Bikayi, a mobile-commerce enabler located in Hyderabad, aims to use the funds to speed up product development, acquisition, and talent recruiting.
Sequoia Capital India led a $10.8 million Series A investment round for Bikayi, a Hyderabad-based mobile-commerce enabler. The business had previously secured $2 million in a seed round hosted by Y Combinator in August 2020.
Startup Bikayi, founded in 2019 by IIITians Sonakshi Nathani and Ashutosh Singla, allows small and medium-sized companies (SMBs) to grow out on digital platforms, allowing them to reach out to a broader consumer base.
Businesses may use the platform to have a digital storefront, professional features, and tools to help them develop. A Specialized Business Coach, Catalogue Listing, Shipment Facility, Payments, and Insights on Customer Behaviour are some of the features that allow users to run their e-commerce shops from a unified platform.
“Our mission is to enable every small company to win in the expanding online market by giving them inexpensive tools, enabling them to reach inconceivable goals,” Sonakshi Nathani, Co-founder and CEO of Bikayi, stated. We’re on a mission to help millions of small companies achieve their goals, which are the backbone of our economy. In a single year, some merchants have profited over a million dollars through Bikayi e-stores. Such tales inspire us to strive for excellence in all we do for our clients every day.”
Bikayi’s yearly Gross Merchandise Value (GMV) has increased by 1800 percent in the previous eight months, thanks to a 5x increase in its merchant base. On the platform, the firm presently has over 4 million registered users. Bikayi is assisting them in selling their goods throughout India.
The business intends to use this money to expedite product development, acquisition, and talent recruiting to grow up product offerings.
“India is on the verge of an e-commerce revolution, and we believe small and medium companies will play a crucial role in creating this environment over the next decade,” said Shraeyansh Thakur, Vice President, Sequoia Capital India. Over 75 million small and medium-sized businesses (SMBs) exist in India, accounting for over 30% of the country’s GDP, employing over 130 million people and serving as the economy’s backbone. In India, the digitalization of SMBs and the development of the e-commerce ecosystem are major trends, and Bikayi is developing a next-generation solution that sits at the intersection of both, combining the whole commerce infrastructure onto a common platform.”