The Financial Express
Magicpin, a retail discovery and discount platform, has now integrated with the government’s e-commerce initiative, Open Network for Digital Commerce (ONDC). With the latest move, there will be over 22,000 restaurants from across the country, catering to the growing customer base of the ONDC, making it the largest restaurant aggregator on the open network. Additionally, the platform plans to onboard at least 5,000 more restaurants in the next three months.
Of the total, Magicpin hosts over 7,000 restaurants in Delhi NCR and more than 6,500 in Bengaluru alone. Besides the tech integration on ONDC, the Lightspeed-backed startup will also be setting up all back-end logistics related to ordering and delivery, helping small businesses tap a larger customer base.
Over and above food delivery, Magicpin is also a platform that provides end-to-end fulfillment, from ordering and POS systems to last-mile delivery, across categories such as food, pharmacy, grocery, and fashion. “Within a few weeks of onboarding, nearly 20,000 restaurants were added and still counting. We believe that Magicpin will play a key role in strengthening the scale of the network in the F&B category, bringing a wide range of new restaurants on the network for the customers to choose from,” said T Koshy, MD and CEO, ONDC.
Koshy, in an interview to FE earlier, said ONDC will be a platform where 5-stars and dhabas can co-exist, essentially letting customers choose where they want to order from, through a single platform. “Offline retail and especially at the local level is the life-blood of India and Magicpin is committed to bringing this ecosystem online,” Anshoo Sharma, CEO and co-founder, said.
Magicpin has over 10 million members who earn rewards of over $3 billion that is spent annually on the platform, thanks to the access to over 0.25 million brands and retailer stores across categories – fashion, food, electronics, grocery, pharmacy, nightlife and entertainment.
The latest integration comes days after ONDC onboard Namma Yatri, to help small businesses fight the growing dominance of giants like Ola and Uber, who have been blamed for increasing take rates over years. ONDC was currently clocking 300 transactions per day, with an average order value (AOV) of around `300, just shy of Meesho, another e-commerce platform, which has an AOV of `400. That has grown from about 40 orders per day in December last year.
ONDC, which went live in September last year, is currently operational in over 180 cities, with more than 24,000 sellers on its platform and 2.6 million stock keeping units (SKUs). It has over 21 seller apps like Paytm, and GoFrugal, Spice Money and Snapdeal while giants like Microsoft, PhonePe, ITC, IDFC First Bank, logistics units of Amazon and Flipkart and several others are in the process of going live on ONDC.
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The Financial Express