E-commerce Enablement Startup GoKwik raises $15 million in Series A round of funding
- ByTejika Bajaj | November 17, 2021
The e-commerce enablement startup GoKwik has announced that it has raised $15 million (Rs. 112 crore) in its series A round of funding led by Sequoia Capital. The round also saw participation from existing investors Matrix Partners India and international VC firm RTP Global.
The startup aims to utilize the recently infused capital to expand its current client base to social commerce startups, scale up the product and technology teams as well as diversify its product offerings by launching new products. It also aims to double its existing team size.
Talking about the future of the business post the funding round, the Co-founder and CEO of GoKwik, Chirag Taneja commented, “From a business point of view, our goal is to now help the fast-growing social commerce sector. We would be looking to partner with Shopee, Meesho… We are in advanced talks with some of them. Social commerce is one of our focus areas.”
Founded in 2020 by Chirag Taneja, Vivek Bajpai and Ankush Talwar, GoKwik provides e-commerce solutions to its clients. The platform solves key issues like increasing cash-on-delivery, check-out conversion rates and reducing return orders for clients. Some of their clients include Mamaearth, Good Glam Group, LimeRoad, EyeMyEye, boat, Noise and VMart. The startup extracts its revenue by charging a fixed commission from its clients that ranges between 1.5-2% per order.
“The e-commerce market in India, specifically social commerce platforms and D2C brands, is witnessing ‘stunning growth’. The sector will do more than $50 billion of Gross Merchandise Value this year. The GoKwik team has identified a brilliant wedge into this market to solve merchants’ pain points of cart conversions at checkout and high returns on COD. We believe that GoKwik will be an important enabler to the ecosystem, solving multiple needs of merchants over time,” said Ashish Agrawal, the Managing Director at Sequoia Capital India.
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