GoKwik aims to use the fresh capital to expand internationally, establishing a presence in the MENA and SEA regions, and double down on talent across the technology, analytics, and product engineering teams, using a remote-first approach.
GoKwik, a New Delhi-based e-commerce enablement firm, has received Rs 40 crore ($5.5 million) in a pre-Series A investment led by Matrix Partners India, to democratize the shopping experience and increase GMV realization for e-commerce businesses. RTP Worldwide, a global investor, was also a participant in this round.
Angel investors and serial entrepreneurs like Jitendra Gupta – Founder and CEO of Jupiter, Nitin Gupta – Co-founder of Uni, Utsav Somani – Partner at AngelList India, Amit Lakhotia – Founder at Park+, Pradeep Parameswaran – President, Mobility, the Asia Pacific at Uber, Manish Vij – Co-founder of Smile Group, Asish Mohapatra – Co-founder and CEO of OfBusiness, Arjun Vaidya – Ventures Lead, India at Verlinvest, Ramakant Sharma – Founder, LivSpace, Siddharth Puri – Co-founder and CEO, Tyroo, Umang Kumar – Co-founder, CarDekho, Anupam Mittal – Founder and CEO, Shaadi.com and other leading industry investors have also participated in the funding.
GoKwik was founded in the post-pandemic era by Chirag Taneja (CEO) and includes Vivek Bajpai (CTO) and Ankush Talwar (Chief Data Scientist) as founding members. GoKwik has a ‘Merchant-First’ attitude and employs AI/ML technology to help e-commerce players, including D2C brands, tackle difficult challenges like Return to Origin (RTO) and improve Cash on Delivery (CoD) conversion rates. GoKwik’s checkout and UPI solutions enable businesses to enhance checkout conversion rates, resulting in better GMV realization, increased profitability, lower Customer Acquisition Cost (CAC), and faster delivery.
“E-commerce enablement players will play a key role in fueling the developing Indian e-retail sector, which is estimated to reach $120 billion in the next 4-5 years,” said Chirag Taneja, Co-founder and CEO of GoKwik. GoKwik is set to rewrite the old playbook by providing customized solutions to boost overall conversion rates, assist in registering better GMV with increased RoI, and safeguard e-commerce and D2C businesses from dangers such as RTO.”
75+ businesses, including digital natives, conventional players, and marketplaces, have put their faith in GoKwik, resulting in over a million monthly transactions, which are nearly growing every month. Many D2C brands, such as boAt, Mamaearth, The Man Company, Heads Up For Tails, The Moms Co., OZiva, TCNS Clothing Co. (W, Aurelia, and Wishful), LimeRoad, ManMatters, Neemans, The Whole Truth, The Souled Store, EyeMyEye, and others, are already utilizing GoKwik’s solutions to empower their online businesses to deliver an experience to their
The fresh funds will be used to expand and develop a presence in the MENA and SEA areas, as well as to hire talent in tech, data, and product engineering. In addition, the platform will make significant investments in developing several industry-first tech and data solutions to help online businesses enhance their conversion funnels.
“Over the last 18 months, many big firms have emerged in the e-commerce enablement and notably the one-click checkout area, which has seen tremendous attention globally. We believe the same will be true in India, and we’re excited to collaborate with GoKwik on this mission to democratize the online buying experience!” Matrix India’s Managing Director, Rajat Agarwal, stated.
“The e-commerce sector is quickly expanding throughout the globe, and enabling tools like those given by GoKwik must develop and prosper at the same speed, which is why we have placed our trust in Chirag and the team,” Galina Chifina, Partner at RTP Global, noted. Given the recent flurry of D2C brand financing announcements, GoGwik will play a key role in the Indian Growth Story – as well as for its e-commerce clients across the world as it grows globally.”