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GoKwik Plans Hires, Product Development and More with New Rs.112 Crore Funds

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GoKwik, an e-commerce enabling platform, raised Rs.112 crore ($15 million) in a Series A round of funding headed by Sequoia Capital India, a growth stage investor. The new funds will be invested to hire more employees and develop new products to boost conversion rates across the funnel while also improving the company's current services.

Housed at Delhi, GoKwik acquired Rs 40 crores ($5.5 million) in a pre-Series A investment led by Matrix Partners India in September.

Taneja, Vivek Bajpai (CTO), and Ankush Talwar founded the company last year (Chief Data Scientist).

After installing GoKwik's patented artificial intelligence and machine learning technologies, businesses such as The Man Company, Manmatters, Vmart, and V2Retail claim to have seen a drop in RTO (return to origin) KPIs.

According to Ashish Agrawal, MD of Sequoia Capital India, the GoKwik team has discovered a wedge in the direct-to-consumer market to tackle merchants' pain points of basket conversions at checkout and strong returns on cash-on-delivery.

“Conversion rates across the funnel and RTO are important pain points for every e-commerce organization, and an e-commerce enablement player with network advantage, such as GoKwik, is ideally positioned to solve these issues”, adds Taneja.

“GoKwik is on a mission to help e-commerce companies provide the best in class shopping experience to their customers while increasing conversion rates and margins”, states Rajat Agarwal, MD, Matrix Partners India.

"GoKwik has been solving really significant concerns like conversion rates and RTO for the online commerce business. Enablers like GoKwik will play a critical role in helping the D2C opportunity expand to $100 billion by 2025”, says Aman Gupta, co-founder and CMO, boAt.

Following the shift of physical firms to online platforms, the e-commerce enablement industry has seen a surge in investment. Dukaan is a no-code platform that helps local businesses and entrepreneurs to establish and scale an e-commerce website. Bikayi, a WhatsApp-integrated merchant e-commerce platform that delivers digital storefronts to small and micro, small and medium enterprises (MSMEs).

“Sequoia Capital India's investment represents a powerful affirmation of our promise, the company's hyper-growth, and the scalable Product-Market Fit (PMF) of our product offerings.
The expanding Indian e-retail business, which is expected to reach $120 billion in the next 4-5 years, will rely heavily on e-commerce enablement companies”, says Chirag Taneja, Co-Founder and CEO, GoKwik.

“Conversion rates across the funnel and RTO are important pain points for every e-commerce organization, and an e-commerce enablement player with network advantage, such as GoKwik, is ideally positioned to solve these issues”, adds Taneja.

Existing investors Matrix Partners India and RTP Global also participated in the current fundraising round.

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