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

E-commerce enablement business GoKwik was able to raise $35 million through an investment round in Series B, which Think Investments and RTP Global led. The round also included participation from investors who are already in the company Sequoia Capital India and Matrix Partners India.

The new round of funding follows GoKwik’s 15 million Series A round in November of last year. It brings the total raised over the past twelve months to over $55 million.

GoKwik will use the proceeds to expand its e-commerce platform, increase its number of brands, further improve its customers’ conversion rates, and provide custom solutions, the company said in a press release. The company also plans to employ more than 200 employees across India by 2022’s end.

The Chirag Taneja-led business functions as an e-commerce platform that manages the entire journey starting from placing an order until the time the orders are delivered through increasing conversion rates and reducing RTO. The company earns a fixed commission which is between 1.5 to 2.2% per order.

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According to GoKwik, the company has assisted more than 250 brands, including Snapdeal, Lenskart, Be Bodywise, boAt, Mamaearth, The Man Company, The Souled Store, and Bombay Shaving Company by reducing the loss of cart abandonment, increasing sales and improving the profitability of their businesses.

It added that the company added that it had delivered over 80 million clients across its brand network and has achieved over 3500% of revenue, and expanded its workforce by 80% per quarter.

The impact of the growth reported from GoKwik will be revealed when the company releases its financial results for FY22. It was in the pre-revenue phase in the prior fiscal year or FY21. Gokwik had revenue of the sum of Rs 35.6 lakh operating revenue during its initial operational financial year (FY21), and its losses were at 76 lakh.

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