
MagicX
Which was a human powered chat application for transactions.
Date | Investors | Amount | Round |
---|---|---|---|
$1.0m | Seed | ||
Total Funding | 000k |
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MagicX, operating under the magicx.co domain, was an enterprise that entered the market in 2015 from its base in Bengaluru, India. The company was established by Ganesh Krishnan and Pratyush Prasanna, both of whom have track records as serial entrepreneurs and angel investors. Krishnan had previously founded several other companies, including Portea and AcadGild, while Prasanna also had experience as a founder and angel investor. Their collective experience pointed towards a focus on leveraging technology for consumer convenience.
The firm operated as an AI-enabled, chat-based personal assistant application. Initially launched under the name MagicTiger as an ordering app, the company pivoted to the MagicX brand. The service was designed to streamline daily errands for its users, functioning through a chat interface to handle tasks such as ordering groceries, paying utility and phone bills, and facilitating mobile recharges. The business model relied on partnerships with approximately 20 different e-commerce, travel, and bill payment platforms to fulfill user requests. In a move to expand its service capabilities, MagicX acquired Instano, an on-demand delivery service app, in December 2015.
From a financial perspective, MagicX secured a total of $1 million in funding across two angel rounds. The most significant of these was a $1 million round on April 12, 2016, with investors including Kris Gopalakrishnan, Dr. Ranjan Pai, and Rajesh Sawhney. Despite this backing and its early traction, the company is now classified as deadpooled, with its website reportedly becoming non-functional after September 2016.
Keywords: chat-based assistant, personal assistant app, AI-enabled chat, bill payment app, mobile recharge app, grocery ordering, on-demand delivery, Indian startup, Bengaluru startup, Ganesh Krishnan, Pratyush Prasanna, MagicTiger, Instano acquisition, Kris Gopalakrishnan investment, angel funding, consumer convenience, e-commerce integration, daily tasks, errand app, deadpooled startup