Latest news with #ChiragTaneja
Yahoo
2 hours ago
- Business
- Yahoo
India's GoKwik raised a small $13M round for a hefty leap in valuation
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 'growth' round, that has boosted its valuation to $450 million pre-money. 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. The fresh funding also included participation from the startup's existing investors, namely Z47, Peak XV Partners, and Think Investments, 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. The 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. In India, the world's second-largest internet market after China and the most populous country, the D2C market is expected to reach $60 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 2,500–3,000 a year ago, spread over India, Europe, the UK, and 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, and Brazil. GoKwik counts brands like Indian eyewear giant Lenskart, personal care brand Honasa Consumer, cosmetics company Lakmé, London's Pepe Jeans, and Licester's Xplosive Ape as customers. Some of the products that GoKwik offers are also available through other players. For instance, Razorpay and Cashfree Payments offer checkout solutions; Clevertap and MoEngage offer CRM. But Chirag Taneja, co‑founder and CEO, told TechCrunch that GoKwik's suite of products is integrated so customers tend to buy at least two of them on average. 'If you use our login product, it helps you do retargeting better. Hence, our KwikEngage product emerges there, which is a WhatsApp commerce piece. Similarly, if you use our checkout product, the abandoned cart, for abandoned carts, you end up using our KwikEngage piece,' he said. This has helped GoKwik increase its annualized revenue by 20% year-over-year, reaching over $30 million in annual recurring revenue (ARR) this year, up from $25 million last year. It has helped brands process a cumulative gross merchandise value of $2 billion, with 55% of transactions involving prepaid payments and 45% cash-on-delivery. Of all the prepaid payments, 80% are via the Indian government's Unified Payments Interface. With 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. The startup also plans to bolster AI's presence on its products. 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 60-70 months, with close to $35–$37 million in the bank, and is targeting profitability within the next 18 months. It also looks to go public within the next 3–5 years. Meanwhile, the startup is attracting investor interest, although Taneja confirmed to TechCrunch 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 UK. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Entrepreneur
11 hours ago
- Business
- Entrepreneur
E-Commerce Enabler GoKwik Secures USD 13 Mn Funding Led by RTP Global
The latest infusion takes the total equity raised by the startup to USD 68 million since its inception in 2020. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. E-Commerce enabler GoKwik has raised USD 13 million in a growth funding round led by RTP Global, with participation from existing backers Z47, Peak XV Partners, and Think Investments. The latest infusion takes the total equity raised by the startup to USD 68 million since its inception in 2020. The fresh capital will be deployed to accelerate GoKwik's international expansion and fast-track research and development across its AI-first commerce stack. As global eCommerce pivots toward hyper-personalised, data-driven experiences, GoKwik aims to build a unified growth operating system that supports seamless, intelligent commerce across geographies. "As the next era of eCommerce is defined by intelligent, interoperable products, our mission is to build a unified growth operating system for brands worldwide," said Chirag Taneja, Co-founder and CEO of GoKwik. "AI is not an add-on for us—it is the operating system that powers every experience we create." Founded in 2020 by Chirag Taneja, Vivek Bajpai, and Ankush Talwar, GoKwik offers AI-powered solutions for Direct-to-Consumer (D2C) and eCommerce brands, helping improve checkout conversions, reduce return-to-origin (RTO) rates, and boost COD success. Its core product suite includes KwikCheckout, KwikEngage, KwikPass, and Return Prime, which address friction across the customer journey—from cart abandonment to returns management. "It's been a privilege to witness GoKwik's journey," said Galina Chifina, Partner and CEO at RTP Global. "Their data-led approach and ability to anticipate market shifts have made them a vital partner for the D2C ecosystem." GoKwik's platform is already trusted by top Indian and global brands like Mamaearth, Man Matters, Libas, Plix, and Shoppers Stop, processing millions of transactions daily and enabling merchants to handle over USD 2 billion in gross merchandise value (GMV). The company continues to post 100% year-on-year growth. With international traction growing, particularly in the UK through its WhatsApp commerce tool KwikEngage, GoKwik is poised to redefine the infrastructure for eCommerce success. "We're proud to deepen our partnership with the GoKwik team as they push the boundaries of AI-powered commerce," added Rajat Agarwal, Managing Director at Z47.
Economic Times
15 hours ago
- Business
- Economic Times
Ecommerce enabler GoKwik raises $13 million from RTP Global, others
Agencies (L-R),Ankush Talwar, Chirag Taneja and Vivek Bajpai, cofounders, GoKwik GoKwik, an Ecommerce enabler, said it has closed a $13 million growth round led by existing investor RTP Global. Z47, Peak XV Partners, and Think Investments also participated in the round, which took the total funding raised by GoKwik so far to $68 company said it will use the fresh capital to accelerate its international expansion and fast‑track R&D across its AI‑first commerce stack. 'As the next era of Ecommerce is defined by intelligent, interoperable products, our mission is to build a unified growth operating system for brands worldwide,' said Chirag Taneja, cofounder and CEO of GoKwik. GoKwik houses over 10,000 brands in its network, and caters to over 130 million shoppers. The brands, which include Mamaearth, Lenskart, Neemans, and Shoppers Stop, encompass a range of categories, such as fashion, beauty, health and nutrition, electronics, and other key online shopping categories. 'Their data-led approach and ability to anticipate market shifts have made them a vital partner for the D2C ecosystem. We're excited to continue supporting GoKwik as they scale globally and redefine personalised, data-driven commerce," said Galina Chifina, partner and CEO at RTP Global. The company has four products — KwikCheckout, KwikEngage, KwikPass, and Return Prime — and has enabled brands to process gross merchandise value in excess of $2 billion. Its product suite helps D2C and ecommerce brands solve pre-purchase friction, cart abandonment, repeat purchases, and returns management. Also, KwikEngage, the WhatsApp commerce solution, is used by over 100 merchants in the UK to drive conversational commerce and build deeper customer connections. 'By connecting every shopper touchpoint—from discovery to returns—we create compounding value and sustainable growth for merchants of all sizes,' Taneja added.
Time of India
16 hours ago
- Business
- Time of India
Ecommerce enabler GoKwik raises $13 million from RTP Global, others
GoKwik, an Ecommerce enabler, said it has closed a $13 million growth round led by existing investor RTP Global . Z47, Peak XV Partners, and Think Investments also participated in the round, which took the total funding raised by GoKwik so far to $68 million. The company said it will use the fresh capital to accelerate its international expansion and fast‑track R&D across its AI‑first commerce stack. 'As the next era of Ecommerce is defined by intelligent, interoperable products, our mission is to build a unified growth operating system for brands worldwide,' said Chirag Taneja, cofounder and CEO of GoKwik. GoKwik houses over 10,000 brands in its network, and caters to over 130 million shoppers. The brands, which include Mamaearth , Lenskart, Neemans, and Shoppers Stop , encompass a range of categories, such as fashion, beauty, health and nutrition, electronics, and other key online shopping categories. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Air conditioners without external unit. (click to see prices) Air Condition | Search Ads Search Now 'Their data-led approach and ability to anticipate market shifts have made them a vital partner for the D2C ecosystem . We're excited to continue supporting GoKwik as they scale globally and redefine personalised, data-driven commerce," said Galina Chifina, partner and CEO at RTP Global. The company has four products — KwikCheckout, KwikEngage, KwikPass , and Return Prime — and has enabled brands to process gross merchandise value in excess of $2 billion. Its product suite helps D2C and ecommerce brands solve pre-purchase friction, cart abandonment, repeat purchases, and returns management. Live Events Also, KwikEngage, the WhatsApp commerce solution, is used by over 100 merchants in the UK to drive conversational commerce and build deeper customer connections. 'By connecting every shopper touchpoint—from discovery to returns—we create compounding value and sustainable growth for merchants of all sizes,' Taneja added. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories
