GoKwik 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. The company aims to use the proceeds from the round to broaden its e-commerce enablement stack and grow its network of brands, optimise its conversion results, and provide customised solutions. Additionally, with an aim to scale its India operations, GoKwik will utilise the funds to hire new talent extensively across the tech, product, and data science teams.
The company expects its growth to continue as e-commerce adoption grows, Chirag Taneja, co-founder and CEO, GoKwik, said. “We have been able to improve conversion rates upto 50%, reduce RTOs by upto 40% across the spectrum of merchants, across categories. As we expand our network of merchants, we will continue to democratise the shopping experience, we will keep bringing in solutions to help them realise GMV,” he added.
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. “India’s e-commerce market is evolving differently from the west with growth in merchants beyond the e-commerce platforms, and dominance of payment methods such as UPI and cash on delivery,” Ashish Agrawal, MD, Sequoia India, added.
For Shashin Shah, managing partner, Think Investments, GoKwik has grown in a short span of time 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 solve that problem,” he stated.
Founded in 2020, GoKwik is an e-commerce enablement company focusing on solving e-commerce issues such as boosting conversion rates across the e-commerce funnel and reducing RTO for its partners. The company aims to democratise the shopping experience to increase GMV realisation for e-commerce businesses. The company is backed by Think Investments, Sequoia Capital India, Matrix Partners India, RTP Global, and marquee angels.