GoKwik Raises INR 112 crore in Series A Round The company plans to use the funds to work with large marketplaces, rapidly scale and launch new products
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GoKwik, an e-commerce enablement company that's on a mission to democratize the shopping experience and increase GMV realization for e-commerce businesses, has raised INR 112 crore in a Series A round led by Sequoia Capital India. The round also saw participation from existing investors Matrix Partners India and RTP Global. GoKwik had previously raised INR 40 crore in a pre-Series A round led by Matrix Partners India in September 2021. Their clients include marquee names in the Indian e-commerce space, such as Mamaearth, Good Glamm Group (Myglamm), LimeRoad, EyeMyEye, boAt, ManMatters, OZiva, The Souled Store, Noise, VMart. GoKwik has also recently partnered with Fynd to power the online presence of some of the most iconic global brands in India.
With its initial products, GoKwik has been solving two very crucial problems— return to origin (RTO) and conversion rates, for e-commerce players including traditionally offline businesses, new age D2C brands and large marketplaces, said a statement..
Chirag Taneja, co-founder and CEO, GoKwik said in a statement, "This fundraise from Sequoia Capital India is a strong validation of our promise, hyper-growth of the business, and scalable Product-market fit (PMF) of the product offerings. We are amongst the fastest growing B2B2C businesses and are poised to redraft the traditional playbook by offering personalized solutions to improve overall conversion rates, help register higher GMV with increased ROI and provide protection against risks such as RTO to e-commerce and D2C brands. The e-commerce enablement players will play a pivotal role in fuelling the burgeoning Indian e-retail market which is projected to touch $120 billion in next 4-5 years. Conversion rates across the funnel and RTO are major pain points for any e-commerce business, and an e-commerce enablement player like GoKwik bringing network advantage is best poised to solve these problems. "
On partnering with GoKwik, Aman Gupta co-founder and CMO of boAt, said, "GoKwik has been solving really pertinent problems like conversion rates and RTO for the online commerce sector. For the D2C opportunity to grow to $100 billion by 2025, enablers like GoKwik are going to play a very pivotal role. Very excited to benefit from GoKwik's solutions and looking forward to more innovative products."
GoKwik plans to use the funds to work with large marketplaces, rapidly scale up the product and launch new products. It is one of the few startups going with a remote-first approach to team building and has expanded to 40-plus cities and towns.
