New Delhi: E-commerce enablement company Gokwik has raised Rs 112 crores ($15 million) in a Series A round led by Sequoia Capital India. The round also saw participation from existing investors like Matrix Partners India and RTP Global, said a statement issued by the company.
The funds will be used to work with large marketplaces, double the size of the product, and tech teams as the company plans to expand its client base to social commerce start-ups and launch new products.
GoKwik clients include players like Mamaearth, Good Glamm Group, LimeRoad, EyeMyEye, Boat, ManMatters, OZiva, The Souled Store, Nosie, and VMart.
The company had raised Rs 40 crores in a pre-Series A round led by Matrix Partners India in September 2021.
Founded in 2020, GoKwik leverages artificial intelligence (AI) to solve merchant-first problems, including a return to origin (RTO) and cash on delivery (CoD) conversion rates for e-commerce players and also direct-to-consumer (D2C) brands. GoKwik also provides check-out conversion rates.
GoKwik, which was launched 250 days ago, has onboarded more than 100 brands that cumulatively have an annualised gross merchandise value (GMV) of $250 million.
“E-commerce enablement players will play a pivotal role in fueling the burgeoning Indian e-retail market, which is projected to touch $120 billion in the next 4-5 years. Conversion rates across the funnel and RTO are major pain points for any e-commerce business, and an e-commerce enablement player like GoKwik bringing network advantage is best poised to solve these problems,” GoKwik co-founder and Chief Executive Officer Chirag Taneja said.
GoKwik competes with the likes of Cashfree, PaYU, Instamojo and Razorpay.
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