2 min read.Updated: 17 Nov 2021, 05:37 PM ISTLivemint
GoKwik is expected to use the new investment primarily for doubling the size of the product and tech teams. It will also hire talent and subject matter experts to enable the development of innovative products
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E-commerce enablement company GoKwik on Wednesday said it has raised ₹112 crore (or roughly $15 million) as a part of its Series A round led by Sequoia Capital India.
The round also saw participation from existing investors Matrix Partners India and RTP Global.
The Series A round comes close on the heels of the company raising ₹40 crore (or roughly $5.5 million) as part of its Pre-Series A round led by Matrix Partners India in September this year.
Founded in 2020, GoKwik leverages artificial intelligence to solve merchant-first problems, including return to origin (RTO) and cash on delivery (CoD) conversion rates for e-commerce players as well as direct-to-consumer (D2C) brands. GoKwik also provides checkout solutions to help improve checkout conversion rates.
“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. This fundraise from Sequoia Capital India is a strong validation of our promise, and product-market fit," said Chirag Taneja, co-founder and chief executive officer (CEO), GoKwik.
GoKwik’s clients include several direct-to-consumer brands including Mamaearth, Good Glamm Group (Myglamm), LimeRoad, EyeMyEye, boAt, ManMatters, OZiva, The Souled Store, Noise, VMart, among others.
“We are witnessing stunning growth in e-commerce in India, specifically in social commerce platforms and D2C brands, many of whom Sequoia Capital India has partnered with. The GoKwik team has identified a wedge into this market to solve merchants’ pain points of cart conversions at checkout and high returns on COD. We believe that GoKwik will be an important enabler to the ecosystem, solving multiple needs of merchants over time," said Ashish Agrawal, managing director at Sequoia Capital India.
GoKwik is expected to use the new investment primarily for doubling the size of the product and tech teams. It will also hire talent and subject matter experts to enable the development of innovative products and to increase conversion rates across the funnel.
“In a short period of time, GoKwik has achieved a clear product-market fit with a large number of top direct to consumer brands and other e-commerce platforms working with them now. We're excited to double down on our investment in GoKwik and welcome Sequoia Capital India to the partnership," said Rajat Agarwal, managing director at Matrix Partners India.
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