MagicPin deepens its reach internationally
According to the company, Vera acts as an AI co-pilot for merchants, enabling them to set up and manage their online presence from end to end, while also addressing the need for multiple marketing tools.
Anshu Sharma, CEO and Co-Founder, MagicPin, said, “MagicPin’s mission has always been to bring small neighborhood retailers online at scale. With Vera, we are going one step further, helping them compete and grow using AI. Vera acts as a growth engine that not only manages a merchant’s digital presence but also drives real business results.”
Sharma said AI-led merchant enablement will open up an important new revenue stream for the company, which will contribute meaningfully to its SaaS and advertising business over the next 2-3 years. The platform estimates this to be a multi-billion dollar opportunity over the next 5-7 years, as local retailers shift from manual marketing and agencies to automated, performance-based platforms.
This is evident from the initial impact of this offering on small businesses. Sharma said initial results indicate a 1.5-2x increase in visibility for small retailers, along with a three-fold increase in customer activities and a meaningful jump in conversion to paying customers. Ahead of the official launch, MagicPin conducted pre-launch testing with over 100,000 retailers who now manage their store marketing and online presence through Vera.
Overall, the platform currently enables over 275,000 neighborhood merchants to digitalize and grow their businesses.
“It proactively manages a business’s online presence by optimizing Google listings, automatically responding to 100 percent of reviews, enhancing content, and increasing visibility on traditional and AI-based search platforms like ChatGate,” the company said.
Working similarly to a Software-as-a-Service (SaaS) offering, Vera converts customer queries into high-intent leads and bookings in real-time.
Although the company had planned for the official launch around Diwali this year, the timing was pushed forward due to the severe LPG (Liquefied Petroleum Gas) crisis affecting food delivery partners across India. In this situation, MagicPin provided real-time, AI-enabled support through Vera, giving retailers volume information so restaurants can prepare accordingly and plan operations prudently.
MagicPin offered free access to Vera during the testing phase; However, the platform now offers two paid subscriptions, priced at Rs 499 and Rs 4,999.
In FY24, the company recorded a three-fold jump in its revenue, which increased to Rs 870 crore from Rs 297 crore in the previous financial year. Along with this growth, cash expenditure also declined by a huge 30 percent year-on-year. Overall, the platform has also started deploying AI in 40 percent of its core business functions.
