In a LinkedIn post, Bhushan wrote: "Over the past 9 years at magicpin, I've experienced a rollercoaster of highs and lows, filled with growth, challenges, and profound learnings. Now, it's time for me to take a step back."

"As I pause to recharge, I leave knowing magicpin is in the best hands, grateful for every moment," he added.

Bhushan founded the Gurugram-based company with Anshoo Sharma in 2015. Sharma is the current CEO of Magicpin.

Before co-founding Magicpin, Bhushan was an investor with the venture capital firm Nexus Venture Partners.

Further in the post, he said that when Covid-19 nearly wiped them out they fought back, "Creating a home delivery system from nothing to support local retailers when they needed us most."

"This initiative, now powering ONDC (Open Network for Digital Commerce), wasn't just about survival; it was our commitment to the community, our most fulfilling achievement," Bhushan added.

The company's operating revenue saw a significant increase of 59.6 per cent to reach Rs 233 crore in FY22, as per Entrackr.

In November 2021, the company raised an institutional round of funding worth $60 million, led by Lightspeed India and Zomato.