India-based GoKwik, a solution to e-commerce shopping experience problems, raised USD 15 million on 17th November.
Investors: The recent financing round was led by Sequoia Capital India. Also participating in the round were existing investors Matrix Partners India and RTP Global.
Purpose of funding: With the funds, GoKwik plans to enter into new partnerships and product developments with significant marketplaces. To that end, it has expanded into a complete software suite that encompasses all elements of the e-commerce funnel. Furthermore, the company focused on hiring new blood for product and tech teams.
Founded in 2020 by Ankush Talwar, Chirag Taneja and Vivek Bajpai, GoKwik is located in New Delhi, India. GoKwik is a solution to e-commerce shopping experience problems across the internet. The company uses advanced online tools like AI and machine learning to support such platforms. As a startup company, the company’s primary focus is boosting conversion rates for e-commerce funnels as well as reducing RTO for other partners. Now, GOKwik’s 1-click Kwik checkout will increase conversion rates and reduce marketing costs since higher GMV realization can be realized.
What the founder has to say
“E-commerce 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. 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. This fundraise from Sequoia Capital India is a strong validation of our promise, hyper-growth of the business, and scalable Product-market fit (PMF) of the product offerings. We are amongst the fastest growing B2B2C businesses and are poised to redraft the traditional playbook by offering personalized solutions to improve overall conversion rates, help register higher GMV with increased ROI and provide protection against risks such as RTO to e-commerce and D2C brands,” said Chirag Taneja, Co-founder at CEO, GoKwik.
What the investors have to say
“We are witnessing stunning growth in e-commerce in India, specifically in social commerce platforms and D2C brands, many of whom Sequoia Capital India has partnered with. The sector will do >$50B of GMV 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, Managing Director at Sequoia Capital India.
“GoKwik is on a mission to enable e-commerce companies to offer best in class shopping experience to customers while improving their conversion rates and margins. In a short period of time, they have achieved a clear product-market fit with a large number of top direct to consumer brands and other e-commerce platforms working with them now. We’re excited to double down on our investment in GoKwik and welcome Sequoia Capital India to the partnership,” said Rajat Agarwal, Managing Director at Matrix Partners India.
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