Online store builder earns $ 10.8 million after quintupling user count in past eight months
Bikayienables SMEs to expand their digital operations and reach a wider audience.
- Bikayi says its merchant base has quintupled in the past eight months and has 4 million users.
- The company had raised $ 2 million in seed funding led by Y Combinator in August 2020.
Hyderabad-based Bikayi, which helps small businesses build a digital store, has raised $ 10.8 million in a Series A round led by Sequoia Capital India. It plans to use the latest Series A financing to accelerate product development, market penetration and talent acquisition.
The company had raised $ 2 million in seed funding led by Y Combinator in August 2020.
Founded in 2019 by Sonakshi Nathani and Ashutosh Singla, Bikayi enables small and medium enterprises (SMEs) to expand their digital operations and reach a wider audience. The company offers professional features and tools to help these small businesses grow. These features include a dedicated business coach, catalog listing, shipping facility, payments, and customer behavior information.
Bikayi says its merchant base has quintupled in the past eight months. This also resulted in a multiple increase in its annual gross value of goods (GMV). The three-year-old startup claims to have a user base of 4 million.
“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. Our mission is to meet the aspirations of the millions of small businesses that drive our economy, ”said Nathani, co-founder and CEO of Bikayi.
She added that some traders have made more than $ 1 million using the Bikayi online store within a year.
Meanwhile, Sequoia Capital India Vice President Shraeyansh Thakur pointed out that there are over 75 million SMEs in India, which represents 30% of the country’s gross domestic product (GDP). The rapid digitization of SMEs and the deepening of the e-commerce ecosystem are huge trends, which Bikayi is responding to, Thakur added.
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