expenses surged 1.8X to INR 348.36 Cr in FY22 from INR 191.87 Cr in FY21. Other expenses accounted for the largest chunk of total expenses, surging 2.1X year-on-year (YoY) to INR 327.8 Cr in FY22. Other expenses included power and fuel expenses, rent expenses, advertising and promotional expenses, IT expenses, legal expenses, miscellaneous expenses, among others.
Advertising and promotional expenses shot up 7.3X to INR 80.72 Cr in FY22 from INR 11.12 Cr in FY21. Meanwhile, miscellaneous expenses surged 1.7X to INR 225.43 Cr from INR 130.14 Cr in FY21.
However, the startup didn’t provide a breakdown of the miscellaneous expenses.
Employee benefit expenses rose 1.5X to INR 58.4 Cr from INR 38.45 Cr in FY21. Employee benefit expenses comprise employee salaries, PF contributions, gratuity, and other employee welfare benefits.
The startup also increased its ESOP pool in January 2022 to 3,89,580 options from 1,76,520 options.
magicpin is backed by investors like Zomato, Lightspeed Venture Partners, and has raised a total funding of $104.9 Mn till date. It last raised $60 Mn in its Series D funding round, led by Zomato, in November 2021.
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