Industry

MagicX raises $1 mn, to invest on team expansion

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MagicX, an on-demand chat-enabled app to manage day-to-day tasks, on Tuesday said it has raised USD 1 million (about Rs. 6.6 crore) from marquee investors including Infosys co-founder Kris Gopalakrishnan, Manipal Education and Medical Group MD Ranjan Pai.

The fund raised will be used for team expansion, marketing initiatives, addition of service categories and technology upgradation, MagicX said in a release.

It said MagicX is already in talks with four venture capital firms to raise a USD 5 million Series A round.

The app enables users to carry out day-to-day tasks like grocery shopping, bill payments, recharge, order food, book flight tickets and other utility services via a chat enabled, artificial intelligence platform and is currently available for free download in the Android store.

MagicX has tied up with about 20 partners across e-commerce, bill payments, recharges, groceries and travel, it said.

MagicX has racked up 100,000 downloads since it was launched on February 24, and has also been the No.1 new shopping app in Android, it added.

Founded by Pratyush Prasanna (formerly founder/CEO of Plustxt and VP at Paytm) and Arun Kumar (ex Tutorvista, Portea Medial), MagicX is promoted by GrowthStory, the venture builder platform founded by K Ganesh and Meena Ganesh.

MagicX aims to be the largest Conversational Commerce Company in India.

“The backing we’ve received from some of the smartest investors and entrepreneurs in the business will help us build on our cutting-edge technology platform. We will also use some of the funds to market MagicX to the right audiences,” MagicX co-founder and CEO Pratyush Prasanna said.

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Printable version | Dec 6, 2019 3:21:52 AM | https://www.thehindu.com/business/Industry/magicx-raises-1-mn-to-invest-on-team-expansion/article8466499.ece

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