INSUBCONTINENT EXCLUSIVE:
GoKwik, an Indian startup that offers a suite of integrated e-commerce products, has raised a small round of $13 million, which it calls a
While the new funding round, led by RTP Global, is 63% smaller than its Series B of $35 million, announced in May 2022, it has valued the
New Delhi-based startup 43% more than its last pre-money valuation of $315 million
bringing its total fundraising to $68 million since its inception in 2020.But what has made GoKwik so attractive to investors? Its offerings
help companies, big and small, set up shop online and enter the direct-to-consumer (D2C) space.Image Credits:Jagmeet Singh / A Technology
NewsRoomThe D2C space is expected to see a significant increase over time as more brands poised to come online target young consumers and
the internet reaches new homes
billion in value by 2027, up from $12 billion in 2022, per a report (PDF) by KPMG.Currently, GoKwik has more than 12,000 paying merchants,
up from 2,500 to 3,000 a year ago, spread over India, Europe, the U.K., and the U.S
These merchants use its SaaS products that allow them to set up their online stores powered by Shopify, Magento, Salesforce, and WooCommerce
and enable checkout, online payments, and facilities to offer returns and cash-on-delivery options
It also helps brands to do commerce via WhatsApp, a popular platform for businesses and consumers in markets like India, parts of Europe,
For instance, Razorpay and Cashfree Payments offer checkout solutions; CleverTap and MoEngage offer CRM.But Chirag?Taneja, co?founder and
Hence, our KwikEngage product emerges there, which is a WhatsApp commerce piece
This has helped GoKwik increase its annual recurring revenue (ARR) by 20% in just three months, reaching over $30 million as of March, up
from $25 million in December 2024
It has helped brands process a cumulative gross merchandise value of $2 billion, with 55% of transactions involving prepaid payments and 45%
Credits:GoKwikWith the fresh funding, GoKwik aims to expand its presence and customer base by entering new markets and deepening its
presence in areas where WhatsApp has a large consumer base, such as Germany, France, and Latin American countries, including Brazil
It already offers solutions such as AI calling for abandoned carts
Furthermore, the startup plans to enable Indian merchants to sell their products to foreign customers with a global checkout solution that
would integrate Stripe and other international payment processing services.GoKwik currently has a runway of 60 to 70 months, with close to
$35 million to $37 million in the bank, and is targeting profitability within the next 18 months
It also looks to go public within the next 3 to 5 years
Meanwhile, the startup is attracting investor interest, although Taneja confirmed to A Technology NewsRoom that it is not currently raising
more funds.The startup has a headcount of around 400 people, primarily based in its offices in Gurugram and Bengaluru, with a handful of
employees also based in the U.K.
