The series A round also saw participation from existing investors like Y combinator and Pioneer Fund, a statement said.
Bikayi, a mobile-commerce enabler platform, on Friday said it has raised USD 10.8 million (about Rs 79 crore) in funding led by Sequoia Capital India. The series A round also saw participation from existing investors like Y combinator and Pioneer Fund, a statement said.
The company, which had raised USD 2 million in funding in August last year, plans to use the fresh capital to accelerate product development, acquisition, and talent hiring, it added.
Founded in 2019 by Sonakshi Nathani and Ashutosh Singla, Bikayi enables small and medium-sized businesses (SMBs) to scale up on digital platforms.
The platform provides businesses with a digital storefront, professional features, and tools, including a Dedicated Business Coach, catalogue listing, shipping facility and payments.
Bikayi has seen its merchant base growing at 5x over the last eight months, while annual Gross Merchandise Value (GMV) has grown manifold. The company has more than 4 million registered users on the platform. ”We are on a mission to fulfil the aspirations of millions of small businesses that drive our economy. There are merchants who have made more than a million dollars via Bikayi e-stores in the span of a year. Such stories keep us obsessed to do better for our customers every single day,” Bikayi co-founder and CEO Sonakshi Nathani said. Shraeyansh Thakur, Vice President of Sequoia Capital India, said India is on the cusp of an e-commerce revolution. “…we believe SMBs will play a pivotal role in shaping this landscape over the next decade. India is home to over 75 million SMBs, which account for over 30 per cent of India’s GDP, employ over 130 million, and form the backbone of the economy,” Thakur added.
Rapid digitisation of SMBs and the deepening of the e-commerce ecosystem are huge trends in India and Bikayi is building a next-gen product that sits at the confluence of both these trends, integrating the entire infrastructure of commerce onto one single platform, Thakur noted.