[Funding alert] Ecommerce enablement startup GoKwik raises Rs 40 Cr in pre-Series A led by Matrix Partners India
GoKwik, a New Delhi-based ecommerce enablement startup, on a mission to democratize the shopping experience and increase GMV realisation for ecommerce businesses, has raised Rs 40 crore ($5.5 million) in pre-Series A round led by Matrix Partners India. This round also saw the participation of global investor RTP Global.
Angel investors and serial entrepreneurs like Jitendra Gupta - Founder and CEO of Jupiter, Nitin Gupta – Co-founder of Uni, Utsav Somani - Partner at AngelList India, Amit Lakhotia - Founder at Park+, Pradeep Parameswaran - President, Mobility, the Asia Pacific at Uber, Manish Vij - Co-founder of Smile Group, Asish Mohapatra - Co-founder and CEO of OfBusiness, Arjun Vaidya - Ventures Lead, India at Verlinvest, Ramakant Sharma - Founder, LivSpace, Siddharth Puri - Co-founder and CEO, Tyroo, Umang Kumar - Co-founder, CarDekho, Anupam Mittal - Founder and CEO, Shaadi.com and other leading industry figures have also participated in the round.
Founders (L-R): Ankush Talwar, Chirag Taneja and Vivek Bajpai
Founded in the post-pandemic era, GoKwik is the brainchild of Chirag Taneja (CEO) and includes Vivek Bajpai (CTO), and Ankush Talwar (Chief Data Scientist) as part of the founding team. GoKwik believes in a ‘Merchant-First’ philosophy and uses AI/ML technologies to solve hard-hitting problems like Return to Origin (RTO) to solve and better Cash on Delivery (CoD) conversion rates for ecommerce players including D2C brands. GoKwik's checkout and UPI solutions help improve checkout conversion rates ensuring higher GMV realisation, increased profitability, reduced Customer Acquisition Cost (CAC), and increased delivery rates.
Chirag Taneja, Co-founder and CEO, GoKwik said,
“Ecommerce 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. GoKwik is poised to redraft the traditional playbook by offering personalised solutions to improve overall conversion rates, help register higher GMV with increased RoI and provide protection against risks such as RTO to ecommerce and D2C brands.”
75+ brands including digitally native brands, traditional players and marketplaces have put their trust in GoKwik leading to a million-plus monthly transactions, almost doubling every month. Many D2C brands like boAt, Mamaearth, The Man Company, Heads Up For Tails, The Moms Co., OZiva, TCNS Clothing Co. (W, Aurelia and Wishful), LimeRoad, ManMatters, Neemans, The Whole Truth, The Souled Store, EyeMyEye and more are already leveraging GoKwik’s solutions to empower their online businesses to deliver an experience to their customers.
The new investment will primarily be used for scaling up and establishing a footprint in the MENA and SEA regions and hiring talent across tech, data, and product engineering. Also, the platform is going to invest heavily in building many industry-first tech and data solutions to optimize the conversion funnel for online brands.
“Globally the ecommerce enablement and especially the one-click checkout space is seeing significant interest with multiple large companies emerging over the last 18 months. We believe that the same will be true in India as well and we’re thrilled to be partnering with GoKwik on this journey of democratizing the ecommerce shopping experience!” said Rajat Agarwal, Managing Director, Matrix India.
Galina Chifina, Partner at RTP Global, added,
“The ecommerce industry is rapidly expanding across the globe and enablement tools such as those provided by GoKwik must grow and thrive at the same pace, which is why we have placed our faith in Chirag and the team. Given the recent spate of funding announcements in D2C brands, GoGwik will prove pivotal in the Indian Growth Story - but also for ecommerce clients of its own across the globe, as it expands internationally.”