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GoKwik raises USD5.5m in pre-Series A round

GoKwik, an e-commerce enablement aiming to democratise the shopping experience and increase GMV realisation for e-commerce businesses, has raised a USD5.5 million Pre-Series A round led by Matrix Partners, which also saw the participation of global investor RTP Global. 

Marquee Angels including Jiten Gupta (Jupiter Money), Nitin Gupta (UniClub), Utsav Somani (AngelList), Amit Lakhotia (ParkPlus), Pradeep P (Uber SE Asia Head), Manish Vij (Smile Group), Asish Mohapatra (OfBusiness), Arjun Vaidya (Dr Vaidya), Ramakant Sharma (LivSpace), Siddharth Puri (Tyroo), Umang Kumar (CarDekho), Anupam Mittal (Shaadi.com) and other leading industry figures have also contributed to the fund, which will be used to expand internationally.

The funding round will enable GoKwik to expand internationally, with launches in the MENA and SEA markets planned. The Pre-Series A round will also allow the firm to hire more tech talent to accelerate its product development, with two of its most crucial teams set to double in size. The e-commerce industry is experiencing rapid expansion and with the pandemic acting as a catalyst for the digitalisation of commerce, the funding comes at a perfect time to ramp up efforts.

Chirag Taneja, Co-Founder & CEO at GoKwik, says: “Our aim is to increase the GMV of the internet, and while this is quite a lofty goal, our merchant-first philosophy, advanced AI capabilities, and tech-enabled solutions will help us to deliver exactly that. Our solutions help brands to cater to their customers better while upping conversion rates and decreasing RTOs. We thank our investors for their faith in our mission and look forward to growing an already extremely talented team as we expand globally and into new markets across MENA and SEA.”

Rajat Agarwal, Managing Director at Matrix Partners India, adds: “India is seeing a surge of direct to customer brands and the share of non-marketplace, digital transactions for traditional as well as new-age brands is increasing rapidly. Some of this is driven by Covid but the trend is secular. This will create opportunities for companies such as GoKwik, to offer unique to India solutions that help merchants to sell more effectively online. This market timing combined with Chirag, Vivek and Ankush’s deep and relevant experience to build such a company makes it a compelling investment for us. Globally, the e-commerce enablement and especially the one-click checkout space is seeing significant interest with multiple large companies emerging over the last 18 months. We believe that the same will be true in India as well and we’re thrilled to be partnering with GoKwik on this journey of democratising the e-commerce shopping experience!” 

Galina Chifina, Partner at RTP Global, adds: “We are huge believers in e-commerce enablers such as GoKwik as they will massively help with the next big shift in online shopping, providing customers with a much better experience. Chirag and the team are building an amazing product, using data to improve the lives of both shoppers and retailers. We are delighted to be on board and happy to be part of this journey.”

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