E-commerce enabler Bikayi raises INR 15 cr. from global investors
New Delhi, Aug. 31 (IANS): Y Combinator-backed e-commerce enabler Bikayi on Monday said it has raised a seed round of $2 million (around INR 15 crore) from a clutch of international investors including Mantis ventures, a venture capital fund promoted by the musical band The Chainsmokers.
Other investors include Y Combinator, Pioneer Fund, Angel Investor Ankur Nagpal and others, said Bikayi which helps small businesses to quickly create their online stores and give them the right tools to manage e-commerce on WhatsApp.
“We are elated that prominent investors showed interest in Bikayi. In this process they are a part of upscaling Bikayi,” Sonakshi Nathani, Cofounder, Bikayi, said in a statement.
“With these funds we will hire more talent to accelerate product development, ramp up the platform and onboard a million new merchants,” Nathani said.
Merchants in Bikayi are already doing daily transactions of over INR 2 crore, said Bikayi, adding that it is being used by grocery stores, wholesalers, manufacturers and retailers from over 3,000 towns across India.
Bikayi said that more than 53 per cent of their merchant’s are coming in from tier-3 and tier-4 cities. “They (Bikayi) make commerce both local and personal, which is integral for success in India, and their growth numbers speak for themselves,” said Nagpal.