magicpin named fastest growing technology company in Deloitte Technology Fast 50 India 2023; attributes its success to rapid growth
magicpin-local savings super-app and India’s largest hyperlocal startup, today announced that it featured on the list of the Deloitte Technology Fast 50 India 2023, which awards the 50 fastest growing technology companies in India. Rankings are based on percentage revenue growth over three years. This recognition underscores magicpins remarkable growth, innovation, and impact in the hyperlocal space.
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magicpin team honored with Deloittes Technology Fast 50 India 2023 award in Bengaluru
Deloitte Technology Fast 50, over the years, has become one of the most aspirational and coveted recognition for tech entrepreneurs of the nation. The list comprises some highly competitive, new-age, agile businesses that are not only focusing on revenue and growth, but are also resolving numerous societal challenges, including issues of sustainability, financial inclusion, medical technology, et al.
“We are thrilled and honored to be recognized among Indias fastest-growing technology companies by Deloitte. We have grown 2.5x in the last 15 months with 10 million active users and have plans to achieve $12 billion GMV by the end of 2024. This achievement is a testament to our teams hard work and relentless commitment to growth,” said Anshoo Sharma, CEO & Co-founder of magicpin.
“Achieving sustained revenue growth over three years is a tremendous achievement. Attracting enough customers to attain such fast growth makes a strong statement about the quality of a company’s product and its leadership. magicpin’s phenomenal growth puts it in excellent company,” said Peeyush Vaish, Partner and TMT Industry Leader, Deloitte Touche Tohmatsu India LLP.
The company’s sophisticated tech allows its 5 lakh+ listed merchants including majority of local retailers to attract new customers and boost sales. For customers, magicpin allows discovery around the location and offers discounts, saving options throughout the year on prominent categories such as 10,000+ fashion stores, 2,000+ fine dining restaurants, grocery, pharmacy etc. Earlier this year, magicpin joined ONDC and has become the biggest seller app on the network. With food delivery as the prominent category, magicpin crossed 10 lakh orders during the World Cup under the ONDC umbrella.
Deloitte Technology Fast 50 India programme selection and qualifications
The Deloitte Technology Fast 50 India programme, which was launched in 2005, is conducted by Deloitte Touche Tohmatsu India LLP (DTTILLP), and is part of a truly integrated Asia Pacific programme recognising India’s fastest growing and most dynamic technology businesses (public and private) and includes all areas of technology – from internet to biotechnology, from medical and scientific to computers/hardware. The programme recognises the fastest growing technology companies in India based on their percentage revenue growth over the past three financial years.
