GoKwik Bags $13 Mn To Boost Its AI-led Commerce Stack

Ecommerce enabler GoKwik has raised $13 Mn (around INR 111 Cr) in a growth round led by existing investor RTP Global, with participation from Z47, Peak XV Partners, and Think Investments.

The startup plans to deploy the fresh proceeds to fuel its global expansion and boost research and development across its artificial intelligence-led commerce stack. 

Founded in 2020 by Chirag Taneja, Vivek Bajpai and Ankush Talwar, GoKwik offers tech-backed checkout tools that enable ecommerce brands to boost conversion rates and drive revenue growth.

The New Delhi-based startup is planning to double down on its target to build an integrated suite of solutions for ecommerce brands, as per its statement. 

GoKwik last secured $35 Mn in Series B from Think Investments and RTP Global in 2022 and has raised a total of $ 68 Mn in funding till date. 

“As the next era of ecommerce is defined by intelligent, interoperable products. Our mission is to build a unified growth operating system for brands worldwide,” said Taneja. 

The startup claims to have enabled brands to process GMV in excess of $2 Bn, and has continued to record 100% YoY growth. GoKwik’s WhatsApp commerce solution is also available in international markets and claims that nearly 100 merchants use it in the UK market. 

The ecommerce enabler was on acquisition spree in the last couple of years to enter new markets and boost operations. 

Last year, GoKwik acquired Return Prime, a global returns management app of Shopify to foray into the overseas markets, including US, UK and Europe among others. Back then, it was aiming to onboard more than 10,000 merchants post acquisition.  

Prior to that, the startup bought chat commerce startup Tellephant for an undisclosed amount. In 2022, it also launched WhatsApp-based ecommerce solution called KwikChat, powered by Tellephant’s tech stack. 

GoKwik has reported an increase in its revenue to INR 94.7 Cr in FY24. Its net loss in the fiscal year under review stood at INR 72 Cr, as per Tofler. 

In the ecommerce enabler space, GoKwik competes with GlobalBees, Delhivery, Shiprocket, and Shadowfax. 

India’s Ecommerce Enabler Play 

The Indian e-commerce market is witnessing substantial growth, with projections to reach $325 Bn by 2030, according to IBEF. The D2C market in India is also going through a growth trajectory that projects to hit $61.3 Bn by 2027. 

An important part of the ecommerce ecosystem is ecommerce enablers that provide end-to-end solutions to businesses selling online by handling different aspects from website development to logistics and customer support. 

Recently, Logistics major Delhivery entered the on-demand transportation and delivery services for both businesses and individuals with a new app, Delhivery Direct. 

With the emergence of quick commerce, the logistics majors are adapting its layers one after the other to stay competitive. 

As for Delhivery’s case, the new service will help it in picking within 15-minutes of booking for local deliveries. 

Besides, its industry peer Shadowfax is preparing to list on bourse and looks to launch its initial public offering (IPO) this year. Ahead of its public listing, its board approved the deletion of the word ‘private’ from its erstwhile name ‘ShadowFax Private Technologies Limited’.