gokwik Funding: Ecommerce Enablement Startup GoKwik Raises $ 35 Million in Funding from Think Investments, Sequoia, Others

Bangalore: E-commerce licensing company GoKwikWednesday, it said it raised $ 35 million as part of its new funding round led by Think about investments and RTP Global.

The round also saw the participation of existing investors Sequoia Capital of India e Matrix partner India.

The new funding comes thanks to the company’s raising of $ 15 million as part of its latest funding round in November 2021.

According to GoKwik, it will use the funds to strengthen its offerings to online brands, bring its product to more direct-to-consumer (D2C) brands, and grow its technology, product and data science capabilities.

Founded in October 2020, GoKwik provides a platform that helps ecommerce businesses as well D2C brands to increase conversions at checkout, manage efficiency and reduce COD fraud. It also tries to provide a more personalized experience for users.

GoKwik has also partnered with three large payment aggregators to offer payment checkouts to smaller direct-to-consumer brands.

Discover the stories of your interest

“The piece we understand well is e-commerce and we take over the customer’s cart and carry it to the final transaction. Over the next 9-12 months we will focus on preserving and selecting use cases for ecommerce and helping partners increase their conversions, ”said Chirag Taneja, co-founder and chief executive officer (CEO), GoKwik.

Currently, GoKwik provides services to over 250 brands and helps process over $ 1 billion in gross merchandise value (GMV) through its platform.

The company plans to end the current tax with over 5,000 merchants. In the next 12-18 months, the company is also looking to expand internationally in Southeast Asia, as well as offering new solutions from the offline to the online space, integrating with kirana-tech companies. It also plans to launch customer loyalty offers for these e-commerce platforms. Right now, e-commerce markets including Snapdeal, Limeroad and Lenskart, and D2C brands like boAt, Mamaearth, and The Man Company are already taking advantage of GoKwik’s offering.

“In a short amount of time, GoKwik has grown very quickly and now works with multiple D2C brands and online marketplaces. The low conversion rate is a sore point for most e-commerce merchants and GoKwik’s product offerings solve exactly this problem, ”said Shashin Shah, managing partner of Think Investments.

et
reported today that New York-based investment firm Tiger Global made one of its first initial investments in India, through the e-commerce enablement platform, Shopflo.

Globally, investors are also pouring capital into the “headless” commerce space, which includes e-commerce infrastructure providers who neither own the store nor handle payments, but provide tools to enhance the customer experience in the tier. intermediate.

Other global e-commerce infrastructure tool providers such as Vue Storefront and Commerce Layer have also received support from YCombinator and Coatue Management, respectively.

Recently, CommerceIQ became the 12th unicorn this year, having raised $ 115 million in a funding round led by SoftBank Vision Fund 2. A unicorn is a private startup with a value of $ 1 billion or more.

Stay on top technology Other startup news what matters. subscribe to our daily newsletter for the latest and greatest tech news, delivered straight to your inbox.