On-demand chat app, MagicX secures $1 Million Funding from Marquee Investors

April 14, 2016April 14, 2016 BusinessWire India 0 Comment Chat App, Magic Tiger, MagicX, Marquee Investors

MagicX, an on-demand, chat enabled, AI-powered app to manage day-to-day tasks, has raised $1 million from marquee investors including Kris Gopalakrishnan (Co-founder and former Vice chairman and CEO, Infosys Ltd.), Dr. Ranjan Pai (MD & CEO – Manipal Education and Medical Group, Ramaraj (Co-founder – 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 up gradation. MagicX is already in talks with four venture capital firms to raise a $5 million Series A round.

“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 e-commerce, 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.

MagicX is an evolved version of MagicTiger – which was a human powered chat application for transactions. MagicX leverages learnings of human interactions gained from MagicTiger, a cutting edge AI backbone and constant learning engine to power interactions with customers. The result of this focus on deep learning is that 100% transactions are done by AI on MagicX today.

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, travel etc. In this short time, MagicX has successfully driven huge traffic to some of these partners – in some cases emerging among their top 10 transaction sources.

MagicX, has racked up 100,000 downloads since it was launched on Feb 24^th 2016 and has also been the No. 1 new shopping app in Android.

“Bots and artificial intelligence are the next frontiers in technology. I am excited to back this team which is working in such cutting-edge technologies. I am impressed with Pratyush and Arun and the team they have assembled and I am looking forward to the change we can bring about in commerce,” said Kris Gopalakrishnan, Co-founder and former Vice Chairman and CEO, Infosys Ltd.

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.

The MagicX team is composed of ex-Microsoft, Xerox PARC, Paytm, SMSGupshup, IBM employees as well as founders and early employees of leading startups. Most employees are alumni of IITs and other premier engineering colleges.

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