Founded by Chirag Taneja, Vivek Bajpai and Ankush Talvar, the company GoKwik uses artificial intelligence and machine learning to solve problems that are relevant in the field of Internet sales. AI solutions for cash transactions and instant payment systems in real time help to increase the conversion rate of cash services, providing higher gross cost of goods, increased profitability, lower costs of attracting customers and faster delivery.
History
2021
Attracting $15 million of investments
In mid-November 2021, the Indian company GoKwik announced the attraction of $15 million in investments. The round of financing of series A was headed by Sequoia Capital India, Matrix Partners India and also Leonid's fund BoguslavskogoRTP Global.
The company plans to use the funds raised to work with large trading platforms, expand the staff of specialists, as well as launch new products. The company plans to double the number of the team, which by November 2021 consists of 75 people.
 | E-commerce players will play a key role in stimulating India's growing e-retail market, which is projected to reach $120 billion over the next 4-5 years. Conversion rates and recovery time (RTO) are the main pain points for any e-commerce business, and a player like GoKwik, who offers network benefits, is best prepared to solve these problems, "said GoKwik co-founder and CEO Chirag Tanezha. |  |
He added that the company is ready to redesign the traditional scenario, offering personalized solutions to improve overall conversion rates, achieve higher total turnover of goods (GMV) with an increased return on investment (ROI) and provide protection against risks, such as situations that take into account the indicator of the allowable time to restore the full functioning of the IT system after a disaster event for e-commerce.
| | We are witnessing a staggering growth in e-commerce in India, especially social commerce platforms and brands that work according to the D2C model, with many of which Sequoia Capital India collaborates, Tanezha added[1] | |
Raising $5.5 million
In early September 2021, GoKwik raised $5.5 million. The investment round headed Matrix Partners India fund with the assistance of Leonid's fund BoguslavskogoRTP Global and several angel investors.
GoKwik plans to use the funds raised to expand the geography of service delivery, in particular to the regions of the Middle East, North Africa and Southeast Asia, as well as to hire employees in the team for the development of technologies, data and products.
By September, 2021 GoKwik serves more than 75 brands, including boAt, Mamaearth, The Man Company, Heads Up For Tails, The Moms, OZiva, TCNS Clothing, LimeRoad, ManMatters, Neemans, The Whole Truth, The Souled Store and EyeMyEye.
India There is an increase in the number of brands according to the D2C model, as the share of non-market, digital transactions for traditional as well as new brands is growing rapidly. This is partly caused by the coronavirus pandemic, COVID-19 but the trend is centuries-old.
| | Around the world, the possibilities of e-commerce and especially "one click" are of great interest to many large companies that have appeared over the past 18 months, "said Rajat Agarwal, Managing Director of Matrix India. - We believe that the same will happen in India.[2] | |
Notes
- ↑ [1]GoKwik raises $15 million Series A from Sequoia, Matrix
- ↑ GoKwik gets $5.5 million funding from Matrix India, others for overseas expansion
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