E-commerce enablement company GoKwik on Wednesday said it has raised Rs 112 crore (about USD 15 million) in funding, led by Sequoia Capital India. The series A round also saw participation from existing investors Matrix Partners India and RTP Global, a statement said.
GoKwik plans to use the funds to work with large marketplaces, rapidly scale up the product and technology teams and launch new products, it added. GoKwik had previously raised Rs 40 crore (USD 5.5 million) in a pre-series A round led by Matrix Partners India in September 2021. Its clients include players like Mamaearth, Good Glamm Group (Myglamm), LimeRoad, EyeMyEye, Boat, ManMatters, OZiva, The Souled Store, Noise and VMart.
“E-commerce enablement players will play a pivotal role in fuelling the burgeoning Indian e-retail market which is projected to touch USD 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,” GoKwik co-founder and CEO Chirag Taneja said.
He added that the company is poised to redraft the traditional playbook by offering personalised solutions to improve overall conversion rates, help register higher GMV with increased ROI and provide protection against risks such as RTO to e-commerce and D2C brands. “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 sector will do over USD 50 billion of GMV this year. We believe that GoKwik will be an important enabler to the ecosystem, solving multiple needs of merchants over time,” Sequoia Capital India Managing Director Ashish Agrawal said.