GoKwik this week announced $13 million in a series B growth funding round. This funding has increased its pre-money valuation to a whopping $450 million. The money will accelerate the company’s growth and hiring. In addition, they’ll help create e-commerce products that will deliver an even greater online shopping experience to Indian merchants and their global customers.
With teams located out of Gurugram, Bengaluru, and remotely, GoKwik currently has around 400 employees with a few dozen employees working from the UK. The company is proactively focusing on capturing a large share of the rapidly growing direct-to-consumer (D2C) market in India. This market alone is projected to grow to a staggering $60 billion by 2027. By 2022, the Indian D2C market had ballooned to $12 billion. This is a huge missed opportunity considering the enormous growth potential in this sector.
GoKwik provides cutting-edge technology solutions to simplify cross-border e-commerce transactions. One such product is KwikEngage, a WhatsApp commerce tool that uses customer empathy to create stronger connections with customers, leading to increased engagement and retargeting. The company’s checkout product reduces abandoned carts. This simple solution can double or triple conversion rates for ecommerce companies.
We asked Chirag Taneja, co-founder of GoKwik to share how the two companies’ products synergize to help businesses grow.
“If you use our login product, it helps you do retargeting better. Hence, our KwikEngage product emerges there, which is a WhatsApp commerce piece. Similarly, if you use our checkout product for abandoned carts, you end up using our KwikEngage piece.” – Chirag Taneja
Fintech GoKwik plans to release a global checkout solution. This exciting development is set to complement platforms like Stripe and other global payment processing services that are already active in many countries. This program creates an opportunity for Indian sellers to reach out and sell their products more efficiently to global buyers. Most importantly, though, it helps them diversify their market reach.
That said, the speed at which digital payments have taken off in India is remarkable too. Almost 80% of all prepaid payments are made via India’s UPI (Unified Payments Interface). This intricate but stable system unconsciously supports e-commerce transactions everywhere in the country. And GoKwik has already helped brands process a staggering $2 billion in gross merchandise value. This remarkable feat underlines its deep-rooted impact on the Indian retail landscape.
As GoKwik continues to innovate and expand its services, it has set its sights on going public within the next three to five years. This relocation represents the company’s growing confidence in its overall growth trajectory and the rapidly increasing demand for next-gen e-commerce solutions.
