{"id":16568,"date":"2024-04-02T22:52:22","date_gmt":"2024-04-02T22:52:22","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/04\/02\/zomato-backed-magicpins-cofounder-brij-bhushan-to-leave-company\/"},"modified":"2024-04-02T22:52:22","modified_gmt":"2024-04-02T22:52:22","slug":"zomato-backed-magicpins-cofounder-brij-bhushan-to-leave-company","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/04\/02\/zomato-backed-magicpins-cofounder-brij-bhushan-to-leave-company\/","title":{"rendered":"Zomato-backed Magicpin’s cofounder Brij Bhushan to leave company"},"content":{"rendered":"
\"Zomato-backed<\/div>


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Zomato-backed hyperlocal ecommerce startup Magicpin<\/a>\u2019s cofounder Brij Bhushan<\/a> is leaving the company, he said in a LinkedIn post Tuesday .<\/p>\n

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<\/a>.<\/p>\n

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\u201cOver 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,\u201d he wrote in his post.<\/p>\n

\u201cCovid-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,\u201d he said, adding that the company\u2019s size grew by three times in the last two years, and it has recorded a four-fold jump from its pre-pandemic revenue.<\/p>\n

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.<\/p>\n

\u201cSeveral key functions at the organisation reported to him\u2026 those were reassigned to others in the leadership team,\u201d one of the sources said.<\/p>\n

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According to Tracxn data, Bhushan holds around 13% stake in Magicpin, as much as Sharma.In FY22, the company\u2019s operating revenue grew 60% to Rs 233 crore. It hasn\u2019t filed its financials for FY23 yet.<\/p>\n

Bhushan did not immediately respond to a request for comment. Sharma also did not respond to ET\u2019s messages.<\/p>\n

\u201cAs I pause to recharge, I leave knowing Magicpin is in the best hands, grateful for every moment,\u201d he wrote.<\/p>\n

Bhushan did not disclose his next steps in the LinkedIn post.<\/p>\n

The company last raised an institutional round in November 2021 led by Lightspeed India and Zomato<\/a>. It had raised $60 million in this round.<\/p>\n<\/div>\n

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Zomato-backed hyperlocal ecommerce startup Magicpin\u2019s cofounder Brij Bhushan is leaving the company, he said in a LinkedIn post Tuesday . 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. Elevate Your Tech Prowess with High-Value […]<\/p>\n","protected":false},"author":2,"featured_media":16569,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/img.etimg.com\/photo\/88591548.cms","fifu_image_alt":"","footnotes":""},"categories":[607],"tags":[22122,22121,22116,7599,1126,22118,25,22117,22120,8426,4206,22119],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/16568"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=16568"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/16568\/revisions"}],"predecessor-version":[{"id":16570,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/16568\/revisions\/16570"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/16569"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=16568"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=16568"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=16568"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}