Bhushan started the Gurgaon-based company in 2015 with Anshoo Sharma, who is the chief executive officer of Magicpin. Prior to that, Bhushan was an investor with Nexus Venture Partners.
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“Over the past nine years at Magicpin, I’ve experienced a roller coaster of highs and lows, filled with growth, challenges, and profound learnings. Now, it’s time for me to take a step back, but what a journey it has been,” he wrote in his post.
“Covid-19 nearly wiped us out, but we fought back, creating a home-delivery system from nothing to support local retailers when they needed us most. This initiative, now powering ONDC, wasn’t just about survival; it was our commitment to the community, our most fulfilling achievement,” he said, adding that the company’s size grew by three times in the last two years, and it has recorded a four-fold jump from its pre-pandemic revenue.
While Bhushan did not detail the reasons for his departure, people aware of the matter said he had stepped back from active duties at the company a few months ago.
“Several key functions at the organisation reported to him… those were reassigned to others in the leadership team,” one of the sources said.
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According to Tracxn data, Bhushan holds around 13% stake in Magicpin, as much as Sharma.In FY22, the company’s operating revenue grew 60% to Rs 233 crore. It hasn’t filed its financials for FY23 yet.
Bhushan did not immediately respond to a request for comment. Sharma also did not respond to ET’s messages.
“As I pause to recharge, I leave knowing Magicpin is in the best hands, grateful for every moment,” he wrote.
Bhushan did not disclose his next steps in the LinkedIn post.
The company last raised an institutional round in November 2021 led by Lightspeed India and Zomato. It had raised $60 million in this round.
