GoKwik, an e-commerce enablement platform, on Tuesday raised $5.5 million (Rs 40 crore) as a part of its pre-Series A round of funding, led by Matrix Partners India with participation from RTP Global.
The round also saw participation from Jitendra Gupta of Jupiter, Nitin Gupta of Uni, Utsav Somani of AngelList India, Amit Lakhotia of Park+, Pradeep Parameswaran of Uber, Manish Vij of Smile Group, Asish Mohapatra, OfBusiness, Arjun Vaidya of Verlinvest, Ramakant Sharma of LivSpace, Siddharth Puri of Tyroo, Umang Kumar of CarDekho, Anupam Mittal of Shaadi.com, among others.
The company plans to use the funds to scale up and establish a footprint in MENA and SEA regions, hire talent across tech, data and product engineering.
The platform also said it will invest heavily in tech and data solutions to optimise the conversion funnel for online brands.
Founded by Chirag Taneja (CEO) and includes Vivek Bajpai (CTO), and Ankush Talwar (Chief Data Scientist) as part of the founding team, GoKwik's checkout and UPI solutions aim to help improve checkout conversion rates ensuring higher GMV realization, increased profitability, reduced Customer Acquisition Cost (CAC), and increased delivery rates.
“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,” Chirag Taneja, co-founder and CEO, GoKwik, said.
He added, “GoKwik is poised to redraft the traditional playbook by offering personalized solutions to improve overall conversion rates, help register higher GMV with increased RoI and provide protection against risks such as RTO to e-commerce and D2C brands”.
The company said it has over 75 brands as their clients with over million-plus transactions every month, almost doubling every month.
It has onboarded many D2C brands like boAt, Mamaearth, The Man Company, Heads Up For Tails, The Moms Co., OZiva, TCNS Clothing Co. (W, Aurelia and Wishful), LimeRoad, among others.
Varun Alagh, co-founder of Mamaearth, said “Conversion rates across the funnel and RTO are major pain points for any e-commerce business in India, and GoKwik is focusing on solving exactly these problems”.
The e-commerce enablement space has seen investment momentum as many offline businesses started shifting towards online channels.
On Monday, 640 Oxford Ventures led a $11 million as a part of its Pre-Series A round in Online retail platform, Dukaan. It offers a no-code platform that allows local stores and entrepreneurs to launch an e-commerce website and scale it on the internet.
Last week, Sequoia Capital India led $10.8 million in a Series A funding round in WhatsApp integrated merchant e-commerce platform Bikayi that provides digital storefronts to small and medium-sized businesses (SMBs).
In March, PayU, Info Edge Ventures, and technology giant Google led $27.5 million (around Rs 199.6 crore) in a Series A round in Gurugram-based DotPe.
Khatabook had launched its offline to online platform, MyStore in October, last year. While OkCredit had also launched an online storefront for kiranas through OkShop in November.