GoKwik, an e-commerce enablement platform has raised $35 million in its Series B funding round from Think Investments with participation from existing investors Sequoia Capital India, Matrix Partners India, and RTP Global.
The startup plans to use this fund to work on technology solutions for large markets and omnichannel players, and to continue expanding into the D2C market.
With this fundraising, it will expand its e-commerce enablement stack and grow its network of brands, further optimize their conversion results, and provide customized solutions.
It will also hire more talent with a focus on engineering and data science (AI and ML capabilities) across India by the end of this year.
The New Delhi-based Gokwik was founded in 2020 by Chirag Taneja, Vivek Bajpai, and Ankush Talwar, It combines technology, data and UI/UX expertise to drive the overall profitability of any business on e-commerce platforms including new-age D2C brands and social commerce platforms.
“We have been able to improve conversion rates up to 50%, reduce RTOs by up to 40% across the spectrum of merchants, across categories. As we expand our network of merchants, we will continue to democratise the shopping experience, we will keep bringing in upgraded solutions to help them realise incremental GMV,” said, Chirag Taneja, co-founder and CEO at GoKwik.
‘We were so far catering to mid and large D2C brands, but now we want to engage with smaller players as well. We may reach 10,000 brands in the next one year. We will be soon tying with companies to provide facilities like BNPL and also launch products like fraud identity among other things”, he added.
With a commitment to create an e-commerce sanctuary, GoKwik plans to enable more payment options, increase prepaid success rates and ensure financing options to help partner brands deliver affordability in the “Bharat” market .
Since its inception, it has helped over 250 brands resolve issues including conversion rates, reducing RTO or improving GMV, and improving customer experience and retention capacity.
Some of startup’s customers include marketplaces such as Snapdeal, Limeroad, and Lenskart, and D2C brands like boAt, Mamaearth, Crocs, and The Man Company.
“In a short span of time, GoKwik has grown very rapidly and now works with multiple marquee D2C brands and online marketplaces. Low conversion rate is a key pain point for most e-commerce merchants, and GoKwik’s product offerings precisely solve that problem”, said, Shashin Shah, managing partner at Think Investments.
In March 2022, Gokwik had raised Rs 112 crore in its Series funding round from its existing investors.
GoKwik was founded in 2020 with one simple mission, to democratize the shopping experience and increase GMV realization for e-commerce businesses. GoKwik believes in a ‘Merchant-First’ philosophy and uses AI/ML technologies to solve hard-hitting problems like Return to Origin (RTO) and improve conversion rates.
GoKwik as a company values quality over pedigree. They are a diverse bunch of individuals coming from all walks of life unified by our keen interest in the e-commerce industry. Everyone at GoKwik loves solving problems and are keen to take on new challenges.