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AI startup MagicX raises $1 million from multiple investors



Artificial Intelligence (AI) based chat application MagicX has raised $1 million from a clutch of investors including Kris Gopalakrishnan, Ranjan Pai, Hari Kumar and Aarti Grover. The funds raised will be used for team expansion, marketing initiatives, addition of more service categories and technology upgradation.

MagicX claims to enable users to carry out routine tasks like grocery shopping, bill payments, recharge, order food, booking flight tickets and other utility services through a chat enabled AI platform. Its Android app already claims to have 10,000 downloads since its launch in February. The Bangalore-based startup was founded by Pratyush Prasanna, and Arun Kumar.

For enabling transactions, MagicX has tied up with about 20 partners across e-commerce, bill payments, recharges, groceries, travel etc. Goibibo, BigBasket, Paytm, Mobikwik, Explara, among others are some of the few vendors currently transacting on the MagicX platform.

Features: When a user queries to purchase grocery, the app prompts a chat window with a list of grocery items available with vendors that it has tied up with. Users can easily select the quantity of items they need, and place an order without leaving the app.  MagicX also displays different scheduled events in a user’s city (when queried), and also lets users to plan ahead of the travel for the event. Another interesting feature of MagicX is medicine delivery; the company has tied up with Zigy to allow its users to buy medicines online by making customized lists and notes.

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Similar players offering chat-based services

-Last month, Chat-based personal assistant app dunzo raised $650,000 in pre-Series A funding from Aspada and Blume Ventures, and other individual investors. It currently focuses on four main categories: shipping packages from point to point, buying, home service & repairs.

-In the same month, Artificial Intelligence-based personal assistant startup Skedool.it raised an undisclosed amount in seed funding from a bunch of investors. Skedool allows business executives, sales and recruiting professionals to automate routine tasks, using their AI.

Helpchat, is another AI based chat bot which works as a virtual messaging assistant, that provides a services including mobile and DTH recharge services, home services, travel ticket booking, grocery shopping, etc through its Android and iOS apps. In September 2015, it acquired the Mumbai-based startup Niffler for an undisclosed amount.

Haptik, an instant messenger concierge-like app had raised an undisclosed amount in funding from Times Internet, and has entered into a strategic partnership with the company. Haptik operates like a customer service centre that enabled users to find expert help with products and services. Its Users can, for example, search for the price of a TV, find service centres around them, find ATMs, banks, book test drives, web check in for flights etc.

-In December, Arya.ai, a Mumbai-based artificial intelligence startup, raised $750,000 in a round of funding from YourNest Angel Fund and VentureNursery. It claims to work with developers in travel, research, customer care, ecommerce, medicine and banking verticals.

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