Shares of Zomato Jump as Magicpin Confirms 2025 IPO Plan
Zomato’s stock has surged by more than 4% in two days after it was reported that Magicpin-the leading hyperlocal retail platform-is planning an IPO in 2025. For Magicpin, and especially for its stakeholders, including Zomato, which owns a 16.95% stake in shares, this would be a complete game-changer.
What is Magicpin?
Magicpin connects customers with local retailers across categories like food, fashion, electronics, and grocery. The platform rewards customers with savings, discounts, and points for shopping locally, creating a win-win for both retailers and buyers.
Magicpin entered the food delivery space in December with MagicNow, an ultra-fast service promising 15-minute deliveries in major cities like Bengaluru, Mumbai, and Delhi-NCR. This bold step has positioned Magicpin as India’s third-largest food delivery platform.
Why is it so important?
Magicpin’s IPO preparations with big-name investors such as Lightspeed Venture Partners, Waterbridge Ventures, and Zomato speak to the growth potential of the company. The IPO is likely to draw a lot of investor attention, and Zomato is likely to see some huge returns on its investment.
Magicpin will be adding new offerings and, through this strategic alliance, Zomato is likely to reap rich returns in the future.
Stay tuned for more updates as Magicpin inches closer to its IPO milestone.
Disclaimer: Stocks today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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