E-commerce enablement company, GoKwik has raised Rs 40 crores ($5.5 million) in pre-Series A round led by Matrix Partners India. This round also saw the participation of global investor RTP Global.
Angel investors and serial entrepreneurs like Jitendra Gupta - Founder & CEO of Jupiter, Nitin Gupta – Co-founder of Uni, Utsav Somani - Partner at AngelList India, Amit Lakhotia - Founder at Park+, Pradeep Parameswaran - President, Mobility, the Asia Pacific at Uber, Manish Vij - Co-Founder of Smile Group, Asish Mohapatra - Co-Founder & CEO of OfBusiness, Arjun Vaidya - Ventures Lead, India at Verlinvest, Ramakant Sharma - Founder, LivSpace, Siddharth Puri - Co-Founder & CEO, Tyroo, Umang Kumar - Co-Founder, CarDekho, Anupam Mittal - Founder & CEO, Shaadi.com and other leading industry figures have also participated in the round.
Founded in the post-pandemic era, GoKwik is the brainchild of Chirag Taneja (CEO) and includes Vivek Bajpai (CTO), and Ankush Talwar (Chief Data Scientist) as part of the founding team. GoKwik uses AI/ML technologies to solve hard-hitting problems like Return to Origin (RTO) to solve & better Cash on Delivery (CoD) conversion rates for e-commerce players including D2C brands.
Chirag Taneja, Co-founder and CEO, GoKwik said, “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. GoKwik is poised to redraft the traditional playbook by offering personalized 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.”
Varun Alagh, Co-founder of MamaEarth, said, “Conversion rates across the funnel and RTO are major pain points for any e-commerce business in India, and GoKwik is focusing on solving exactly these problems.”
The new investment will primarily be used for scaling up and establishing a footprint in MENA and SEA regions and hiring talent across tech, data, and product engineering. Also, the platform is going to invest heavily in building many industry-first tech and data solutions to optimize the conversion funnel for online brands.
Galina Chifina, Partner at RTP Global, added: “The e-commerce industry is rapidly expanding across the globe and enablement tools such as those provided by GoKwik must grow and thrive at the same pace, which is why we have placed our faith in Chirag and the team.”
