Magicpin expects to reach $5 Bn GMV in 12 months
Online business discovery and rewards platform Magicpin expects to achieve gross merchandise value (GMV) of $ 5 Bn in a year on account of increase in onboarding of retailers. The company claims to have onboarded 1,00,000 merchants and is about to reach gross merchandise value (GMV) of $ 1 Bn this month.
"In next 12 months, we again expect to see 5 times growth across board and reach USD 5 billion GMV," he added. The company's app functions as a search engine for retailers and manufacturers who are not available online.
Sharma said the company has now started digitising retailers and manufacturers to enable them to sell products online as well which has accelerated the pace of merchant acquisition. "Now we are making offline stores go online. Food category merchants were already having catalogue ready which they were using for other platforms.