Sequoia-backed GoKwik raises $35 Mn in Series B round

E-commerce enablement company GoKwik has raised $35 million in a Series B round led by Think Investments and RTP Global. The round also saw participation from existing investors Sequoia Capital India and Matrix Partners India.

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

GoKwik will utilise the new proceeds to broaden its e-commerce enablement stack and grow its network of brands, further optimise their conversion results, and also provide customised solutions, said the company in a release. It also plans to hire over 200 people across India by the end of 2022.

The Chirag Taneja-led company acts as an e-commerce enablement platform which covers the entire user journey from the point of placing orders till the orders get delivered by improving conversion rates and reducing RTO. The company earns through a fixed commission that ranges between 1.5% and 2% per order.

According to GoKwik, it has helped more than 250 brands including Snapdeal, Lenskart, Be Bodywise, boAt, Mamaearth, The Man Company, The Souled Store, and Bombay Shaving Company by reducing their cart abandonment losses, driving incremental sales, and enhancing profitability.

The company further said that it has served more than 80 million customers on its network of brands, achieving over 3500% in revenue, and growing its team by 80% Q-o-Q.

While the impact of this growth claimed by GoKwik will be known when the company files its financial results for FY22, it was in the pre-revenue stage in the previous fiscal or FY21. Gokwik generated Rs 35.6 lakh operating revenue in its first operational financial year (FY21) while its losses stood at Rs 76 lakh.