Ecommerce enablement company GoKwik, which helps brands democratise 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 realisations in excess of $1 billion for its merchants, serving more than 80 million customers on its network of brands, achieving over 3500% in revenue, and growing its team by 80% 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 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 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 utilise the funds to hire new talent extensively across the tech, product, and data science teams.
On the fund raise Chirag Taneja, Co-founder & 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 upto 50%, reduce RTOs by upto 40% 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.”
Elaborating further on the funding, 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. 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.”
“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.” Ashish Agrawal, MD, Sequoia India.
“GoKwik is well on its way to revolutionising 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!” commented Rajat Agarwal, Managing Director, Matrix India.
About GoKwik
GoKwik was founded in 2020 with one simple mission, to democratise the shopping experience to increase GMV realisation for e-commerce businesses. The company is backed by Think Investments, Sequoia Capital India, Matrix Partners India, RTP Global, and marquee angels.
