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E-commerce enablement platform GoKwik raises $35 mn for expansion

E-commerce enablement platform GoKwik said it has raised $35 million led by Think Investments and RTP Global, and will use the funds to work on tech solutions for large marketplaces

Topics
ecommerce | funding

IANS  |  New Delhi 

funds

E-commerce enablement platform GoKwik on Wednesday said it has raised $35 million led by Think Investments and RTP Global, and will use the funds to work on tech solutions for large marketplaces.

The Series B round also saw participation from existing investors Sequoia Capital India and Matrix Partners India.

The new follows GoKwik's $15 million Series A round in November last year, bringing total in the last 12 months to more than $55 million, said the platform.

"We have been able to improve conversion rates upto 50 per cent, reduce RTOs (return to origin) by upto 40 per cent across the spectrum of merchants, across categories," said Chirag Taneja, Co-founder and CEO, GoKwik.

"As we expand our network of merchants, we will keep bringing in upgraded solutions to help them realise incremental GMV," he added.

GoKwik said it has delivered GMV realisations in excess of $1 billion for its merchants, serving more than 80 million customers on its network of brands.

It claimed to have achieved over 3,500 per cent in revenue, and growing its team by 80 per cent (on-quarter), fully remotely.

GoKwik is now building an enablement stack to nurture the e-commerce sector that is flourishing with new-age D2C brands, social commerce platforms and marketplaces.

The company said it will use the funds to hire new talent extensively across the tech, product, and data science teams.

"Low conversion rate is a key pain point for most e-commerce merchants, and GoKwik's product offerings precisely solve that problem," said Shashin Shah, Managing Partner, Think Investments.

--IANS

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(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Wed, May 11 2022. 11:36 IST
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