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India’s GoKwik raised a small $13M round for a hefty leap in valuation
- GoKwik, an Indian startup offering e-commerce products, raised a $13 million 'growth' round, increasing its valuation to $450 million pre-money.
- The funding round was led by RTP Global and included existing investors Z47, Peak XV Partners, and Think Investments, bringing the total fundraising to $68 million since 2020.
- GoKwik attracts investors by helping companies establish an online presence and enter the direct-to-consumer (D2C) space, a market expected to reach $60 billion in India by 2027.
- The startup serves over 12,000 paying merchants globally, offering SaaS products to set up online stores and facilitate online payments, returns, and various checkout options.
- Notable customers of GoKwik include Lenskart, Honasa Consumer, Lakmé, Pepe Jeans, and Xplosive Ape.
- While some GoKwik products overlap with competitors, its integrated suite encourages customers to purchase multiple solutions, driving revenue growth by 20% annually to over $30 million ARR.
- The startup has processed a cumulative gross merchandise value of $2 billion, with a focus on prepaid payments and integration with the Unified Payments Interface in India.
- With the latest funding, GoKwik plans to expand into new markets like Germany, France, and Latin America, enhance AI capabilities, and offer a global checkout solution for Indian merchants.
- GoKwik aims for profitability within 18 months, with plans to go public in the next 3–5 years. It currently has close to $35–$37 million in the bank with around 400 employees.
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