Think Investments and RTP Global led a $35 million Series B investment for eCommerce enablement company GoKwik, which lets companies democratize the buying experience. Existing investors Sequoia Capital India and Matrix Partners India also participated in the round.
The fresh fundraising comes on the heels of GoKwik’s $15 million Series A round in November 2021, bringing the company’s total funding in the previous year to more than $55 million. Between the two rounds, GoKwik has demonstrated phenomenal growth by delivering GMV realizations in excess of $1 billion for its merchants, serving over 80 million customers across its network of brands, achieving over 3500 percent revenue growth, and growing its team by 80 percent Q-o-Q, entirely remotely. This has established GoKwik as one of the fastest-growing tech companies in India.
GoKwik is developing an enabling stack to support the e-commerce sector, which is thriving with new-age D2C businesses, social commerce platforms, and marketplaces. To address the complex difficulties affecting conversion rates at the pre and post order stages, GoKwik is developing novel solutions by combining technology, analytics, and UI/UX experience to drive total business profitability. Being pandemic born and only 15 months old, GoKwik has helped over 250+ brands not only solve their many business challenges such as conversion rates, reducing Return to Origin (RTO), or improving Gross Merchandise Value (GMV), but also by providing a seamless checkout process to their consumers, thus improving their customer experience and retention potential. Marketplaces like Snapdeal, Limeroad & Lenskart, health platforms like Man Matters & Be Bodywise etc., and key D2C brands like boAt, Mamaearth, The Man Company, Neeman’s, The Souled Store, Bombay Shaving Company, DaMENSCH etc. are already using GoKwik’s technology to reduce cart abandonment losses, drive incremental sales, and enhance profitability.
GoKwik will use the fresh capital to expand its e-commerce enablement stack and extend its network of brands, as well as to better optimize their conversion outcomes and create customized solutions. It is dedicated to creating an eCommerce sanctuary, with aims to expand payment methods, boost prepaid success rates, and give financing solutions to assist partner brands in making an ambitious ‘Bharat’ affordable. GoKwik will also use the capital to acquire fresh talent across the tech, product, and data science teams to support its mission.
Originally published at https://cxotv.techplusmedia.com on May 11, 2022.