Think Investments, RTP Global, Sequoia Capital India, and Matrix Partners join GoKwik in a US$35 million Series B round on May 11th, 2022.
• Committed to a remote-first approach to team building, it expects to hire 200+ people across India by the end of 2022, focusing on tech solutions for significant marketplaces, Omni-channel companies, and continuing deeper penetration in D2C.
• Plans to aggressively expand its India business, including new jobs in engineering and data sciences (AI and ML capabilities).
The freshly raised funds will expand GoKwik’s e-commerce enablement stack, expand its network of brands, improve conversion rates, and create personalized solutions. It is dedicated to creating an eCommerce haven, aiming to develop payment methods, boost prepaid success rates, and offer financing solutions to assist partner brands in making an ambitious “Bharat” affordable. GoKwik will also use the cash to employ fresh talent across the tech, product, and data science teams to further its objective.
What the founder has to say:
Chirag Taneja, Co-founder & CEO, GoKwik:
“We are tremendously happy about our record-breaking success in 2021, and we expect this momentum to continue as e-commerce usage continues to accelerate, with the market expected to reach $350 billion by the end of the decade.” We’ve enhanced conversion rates by up to 50% and lower RTOs by up to 40% across all merchant types and categories. We will continue to democratize the shopping experience as we grow our network of merchants, bringing in improved technologies to assist them realize incremental GMV.”
What the investors have to say:
Shashin Shah, Managing Partner, Think Investments:
“GoKwik has developed fast in a short period of time, and now partners with several well-known D2C businesses and online marketplaces. Most e-commerce merchants suffer from a low conversion rate, which GoKwik’s product addresses. We’re delighted to work with the GoKwik team and share their aim of empowering merchants to provide the greatest purchasing experience possible.”
About the company:
GoKwik is developing an enabling stack to support the growing e-commerce sector, including new-age D2C businesses, social commerce platforms, and marketplaces. To address the numerous difficulties affecting conversion rates in the pre-and post-order stages, GoKwik is developing unique solutions that combine technology, data, and UI/UX experience to help businesses increase their total profitability.
GoKwik has aided over 250+ brands by not only resolving their numerous business challenges, such as conversion rates, lowering Return to Origin (RTO), and increasing Gross Merchandise Value (GMV), but also by providing a seamless checkout process to their customers, thereby improving their customer experience and retention potential.
Marketplaces such as Snapdeal, Limeroad, and Lenskart, as well as health platforms such as Man Matters and Be Bodywise, and key D2C brands such as boAt, Mamaearth, The Man Company, Neeman’s, The Souled Store, Bombay Shaving Company, DaMENSCH, and others, are already using GoKwik’s technology to reduce cart abandonment losses, drive incremental sales, and increase profitability.
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