The company had secured $2 million in August 2020 as a part of its seed round led by San Francisco-based startup accelerator Y Combinator.
Bikayi said it will use the fresh capital to accelerate product development, acquisitions, and hire talent.
Founded in 2019 by Sonakshi Nathani and Ashutosh Singla, Bikayi provides small and medium-sized businesses (SMBs) with a digital storefront, professional features, and other scaling tools. Its offerings include business coach, catalog listing, shipping facility, payments, and also insights on customer behaviour to manage their e-commerce stores.
With its merchant base growing fivefold over the last eight months, Bikayi’s annual sales (GMV) have jumped 1800% alongside, it said. The platform has over 4 million registered users.
Commenting on the fundraise, Nathani, its cofounder and CEO, said, “There are merchants who have made more than a million dollars via Bikayi e-stores in the span of a year. Such stories keep us obsessed to do better for our customers every single day.”
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Shraeyansh Thakur, vice president at Sequoia Capital India, said, “India is on the cusp of an e-commerce revolution and we believe 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% of India’s GDP, employ over 130 million, and form the backbone of the economy.”
The kirana-tech market, which helps businesses digitise, has expanded significantly owing to the pandemic. The company competes with giants like Amazon and Flipkart, as well as startups such as Dukaan and Okcredit’s OKShop.
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