Zomato Faces Scrutiny as Magicpin Eyes IPO

31 Dec 2024 , 01:01 PM

As Magicpin, the hyper-local e-commerce company supported by the online meal delivery behemoth, prepares to go public in 2025, Zomato shares will continue to be in the spotlight on Tuesday. According to a Moneycontrol story, the company has started negotiating with legal firms and investment banks to select consultants for its initial public offering.

With discounts and offers, Magicpin assists users in finding local offline merchants in a variety of categories, including groceries, electronics, food, and fashion. Through the app, users can make purchases using a variety of payment options and get points that can be exchanged for savings at partner retailers.

Under its magicNow brand, Magicpin stated earlier this month that it is entering the rapid commerce market for food delivery in places like Bangalore, Hyderabad, Mumbai, Chennai, Delhi-NCR, and Pune. The fast meal delivery service would be available within a 1.5–2 km radius.

The move coincides with the rapid expansion of 10- to 15-minute grocery delivery services in metropolitan areas by food delivery and quick commerce platforms, who are now applying the ultra-fast delivery model to food as well.

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