GoKwik Raises $13 Million in Growth Round, Valued at $450 Million
GoKwik, an Indian startup that provides a range of integrated e-commerce solutions, recently secured a $13 million funding round led by RTP Global. This “growth” round has increased the company’s valuation to $450 million pre-money, marking a 43% increase from its previous valuation of $315 million. The round also saw participation from existing investors Z47, Peak XV Partners, and Think Investments, bringing GoKwik’s total fundraising to $68 million since its inception in 2020.
The appeal of GoKwik to investors lies in its ability to help businesses of all sizes establish an online presence and tap into the direct-to-consumer (D2C) market. With the D2C sector expected to grow significantly, especially in India, GoKwik’s suite of products is well-positioned to cater to the evolving needs of brands looking to expand their digital footprint.
Key Offerings and Market Presence
Currently, GoKwik serves over 12,000 paying merchants across India, Europe, the U.K., and the U.S. These merchants leverage GoKwik’s SaaS products to set up online stores using platforms like Shopify, Magento, Salesforce, and WooCommerce. The company’s solutions enable seamless checkout, online payments, and features like returns and cash-on-delivery options. Additionally, GoKwik facilitates commerce through WhatsApp, a popular platform in markets like India, Europe, and Brazil.
Notable brands such as Lenskart, Honasa Consumer, Lakmé, Pepe Jeans, and Xplosive Ape are among GoKwik’s customers, highlighting the company’s diverse client base and industry reach.
Driving Revenue and Future Plans
GoKwik’s integrated approach to product offerings has resulted in a 20% year-over-year increase in annualized revenue, surpassing $30 million in annual recurring revenue (ARR) this year. The company has processed a cumulative gross merchandise value of $2 billion, with a balanced mix of prepaid and cash-on-delivery transactions. Notably, 80% of prepaid payments are facilitated through India’s Unified Payments Interface.
Looking ahead, GoKwik aims to expand its global footprint by entering new markets and enhancing its AI capabilities. Plans include offering AI-driven solutions like abandoned cart reminders and a global checkout solution for Indian merchants to reach international customers. The company also has ambitions to achieve profitability within the next 18 months and potentially go public in the next 3 to 5 years.
Conclusion
With a strong financial position and a dedicated team of around 400 employees, GoKwik is well-positioned to capitalize on the growing demand for e-commerce solutions in India and beyond. The company’s innovative product suite, focus on customer success, and ambitious growth plans make it a key player in the evolving digital landscape.
