Company Name : MagicX
Funding Amount : $1 million
Investor(s) Kris Gopalakrishnan, Dr. Ranjan Pai, Ramaraj, Hari Kumar
Funding Round : Seed round
MagicX an evolved version of MagicTiger, an on-demand, chat enabled, AI powered app has raised $1 million from marquee investors including Kris Gopalakrishnan (Cofounder and former Vice chairman and CEO, Infosys Ltd), Dr. Ranjan Pai (MD & CEO – Manipal Education and Medical Group, Ramaraj (Cofounder – Sify), Hari Kumar (Lionrock, Singapore) and Aarti Grover (MD – CMS Computers Ltd).
The funds raised will be used for team expansion, marketing initiatives, addition of more service categories and technology upgradation.
MagicX, has racked up 100,000 downloads since it was launched on Feb 24th 2016, claims the company.
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 is already in talks with four venture capital firms to raise a $5 million Series A round.
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 has been the No 1 new shopping app and has seen daily transactions hit the 5000-mark since releasing on the Play Store in late-Feb this year. With the addition of newer categories such as food, travel and ecommerce, as well as targeted marketing, 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,” said Pratyush Prasanna, Co-founder and CEO, MagicX.