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, it said in a statement.
The funds will be utilised to broaden GoKwik's e-commerce enablement stack and grow its network of brands, further optimise their conversion results, and also provide customised solutions. The company plans to use the funds to hire new talent extensively across the tech, product, and data science teams.
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 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 percent Q-o-Q, fully remotely, it said.
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 and post order stage, GoKwik is creating innovative solutions by combining technology, data and UI/UX expertise to drive the overall profitability of the businesses.
On the fundraise, 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 percent, reduce RTOs by upto 40 percent across the spectrum of merchants, across categories.”
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.”
"Since the partnership last year, GoKwik has grown at a rapid pace, built a strong management team and expanded brilliantly on its product offering," Ashish Agrawal, MD, Sequoia India
“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," said Rajat Agarwal, Managing Director, Matrix India.