Since the beginning of 2022, GoKwik has delivered a gross merchandise value (GMV) growth in excess of USD 1 billion for merchants, said the company in a statement. It has worked with over 250 brands, including D2C ones such as Mamaearth, boAt, and Noise.
With the newly raised funds, the company plans to expand its team of 150 members and enhance technology and data science. It aims to enable more payment options, increase prepaid success rate, and provide financing alternatives. The company also plans to foray into South East Asia.
Company officials stated that they have been able to improve conversion rates up to 50%. As they expand the network of merchants, they will continue to democratise the shopping experience and keep bringing in upgraded solutions to help them realise incremental GMV.
The market value of the ecommerce industry in India was approximately USD 22 billion in 2018 which is estimated to reach USD 200 billion by 2027, according to Statista.
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