15-month-old start-up GoKwik raises $35 mn deal in SeriesB

E-commerce brands enabler GoKwik 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.

GoKwik said that in between the last two funding rounds, the company has delivered Gross Merchandise value (GMV) of over $1 billion for its merchants, serving more than 80 million customers on its network of brands, achieving over 3500 per cent in revenue, and growing its team by 80 per cent quarter-on-quarter (QoQ), fully remotely. This has established GoKwik as one of the fastest-growing tech companies in India, the start-up claimed in a statement.

At a time when the e-commerce industry business has seen aggressive growth, the scaling up of D2C brands is turning out to be a unique proposition for many companies.

The 15-month-old start-up 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.

The company said that it 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 GMV, but also by providing a seamless checkout process to their consumers, thus, improving their customer experience and retention potential.

Marketplaces like Snapdeal, Limeroad and Lenskart, health platforms like Man Matters and 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 utilise the newly obtained funds to broaden its e-commerce enablement stack and grow its network of brands, further optimise their conversion results, and also provide customised solutions. It also 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”.

“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 upto 50 per cent, reduce RTOs by upto 40 per cent across the spectrum of merchants, across categories. As we expand our network of merchants, we will continue to democratise the shopping experience, we will keep bringing in upgraded solutions to help them realise incremental GMV,” said Chirag Taneja, co-founder & CEO, GoKwik in a statement. Ends