GokvikAn Indian startup that offers a suit of integrated e-commerce products has picked up a small round of $ 13 million, which he calls the “development” round, which has raised its evaluation to $ 450 million pre-money.
While the new funding round led by RTP Global is 63% smaller than the series B, the $ 35 million declared in May 2022, it has given 43% higher than its final pre-money valuation of $ 315 million to New Delhi-based startup. Fresh funding also included participation from the current investors of the startup, namely Z47, Peak XV Partners, and Think Investments, which reached $ 68 million for its total funds since its inception in 2020.
But has Gokwik made it so attractive to investors? Its offerings help companies, large and small, online shop setting up and entry into direct-to-consequence (D2C) location.
The D2C space is expected to see a significant growth over time as more brands online targets are ready for young consumers and the Internet reaches new homes. In India, the world’s second largest internet market after China and the most populous country, D2C market is expected to reach $ 60 billion by 2027, from $ 12 billion in 2022, per A. Report (PDF) by KPMG.
Currently, Gokvik has more than 12,000 payments paying, from 2,500-3,000 a year ago, India, Europe, spread in the UK, and US traders use their mother-in-law products, which allow them to install their online stores and to install their online stores and can make checkouts, allowing them to install their online stores and make their online stores operated by Woommerce and have to install checkouts. Are. It also helps brands to do commerce through WhatsApp, which is a popular platform for businesses and consumers in markets such as India, parts of Europe and markets such as Brazil.
Gokwik Indians are counted as customers such as Indian eyewear legend Lenskart, Personal Care Brand Honasa Consumer, Cosmetics Company Lakmé, London’s Peppe Jeans, and XPLOSIVE APE of License.
Some products offering Gokwik are also available through other players. For example, razorpay and cashfree payments provide checkout solutions; Cleivartap and Moangage offer CRM.
But Chirag Taneja, Co -Founder and CEO, told Techchchan that the suit of Gokvik’s products is integrated, so customers do at least two of them to buy. “If you use our login product, it helps you do it better. Therefore, our Kwikengage product emerges there, which is a WhatsApp piece of commerce. Similarly, if you use our checkout product, abandoned carts, for abandoned vehicles, you use our kwikengage pieces.
This has helped Gokwik to increase its annual revenue by 20% year-on-year, which has increased from $ 25 million last year to more than $ 30 million in the annual recurring revenue (ARR) this year. This has helped brands to process the cumulative gross goods value of $ 2 billion, including 55% transaction prepaid payments and 45% cash-on-delivery. Of all prepaid payments, 80% are through the integrated payment interface of the Government of India.
With fresh funding, Gokwik aims to enter new markets and deepen its presence in areas where WhatsApp has a large consumer base, such as Brazil in Germany, France and Latin American countries. Startups have also planned to increase the appearance of AI on their products. It already provides solutions like AIs such as abandoned vehicles. In addition, the startup plans to enable Indian traders to sell foreign customers with a global checkout solution that will integrate strip and other international payment processing services.
Gokwik currently has a 60–70-month runway, with a $ 35- $ 37 million in the bank, and is targeting profitability within the next 18 months. It also seems to be publicly known within the next 3-5 years. Meanwhile, the startup investor is attracting interest, although Taneja confirmed from Techcrunch that it was not currently raising much money.
The startup has a headcon of about 400 people, mainly located in its offices in Gurugram and Bangalore, with a handful of employees also located in the UK.
