Sequoia-backed GoKwik raises $35 Mn in Series B round

India-based GoKwik is a service that helps online merchants improve their conversion rates and lower return rates; announces the amount to $35 million in Series B, led by Think Investments and RTP Global (Harsh Upadhyay/Entrackr)

GoKwik a company that facilitates online shopping, has raised $35 million through the Series B round, co-founded with Think Investments and RTP Global. Investors already in the company Sequoia Capital India and Matrix Partners India also participated in the round.

In a press release from the company, GoKwik will use the new money to build its e-commerce platform and expand its range of brands, boost its conversion rates further and provide customized solutions. At the end of 2022, the company plans to employ 200 employees across India.

GoKwik claims to have reduced the loss of cart abandonment, creating more sales and enhancing profits, it has assisted over 250 companies such as Snapdeal, Lenskart, Be Bodywise, boAt, Mamaearth, The Man Company, The Souled Store, Bombay Shaving Company.

The impact of the growth that it says it has seen will be apparent as the company reports its FY22 financial results however, at the time, it was in the pre-revenue period. In its initial calendar year (FY21), Gokwik lost the sum of Rs 76 lakh, despite earning an operating revenue of 35,6 lakh.

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