Sequoia Capital leads Series A round in ecommerce enabler GoKwik
Photo Credit: 123RF.com

GoKwik, an e-commerce enablement platform, has raised Rs 112 crore( $15 million) in a Series A round of funding led by growth stage investor Sequoia Capital India. 

The round also saw participation from existing investors Matrix Partners India and RTP Global. 

GoKwik, operated by Delhi-based Gokwik Commerce Solutions Pvt Ltd,  had in September this year raised Rs 40 crores ($5.5 Million) in its pre-Series A round led by Matrix Partners India. 

The fresh infusion will be used by the company to hire more professionals and develop new products to increase conversion rates across the funnel, besides making the existing offerings more robust. 

“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,” said Chirag Taneja, co-founder and CEO at GoKwik. 

The company was floated last year by Taneja, Vivek Bajpai (CTO), and Ankush Talwar (Chief Data Scientist).

The startup's clients include  Mamaearth, Good Glamm Group (Myglamm), LimeRoad, EyeMyEye, boAt, ManMatters, OZiva, The Souled Store, Noise and VMart, the company said. 

The company claims that clients like The Man Company, Manmatters, Vmart and V2Retail are already seeing a reduction in RTO (return to origin)metrics after deploying GoKwik’s proprietary artificial intelligence and machine learning solutions.   

The GoKwik team has identified a wedge in the direct-to-consumer market to solve merchants’ pain points of cart conversions at checkout and high returns on cash-on-delivery, said Ashish Agrawal, MD at Sequoia Capital India 

“GoKwik is on a mission to enable e-commerce companies to offer best in class shopping experience to customers while improving their conversion rates and margins,” said Rajat Agarwal, MD at Matrix Partners India. 

The e-commerce enablement space has seen investment momentum in recent times after offline businesses began moving towards online channels.     

In September, 640 Oxford Ventures led a $11 million as a part of its Pre-Series A round in online retail platform, Dukaan. Dukaan offers a no-code platform that allows local stores and entrepreneurs to launch an e-commerce website and scale it on the internet.   

Earlier in the same month, Sequoia Capital India led $10.8 million in a Series A funding round in WhatsApp integrated merchant e-commerce platform Bikayi that provides digital storefronts to small and medium-sized businesses (SMBs). 

In March, PayU, Info Edge Ventures, and technology giant Google led $27.5 million (around Rs 199.6 crore) in a Series A round in Gurugram-based DotPe.     

OkCredit also launched an online storefront for kirana stores through OkShop in November. 

Leave Your Comment(s)