Think Investments and RTP Global lead GoKwik Series B investment. The round also saw participation from existing investors Sequoia Capital India and Matrix Partners India.
Founded by Chirag Taneja, Vivek Bajpai, and Ankush Talwar, GoKwik is an e-commerce enablement company that helps brands democratize the shopping experience. The startup is building an enabling stack to nurture the e-commerce sector which is thriving with new-age D2C brands, social commerce platforms and marketplaces. To address the complex challenges that impact conversion rates at the pre and post-order stage, GoKwik is creating innovative solutions combining technology, data and UI/UX expertise to drive the overall profitability of businesses.
In the last 15 months, GoKwik has helped more than 250+ brands by not only solving 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 & retention potential.
The new funding follows GoKwik’s $15 million Series A round in November 2021, bringing the total funding over the past 12 months to more than $55 million. Between the two tours, GoKwik has shown phenomenal growth by delivering more than $1 billion in GMV for its merchants, serving more than 80 million customers across its network of brands and achieving over 3500% increase in revenue. The startup says that it has increased its team size by 80% Q-o-Q.
Chirag Taneja, Co-founder & CEO, GoKwik said, “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%, reduce RTOs by upto 40% across the spectrum of merchants, across categories.”
GoKwik is committed to creating an eCommerce sanctuary and plans to enable more payment options, increase the prepaid success rate and also provide financing alternatives to help partner brands enable affordability to an aspiring “Bharat”. The startup will infuse fresh capital to broaden its e-commerce enablement stack and grow its network of brands and hire new talent extensively across the tech, product, and data science teams.