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Mobile commerce startup Bikayi raises $ 10.8 million in funding led by Sequoia

Bikayi, one of the fastest growing mobile commerce enablers, has raised $ 10.8 million in a Series A funding round led by Sequoia Capital India. Earlier in August 2020, the company raised $ 2 million as part of its Y Combinator-led seed funding round.

Founded in 2019 by IIITians Sonakshi Nathani and Ashutosh Singla, Bikayi helps small and medium enterprises (SMEs) grow on digital platforms, enabling them to reach a wider audience. The platform provides businesses with a digital storefront, professional features and tools to help them grow. Some of the features include a dedicated business coach, catalog listing, shipping facility, payments, and customer behavior insights to run their e-commerce stores through a single platform.

“Our vision is to enable every small business to win in the emerging online market by providing them with affordable tools, helping them achieve unimaginable goals,” said Sonakshi Nathani, co-founder and CEO of Bikayi. “Our mission is to meet the aspirations of the millions of small businesses that drive our economy. There are traders who have made over a million dollars through Bikayi online stores in the span of a year. Stories like this keep us obsessed with doing better for our customers every day.

With a merchant base multiplied by 5 in the past eight months, Bikayi’s annual gross merchandise value (GMV) has increased by 1,800 percent at the same time. The company currently has over 4 million registered users on the platform. Bikayi helps them sell their products across India and stand out in the ever-changing e-commerce industry. In an effort to expand its product offerings, the company plans to use this capital to accelerate product development, talent acquisition and recruitment.

Shraeyansh Thakur, vice president of Sequoia Capital India, said India is on the cusp of an e-commerce revolution and that small and medium-sized businesses will play a central role in shaping this landscape over the course of the next decade. India is home to over 75 million SMEs, which account for over 30 percent of India’s GDP, employ over 130 million and are the backbone of the economy.

“The rapid digitization of SMEs and the deepening of the e-commerce ecosystem are huge trends in India,” Thakur said. “Bikayi is building a next-generation product that sits at the confluence of these two trends, integrating the entire commerce infrastructure on a single platform.”

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