E-commerce enablement company GoKwik, which helps brands democratize the shopping experience, has raised $35 million in a Series B round led by Think Investments and RTP Global.
The round also saw participation from existing investors Sequoia Capital India and Matrix Partners India. The new funding follows GoKwik’s $15 million Series A round in November 2021, bringing total funding in the last 12 months to more than $55 million.
Between the two rounds, GoKwik has shown phenomenal growth by delivering GMV realizations in excess of $1 billion for its merchants, serving more than 80 million customers on its network of brands, achieving over 3500 percent in revenue, and growing its team by 80 percent Q-o-Q, fully remotely. This has established GoKwik as one of the fastest-growing tech companies in India.
GoKwik is building an enablement stack to nurture the e-commerce sector that is flourishing with new-age D2C brands, social commerce platforms, and marketplaces. To combat the complex challenges that are impacting the conversion rates at the pre-post order stage, GoKwik is creating innovative solutions by combining technology, data, and UI/UX expertise to drive the overall profitability of the businesses.
Being pandemic born and just 15 months old, GoKwik has helped more than 250+ brands by not only solving their many business challenges such as conversion rates, reducing Return to Origin (RTO) or improving Gross Merchandise Value (GMV) but also by providing a seamless checkout process to their consumers, thus improving their customer experience retention potential. Marketplaces like Snapdeal, Limeroad Lenskart, health platforms like Man Matters Be Bodywise, etc., and key D2C brands like boAt, Mamaearth, The Man Company, Neeman’s, The Souled Store, Bombay Shaving Company, DaMENSCH, etc. are already using GoKwik’s technology to reduce cart abandonment losses, drive incremental sales, and enhance profitability.
GoKwik will utilize the newly obtained funds to broaden its e-commerce enablement stack and grow its network of brands, further optimize its conversion results, and also provide customized solutions. It is committed to building an eCommerce sanctuary and plans to enable more payment options, increase the prepaid success rate and also provide financing alternatives to help partner brands enable affordability to an aspiring “Bharat”. To support its mission, GoKwik will also utilize the funds to hire new talent extensively across the tech, product, and data science teams.
Chirag Taneja, Co-founder and CEO, GoKwik said, “We are extremely proud of our record-breaking performance in 2021, and we expect this growth to continue as e-commerce adoption grows rapidly and is expected to become a $350 billion market in this decade. We have been able to improve conversion rates up to 50 percent and reduce RTOs by up to 40 percent across the spectrum of merchants, across categories. As we expand our network of merchants, we will continue to democratize the shopping experience, we will keep bringing in upgraded solutions to help them realize incremental GMV.”
Shashin Shah, Managing Partner, Think Investments said, “In a short span of time, GoKwik has grown very rapidly and now works with multiple marquee D2C brands and online marketplaces. A low conversion rate is a key pain point for most e-commerce merchants, and GoKwik’s product offerings precisely solve that problem. We are excited to partner with the GoKwik team and strongly believe in their vision to enable merchants to offer the best shopping experience.”
Ashish Agrawal, MD, Sequoia India said, “Since the partnership last year, GoKwik has grown at a rapid pace, built a strong management team, and expanded brilliantly on its product offering. India's e-commerce market is evolving differently from the west with significant growth in merchants beyond the large e-commerce platforms and dominance of payment methods like UPI and cash on delivery. The team at Sequoia Capital India is excited to strengthen the partnership with GoKwik to build the enablement layer to power this.”
Rajat Agarwal, MD, Matrix India, “GoKwik is well on its way to revolutionizing the e-commerce enablement ecosystem by unlocking the true revenue potential for consumer brands and making e-commerce platforms more efficient. The last year has seen the company not just grow rapidly but also build a world-class team. We’re excited to double down on our investment and welcome Think Investments to the partnership!”
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