Founder Transition: Brij Bhushan Moves On from Zomato-backed Magicpin

Brij Bhushan, co-founder of the retail startup Magicpin, which is backed by Zomato, made an announcement on Tuesday regarding his departure from the company.

In a heartfelt post shared on LinkedIn, Bhushan reflected on his nine-year journey at Magicpin, describing it as a rollercoaster ride filled with growth, challenges, and invaluable lessons. He expressed his decision to step back, emphasizing the need to take a pause for personal rejuvenation.

Acknowledging the capable hands steering Magicpin forward, Bhushan conveyed his gratitude for every moment spent with the company.

Magicpin, headquartered in Gurugram, was co-founded by Bhushan and Anshoo Sharma in 2015, with Sharma currently serving as the CEO. Before venturing into Magicpin, Bhushan held a role as an investor at Nexus Venture Partners.

In his post, Bhushan highlighted the company's resilience during the challenges posed by the Covid-19 pandemic, particularly in establishing a robust home delivery system to support local retailers when they needed it most. He emphasized the significance of this initiative, which has evolved into ONDC (Open Network for Digital Commerce), as not just a means of survival but also a testament to their commitment to the community.

Magicpin's financial performance showcased notable growth, with operating revenue soaring by 59.6 percent to reach Rs 233 crore in FY22, as reported by Entrackr. Additionally, in November 2021, the company secured a substantial institutional funding round of $60 million, led by Lightspeed India and Zomato.