India-based GoKwik, an ecommerce enablement firm, has secured $35 million in a series B round headed by RTP Global and Think Investments. Sequoia Capital India and Matrix Partners India, both existing investors, also participated in the round.
GoKwik has raised $55 million in total in the last year. It had previously raised a pre-series A round in November 2021 and a series A round two months before.
The business intends to utilize the fresh funding to continue developing digital solutions for major marketplaces and omnichannel players, as well as expand its direct-to-consumer reach. It also plans to add more than 200 people in India by the end of 2022, with an emphasis on expanding its engineering and data science teams.
Chirag Taneja, Ankush Talwar, and Vivek Bajpai founded GoKwik in 2020 to solve e-commerce difficulties by leveraging AI and machine learning to increase cash-on-delivery conversion rates and minimize order returns for its partners. According to the corporation, this technique enhances gross merchandise value (GMV) and lowers marketing client acquisition costs.
GoKwik has been concentrating on strengthening its staff with seasoned recruits such as Joyeeta Ghosal, the former head of Home Credit, as brand marketing director, and Pranav Merchant, the former Amazon senior operations manager, as head of operations.
“We have been able to improve conversion rates up to 50%, reduce RTOs (return to origin) by up to 40% across the spectrum of merchants, across categories. As we expand our network of merchants, we will continue to democratize the shopping experience, we will keep bringing in upgraded solutions to help them realize incremental GMV,” said Taneja.
According to Research and Markets, the worldwide e-commerce industry will reach $13 trillion in 2021, with a compound annual growth rate of 27.4%.
