E-commerce enablement company GoKwik has raised $35 million in a series B funding round led by San Francisco-based 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.
"Between the two rounds, GoKwik has shown phenomenal growth by delivering GMV realisations in excess of $1 billion for its merchants, serving more than 80 million customers on its network of brands, achieving over 3500% in revenue, and growing its team by 80% Q-o-Q, fully remotely,” the company said in a statement.
The company plans to utilise the newly obtained funds to broaden its e-commerce enablement stack and grow its network of brands, further optimise their conversion results, and also provide customised solutions.
It also plans to enable more payment options, increase the prepaid success rate and also provide financing alternatives to help partner brands enable affordability. To support its mission, GoKwik will also utilise the funds to hire new talent extensively across the tech, product, and data science teams, the company said in a statement.
“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%, reduce return to origin (RTOs) by upto 40% 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 gross merchandise value (GMV),” said Chirag Taneja, co-founder and CEO, GoKwik.
“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,” added Shashin Shah, managing partner, Think Investments.
Founded in 2020, GoKwik focuses predominantly on solving crucial e-commerce issues like boosting conversion rates across the e-commerce funnel and reducing RTO for its partners. It leverages AI/ML technologies to solve hard-hitting problems like RTO to increase CoD conversion rates. GoKwik’s Kwik checkout improves checkout conversion rates ensuring higher GMV realisation and reduced marketing CAC.
Marketplaces like Snapdeal, Limeroad, Lenskart, health platforms like Man Matters, Be Bodywise and key D2C brands like boAt, Mamaearth,The Man Company, Neeman’s, The Souled Store, Bombay Shaving Company and DaMENSCH among others are already using GoKwik’s technology to reduce cart abandonment losses, drive incremental sales, and enhance profitability.