[Funding alert] YC-backed B2B startup Bikayi raises $2M from Mantis Ventures, others
Y Combinator-backed B2B startup , which provides free WhatsApp-integrated ecommerce store setup with payment gateways and order tracking, has raised a seed round of $2 million from a clutch of international investors, including Mantis Ventures, a VC fund promoted by the popular band Chainsmokers.
Mantis is a $50 million VC fund that invests in startups and this is their first investment in an Indian entity. Other investors include YC, Pioneer Fund, angel investor Ankur Nagpal, and others.
Bikayi Co-founder Sonakshi Nathani said the startup will use these funds to hire more talent to accelerate product development, ramp up the platform, and onboard a million new merchants.
Ankur Nagpal said, "Bikayi is the company I am most excited about in the entire YC batch. They have a tremendous opportunity to become the storefront of choice for the millions of small local businesses in India -- and eventually the entire developing world. They make commerce both local and personal, which is integral for success in India, and their growth numbers speak for themselves."
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Merchants on Bikayi are already doing daily transactions of over Rs 2 crore. The startup is being used by grocery stores, wholesalers, manufacturers, and retailers from 3,000+ towns across India.
Founded in 2019 by Sonakshi Nathani and Ashutosh Singla, Bikayi claims to have become a one-stop solution for merchants if they want to start and run an online business. It allows small businesses to quickly create their online stores and give them the right tools to manage ecommerce on WhatsApp. The app is available on Google Play Store.
According to the Hyderabad-based startup, more than 53 percent of their merchants are coming in from Tier III and IV cities.
"Bikayi’s founders combine a deep understanding of their small business customers with top-tier product execution. We loved that their product makes everyone’s lives easier, while fitting naturally into the way business is done. The resulting growth has been phenomenal. It’s an honour for us to back this team and their vision,” stated Tim Suzman, General Partner at Pioneer Fund.
(Edited by Teja Lele Desai)