India-based ecommerce enablement startup GoKwik has secured $15 million in a Series A funding round led by Sequoia Capital India along with participation from existing investors-RTP Global and Matrix Partners India.
The Series A funding comes just after the company raised about $5.5 million in pre-Series A round in September this year.
GoKwik will deploy the funds in expanding its client base to social commerce startups, scale up the technology teams and its product suite and also launch new products. The startup plans to double its 75 member strong team.
“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. This fundraise from Sequoia Capital India is a strong validation of our promise, and product-market fit,” said Chirag Taneja, co-founder and chief executive officer (CEO), GoKwik.
GoKwik has onboarded over 100 brands within 250 days of its launch which cumulatively have an annualized GMV of $250 million. The startup has so far been able to increase conversion rates by more than 20 percent of its consumer brands.
“In a short period of time, GoKwik has 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. We’re excited to double down on our investment in GoKwik and welcome Sequoia Capital India to the partnership,” said Rajat Agarwal, managing director at Matrix Partners India.
Founded in 2020 by Chirag Taneja, Ankush Talwar, and Vivek Bajpai, GoKwik offers an online platform that solves merchant-first problems including RTO (return to origin) and COD (cash on delivery), conversion rates for ecommerce players as well as D2C brands. It also offers checkout solutions to help improve checkout conversion rates.
GoKwik leverages AI and ML to give a shopping experience that spans the complete user journey, from the point of placing orders through the delivery of those products.
GoKwik’s clients include various D2C brands including Good Glamm Group, Mamaearth, EyeMyEye, LimeRoad, ManMatters, boat, The Souled Store, OZiva, VMart, among others.
The startup charges a fixed commission from1.5 percent to 2 percent per order.