Highlights:
- Magicpin’s IPO Announcement: Backed by Zomato, Magicpin plans to go public in 2025, sparking interest in Zomato shares.
- Expanding Horizons: Magicpin launches the quick commerce food delivery service “magicNow” in key Indian cities.
- Zomato’s Stellar Growth: Shares up by 41% in six months and 376% in two years.
Zomato shares are making waves again as Magicpin, a hyper-local e-commerce firm supported by Zomato, has revealed its plans to go public in 2025. According to reports, Magicpin has initiated discussions with investment banks and law firms to appoint advisors for its much-anticipated IPO.
Magicpin: Revolutionizing Hyper-Local E-Commerce
Magicpin connects users to offline retailers in categories like fashion, food, grocery, and electronics. It offers exciting discounts and deals, making it a favorite among consumers. The platform also allows transactions through multiple payment options, rewarding users with redeemable points for discounts at partner stores.
Earlier this month, Magicpin announced its foray into the quick commerce space with its magicNow brand, which aims to deliver freshly prepared food within a 1.5–2 km radius. Targeting metropolitan areas like Bangalore, Hyderabad, Mumbai, Chennai, Delhi-NCR, and Pune, this initiative taps into the booming demand for ultra-fast delivery services.
A Strategic Shift: No Dark Stores
Magicpin’s cofounder and CEO, Anshoo Sharma, stated that the platform will not rely on the dark store model commonly used in quick commerce. Instead, it will focus on fresh food delivery directly from restaurants. During the pilot phase, MagicNow completed an impressive 75,000 deliveries across over 2,000 food brands and 1,000+ local restaurants, including Chaayos, Faasos, Wendy’s, Burger King, McDonald’s, and Taco Bell.
Zomato’s Remarkable Performance
On Monday, Zomato’s stock price closed at ₹282.9, marking a 4.3% rise, even as the benchmark Sensex fell by 0.57%. Zomato’s market capitalization now stands at a staggering ₹2,71,753 crore, reflecting a 41% gain over the past six months and an extraordinary 376% surge in two years.
What This Means for Investors
Magicpin’s IPO and its expansion into quick commerce could further boost Zomato’s growth story. With Zomato’s consistent rise in share value, investors may see this as an opportunity to ride the wave of innovation in the food and quick commerce sectors.
As we witness this exciting evolution in the e-commerce and food delivery landscape, stay tuned for more updates. I, Abid K T, will continue to bring you the latest insights into finance and investment trends.
