GoKwik has raised Rs 112 crores ($15 Million) in a Series A round led by Sequoia Capital India. The round also saw participation from existing investors Matrix Partners India and RTP Global. GoKwik had previously raised INR 40 crores ($5.5 Million) in a Pre Series A round led by Matrix Partners India in September 2021. Their clients include marquee names in the Indian eCommerce space, such as Mamaearth, Good Glamm Group (Myglamm), LimeRoad, EyeMyEye, boAt, ManMatters, OZiva, The Souled Store, Noise, VMart.
This new investment will be primarily used for doubling the size of the product and tech teams, hiring best in class talent and subject matter experts, to enable the development of innovative products to increase conversion rates across the funnel as well as make the existing offerings more robust.
Chirag Taneja, Co-founder & CEO, GoKwik said, "This fundraise from Sequoia Capital India is a strong validation of our promise, hyper-growth of the business, and scalable Product-market fit (PMF) of the product offerings. 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."
Aman Gupta co-founder and CMO of India’s leading audio and wearable brand, boAt, said, “GoKwik has been solving really pertinent problems like conversion rates and RTO for the online commerce sector. For the D2C opportunity to grow to $100 billion by 2025, enablers like GoKwik are going to play a very pivotal role.”
Ashish Agrawal, Managing Director at Sequoia Capital India, said, “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 greater than $50 billion of GMV this year. The GoKwik team has identified a brilliant wedge into this market to solve merchants’ pain points of cart conversions at checkout and high returns on COD. We believe that GoKwik will be an important enabler to the ecosystem, solving multiple needs of merchants over time.”
Rajat Agarwal, Managing Director at Matrix Partners India, commented: “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. In a short period of time, they have achieved a clear product-market fit with a large number of top direct to consumer brands and other e-commerce platforms working with them now."
GoKwik has also recently partnered with Fynd for an online presence of some of the global brands in India.
Founded in the post-pandemic era, GoKwik is the brainchild of Chirag Taneja (CEO) and Vivek Bajpai (CTO) and includes Ankush Talwar (Chief Data Scientist) as part of the founding team.
(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)