E-commerce enablement platform GoKwik has raised $15 million in a Series A funding round led by Sequoia Capital India. The round also saw participation from existing investors Matrix Partners India and RTP Global, per an announcement on Wednesday.
The new investment will be primarily used for doubling the size of the product and tech teams, to enable the development of innovative products to increase conversion rates across the funnel as well as make the existing offerings more robust, the startup said in a statement.
“E-commerce enablement players will play a pivotal role in fuelling the burgeoning Indian e-retail market which is projected to touch $120 billion in next 4-5 years. Conversion rates across the funnel and RTO are major pain points for any e-commerce business, and an e-commerce enablement player like GoKwik bringing network advantage is best poised to solve these problems,” said hirag Taneja, Co-founder & CEO, GoKwik.
Founded in 2020, GoKwik focuses predominantly on solving crucial e-commerce issues like boosting conversion rates across the e-commerce funnel and reducing return to origin (RTO) for its partners. Within 250 days of its launch, the company claims to have onboarded 100+ category-leading brands that have an annualized GMV of $250 million.
GoKwik had previously raised $5.5 million in a Pre Series A round led by Matrix Partners India in September 2021.
Its clients include Mamaearth, Good Glamm Group (Myglamm), LimeRoad, EyeMyEye, boAt, ManMatters, OZiva, The Souled Store, Noise, and VMart.
INDIA DEAL MONITOR
Here are prominent venture capital transactions in India announced from November 15-17, 2021.
|Startup||Headquarter||Investment Size (USD)||Investment Stage||Lead Investor(s)||Other Investor(s)||Industry||Verticals|
|GoKwik||Delhi||15 million||Series A||Sequoia Capital India||Matrix Partners India, RTP Global||Software||AI and Machine Learning|
|GENLEAP||Gurugram||8 million||Seed||Vivek Vaidya, Kevin Donlon, Ayush Singh, Rashed Mahmood||-||Education/Training||EdTech|
|Cookd||Chennai||600,000||Pre-Seed||Konglo Ventures, Kerala Angel Network||Aju Jacob, Geemon Korah, Keerthy Suresh, Kathir Vineet Kumar||Food||FoodTech|
|Toplyne||Bengaluru||2.5 million||Seed||Sequoia Capital India’s Surge, Together Fund, angel investors from Canva, Freshworks, and Zoominfo||-||Software||SaaS|
|Clinikk||Bengaluru||4 million||Pre-Series A||MassMutual Ventures||Kunal Shah, Rohit M.A., Anjali Bansal, Stanford Angels, Times Internet Group, EMVC, 500 Southeast Asia, WEH Venture||Insurance||Insuretech|
|XR Central||Gurugram||135,000||Seed||Netprophets Cyberworks||-||Software||AR & VR|
|CloudFiles||Bengaluru||317,000||Pre-Seed||Titan Capital||Ashish Garg, Renil Komitla||Software||Cloud Computing|
|Cradlewise||Bengaluru||7 million||Seed||Footwork, CRV, SOSV, Better Capital||Katrina Lake, Jeremy Cai, Dilip Goswani||Electronics||HealthTech|
|Planys||Chennai||1.6 million||Pre-Series A||Kieretsu Forum, Lets Venture, Shell||ONGC Startup Fund, Ranjan Pai’s family office MEMG, Kris Gopalakrishnan||Industrial Machinery||Robotics & Drones|
|Mensa Brands||Bengaluru||135 million||Series B||Alpha Wave Ventures||Accel Partners, Norwest Venture Partners, Tiger Global Management, Prosus Ventures||Retail||E-commerce|
|Wonderchef||Mumbai||20 million||-||Sixth Sense Ventures||Godrej Family office, Malpani group||Consumer Products||E-commerce|
|GuardianLink.io||Chennai||12 million||Series A||Kalaari Capita||-||Financial Services||Blockchain|