Bikayi, mobile commerce startup, has announced that it has raised $10.8 million in a Series A funding round led by Sequoia Capital India. With this funding, the commerce startup will speed up product development, market penetration, and talent acquisition, the statement said.
Bikayi had previously raised $2 million in a seed round of funding spearheaded by Y Combinator in August 2020.
Bikayi boasts that in the last eight months, their merchant base has increased fivefold. As a result, its annual gross merchandise value has increased by a factor of ten (GMV). The three-year-old company claims to have a 4 million-strong user base.
Bikayi, founded by IIITians Sonakshi Nathani and Ashutosh Singla in 2019, helps small and medium-sized businesses (SMBs) scale out on digital platforms, allowing them to reach a larger audience. SMBs can use their platform to create a digital shop, as well as professional features and resources to help them develop.
The company also provides a dedicated Business Coach, Catalogue Listing, Shipping Facility, Payments, and Insights on Customer Behaviour as features on the digital portal which allow users to manage their e-commerce stores from a single platform.
Bikayi assists them in selling their items across India and standing out in the ever-changing world of online commerce.
Sonakshi Nathani, Co-founder and CEO, Bikayi, said, “Our vision is to empower every small business to win in the emerging online market by providing them with affordable tools, helping them achieve unimaginable goals.”
Bikayi is a massive social e-commerce platform that allows merchandisers to create their own web channels and engage with their members. The company is backed by five investors, according to Crunchbase. The most recent investors are Pioneer Fund and MANTIS Venture Capital.
“India is home to over 75 million SMBs, which account for over 30 percent of India’s GDP, employ over 130 million, and form the backbone of the economy. Rapid digitization of SMBs and the deepening of the e-commerce ecosystem are huge trends in India and Bikayi is building a next-gen product that sits at the confluence of both these trends, integrating the entire infrastructure of commerce onto one single platform,” according to Shraeyansh Thakur, Vice President, Sequoia Capital India.