Home Business GoKwik Raises Rs 112 Crore In Series A Funding Round Led By Sequoia Capital

GoKwik Raises Rs 112 Crore In Series A Funding Round Led By Sequoia Capital

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New Delhi: E-commerce enablement firm Gokwik has raised Rs 112 crores ($15 million) in a Sequence A spherical led by Sequoia Capital India. The spherical additionally noticed participation from current traders like Matrix Companions India and RTP International, mentioned an announcement issued by the corporate.

The funds can be used to work with massive marketplaces, double the scale of the product, and tech groups as the corporate plans to develop its consumer base to social commerce start-ups and launch new merchandise.

GoKwik shoppers embody gamers like Mamaearth, Good Glamm Group, LimeRoad, EyeMyEye, Boat, ManMatters, OZiva, The Souled Retailer, Nosie, and VMart.

The corporate had raised Rs 40 crores in a pre-Sequence A spherical led by Matrix Companions India in September 2021.

Based in 2020, GoKwik leverages synthetic intelligence (AI) to resolve merchant-first issues, together with a return to origin (RTO) and money on supply (CoD) conversion charges for e-commerce gamers and likewise direct-to-consumer (D2C) manufacturers. GoKwik additionally offers check-out conversion charges.

GoKwik, which was launched 250 days in the past, has onboarded greater than 100 manufacturers that cumulatively have an annualised gross merchandise worth (GMV) of $250 million.

“E-commerce enablement gamers will play a pivotal function in fueling the burgeoning Indian e-retail market, which is projected to the touch $120 billion within the subsequent 4-5 years. Conversion charges throughout the funnel and RTO are main ache factors for any e-commerce enterprise, and an e-commerce enablement participant like GoKwik bringing community benefit is greatest poised to resolve these issues,” GoKwik co-founder and Chief Government Officer Chirag Taneja mentioned.

GoKwik competes with the likes of Cashfree, PaYU, Instamojo and Razorpay. 

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