social commerce startup Bikayi raises $10.8 mn funding round led by Sequoia

social commerce startup Bikayi raises $10.8 mn funding round led by Sequoia

Bikayi, founded in 2019 by IIITians Sonakshi Nathani and Ashutosh Singla, enables small and medium-sized businesses to scale up on digital platforms, helping them reach a wider audience.

Bikayi, a mobile-commerce enabler, has raised $10.8 million in Series-A funding round, led by Sequoia Capital India. In August last year, the startup had raised $2 million as a part of its seed round led by Y Combinator.

Aiming at scaling product offerings, Bikayi plans to use the funds to accelerate product development, acquisition, and talent hiring.

“With its merchant base growing at 5x over the last eight months, Bikayi’s annual Gross Merchandise Value (GMV) has grown 1800% alongside. The company currently has more than 4 million+ registered users on the platform,” it said, adding that it is helping small businesses sell products across India and stand tall in the constantly evolving online commerce industry.

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.”

With its merchant base growing at 5x over the last eight months, Bikayi’s annual Gross Merchandise Value (GMV) has grown 1,800 percent alongside. The company currently has more than 4 million registered users on the platform.

Bikayi is helping them sell their products across India and stand tall in the constantly evolving online commerce industry. With the aim to scale up product offerings, the company plans to use this capital to accelerate product development, acquisition, and talent hiring.

Shraeyansh Thakur, vice president, Sequoia Capital India, said India is on the cusp of an e-commerce revolution and small and medium businesses will play a pivotal role in shaping this landscape over the next decade.

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,” said Thakur. “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.

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