Existing investors Sequoia Capital India and Matrix Partners India joined the round. The new funding follows GoKwik’s $15-million Series A round in November 2021, taking the total funding in the last 12 months to more than $55 million.
GoKwik will utilise the capital raised to broaden its e-commerce enablement stack and grow its network of brands, further optimise its conversion results and provide customised solutions, the statement added. The startup will also use the funds for hiring people across the tech, product, and data science teams.
“Following our record-breaking performance in 2021, we expect this growth to continue as e-commerce adoption grows rapidly and is expected to become a $350-billion market in this decade. We have been able to improve conversion rates up to 50%, reduce returns-to-origin (RTOs) by up to 40% across the spectrum of merchants and across categories. As we expand our network of merchants, we will continue to democratise the shopping experience, we will keep bringing in upgraded solutions to help them realise incremental gross merchandise value (GMV),” said Chirag Taneja, co-founder and CEO, GoKwik said.
Founded in 2020, GoKwik helps boost conversion rates across the e-commerce funnel and reduce RTOs for their partners. Its clients include Mamaearth, Good Glamm Group (Myglamm), LimeRoad, EyeMyEye, boAt, ManMatters, OZiva, The Souled Store, Noise, and VMart.