Will utilise funds to broaden e-commerce enablement stack, grow its network of brands
E-commerce enablement company GoKwik, has raised $35 million in a Series B round led by Think Investments and RTP Global.
The round also saw participation from existing investors Sequoia Capital India and Matrix Partners India. The new funding follows GoKwik’s $15 million Series A round in November 2021, bringing total funding in the last 12 months to more than $55 million.
GoKwik is building an enablement stack for e-commerce companies including new-age D2C brands, social commerce platforms and marketplaces. In 15 months of its inception, GoKwik has helped more than 250+ brands by solving their business challenges such as conversion rates, reducing Return to Origin (RTO), improving Gross Merchandise Value (GMV) along with providing a seamless checkout process to their consumers.
Reduce cart abandonment losses
Marketplaces like Snapdeal, Limeroad and Lenskart, health platforms like Man Matters and Be Bodywise etc, and D2C brands like boAt, Mamaearth,The Man Company, Neeman’s, The Souled Store, Bombay Shaving Company, DaMENSCH etc. are using GoKwik’s technology to reduce cart abandonment losses, drive incremental sales, and enhance profitability.
GoKwik will utilise the funds to broaden its e-commerce enablement stack and grow its network of brands, optimise their conversion results, and also provide customised solutions. GoKwik will also utilise the funds to hire new talent extensively across the tech, product, and data science teams.
Chirag Taneja, Co-founder and CEO, GoKwik, said, “We are extremely proud of our record-breaking performance in 2021, and we expect this growth to continue as e-commerce adoption grows rapidly and is expected to become a $350 billion market in this decade. We have been able to improve conversion rates upto 50 per cent, reduce RTOs by upto 40 per cent 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.”
Adding to this, Shashin Shah, Managing Partner, Think Investments, said, “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. We are excited to partner with the GoKwik team and strongly believe in their vision to enable merchants to offer the best shopping experience.”