E-commerce enabler GoKwik raises $35 million in Series B funding round

Ecommerce enabler GoKwik has raised $35 million in a Series B funding round led by Think Investments and RTP Global and joined by existing investors Sequoia Capital India and Matrix Partners India.

So far, the company has raised $55 million.

Founded in 2021 January by Chirag Taneja (chief executive officer), Vivek Bajpai (chief technology officer), and Ankush Talwar (chief data scientist), GoKwik helps direct-to-consumer (D2C) brands to personalise shopping experience. The company has worked with over 250 clients and aims to grow its revenue by 5-6x in the coming months.

“We personalise the shopping experience and that helps in better conversions for our merchants,” Chirag Taneja told Moneycontrol.

In the last few months, GoKwik has delivered a gross merchandise value (GMV) growth in excess of $1 billion for merchants, said the company in a statement. It has worked with over 250 brands including D2C ones such as Mamaearth, boAt, and Noise.

With the newly raised funds, the company plans to expand its team of 150 members and enhance technology and data science. It plans to enable more payment options, increase prepaid success rate and provide financing alternatives. The company also plans to foray into South East Asia.

“We have been able to improve conversion rates up to 50 percent. As we expand our network of merchants, we will continue to democratise the shopping experience, and we will keep bringing in upgraded solutions to help them realise incremental GMV,” said Taneja.

The market value of the e-commerce industry in India was approximately $22 billion in 2018 which is estimated to reach $200 billion by 2027, according to Statista.