GoKwik raises $15 million Series A from Sequoia, Matrix

Ecommerce enablement platform GoKwik has raised Rs 112 crore ($15 million) in its Series A funding round, led by Sequoia Capital India.Existing investors Matrix Partners India and international VC firm RTP Global also participated in the roundGoKwik plans to use the funds to expand its client base to social commerce startups, scale up the product and technology teams and launch new products. It also plans to double its 75-people team.“From a business point of view, our goal is to now help the fast-growing social commerce sector,” cofounder and CEO Chirag Taneja told ET. Social commerce is one of our focus areas,” he added.Founded last year by Taneja, Vivek Bajpai (chief technology officer) and Ankush Talwar (chief data scientist), the platform solves for e-commerce issues like increasing cash-on-delivery and check-out conversion rates and reducing return orders for clients.Its clients include Mamaearth, Good Glamm Group (MyGlamm), LimeRoad, EyeMyEye, boAt, ManMatters, OZiva, The Souled Store, Noise, and VMart.The company takes a fixed commission that ranges between 1.5% and 2% per order.The e-commerce market in India, specifically social commerce platforms and D2C brands, is witnessing “stunning growth”, said Ashish Agrawal, managing director at Sequoia Capital India, in a statement. The sector will do more than $50 billion of Gross Merchandise Value this year, he said.“The GoKwik team has identified a brilliant wedge into this market to solve merchants’ pain points of cart conversions at checkout and high returns on COD. We believe that GoKwik will be an important enabler to the ecosystem, solving multiple needs of merchants over time,” he added.