MagicPin launches its operations in Telangana; to expand its operations to 200 cities by 2020
Hyderabad, July 31 (UNI): Gurugram-based MagicPin, India’s largest offline discovery platform, which was helping retailers drive sales, has launched its operations here on Wednesday.
With the Magicpin app, users in Telangana will now earn MagicPin points (reward points) by uploading their bills from a local stores which registered with MagicPin and they redeem at the same or any other any other MagicPin partnering establishment, Magicpin Co-founder and CEO Anshoo Sharma said.
With more than 8 lakh retailer on-board, he said the launch of MagicPin in Telangana, the retail-based would maintain 4x growth this year as well.
MagicPin is present in 40 cities across the country and would expand its operations in 200 cities by next year, he said that we are going to launch the operations in 10-12 cities in AP and Telangana in the next six months.
With 5 million users currently, the platform drives Rs 250 crore of monthly sales for partner merchants and expected to reach Rs 2,000 crore sales by December, 2020, Sharma said.
Amazon, Uber, Book My Show, Café Coffee Day, Lifestyle, Fab India were some of the leading brands that are already on-board, he said.
"Currently, we have 700-workforce across pan India and we have invested 30 million US dollars so far," he added.
When asked about its revenue model, he said we will charge 10 per cent on GMV (Gross Merchant Value) from the partner merchants.
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