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Power shoppers tripled in 2024 to 1.7 million: GoKwik

Economic Times

Economic Times · 6m ago

Power shoppers tripled in 2024 to 1.7 million: GoKwik

GoKwik reports a threefold increase in power shoppers in 2024, reaching 1.7 million. These shoppers, placing over five orders annually, contributed over 10% of the total D2C gross merchandise value. The rise highlights India's maturing D2C market, with increased shopper trust. Power shoppers spent an average of Rs 1,215, often on premium products, and favored niche and private label items across categories like beauty, fashion, and healthcare. Credit-based payments and varied options are influencing this growth.

Related News

GoKwik secures $13 M in round led by RTP Global

YourStory

YourStory · 22d ago

GoKwik secures $13 M in round led by RTP Global

GoKwik, an ecommerce enablement platform, has raised $13 million in a growth round led by RTP Global, with participation from existing investors. The funds will support international expansion and AI-driven platform development. Founded in 2020, GoKwik has secured $68 million in total funding and offers services like KwikCheckout and Return Prime. Its products, integrated across various platforms, already serve brands such as Mamaearth and Shoppers Stop, while expanding operations in the UK.

Former Flipkart executive Ranjith Boyanapalli's Flash raises $6.7 million in funding led by Blume Ventures, PeerCapital

Economic Times

Economic Times · 1y ago

Former Flipkart executive Ranjith Boyanapalli's Flash raises $6.7 million in funding led by Blume Ventures, PeerCapital

Former Flipkart executive Ranjith Boyanapalli’s startup Flash has raised $6.7 million in a funding round led by Blume Ventures and PeerCapital. The company aims to create unified digital identities for frequent shoppers and simplify their online shopping experience by providing a comprehensive mailbox to track and manage orders across various services. Flash intends to use the funding for strategic hires, infrastructure enhancements, and international expansion by 2024. The startup has already processed over 8 million emails and received over 1 million orders from power shoppers.

India's GoKwik raised a small $13M round for a hefty leap in valuation | TechCrunch

TechCrunch · 21d ago

India's GoKwik raised a small $13M round for a hefty leap in valuation | TechCrunch

GoKwik, an Indian e-commerce startup, raised $13 million, boosting its valuation to $450 million. Despite being smaller than its previous $35 million Series B round, this growth round increased its valuation significantly. GoKwik enables online store setups with checkout, payments, and WhatsApp commerce solutions for over 12,000 merchants, including Lenskart and Pepe Jeans. With the new funds, GoKwik plans to expand internationally, enhance AI integration, and aims for profitability and a public listing in the coming years.

Twid and GoKwik partner to boost growth for D2C brands

Economic Times

Economic Times · 1y ago

Twid and GoKwik partner to boost growth for D2C brands

Twid and GoKwik have joined forces to expand loyalty and reward program usage across GoKwik's network of direct-to-consumer (D2C) brands. This integration will provide over 90 brands with the opportunity to offer their customers a wider range of discounts and loyalty points, ultimately boosting customer retention and revenue growth. Through this partnership, 100 million shoppers will be able to access loyalty and reward points from Twid's network, resulting in extra savings on every purchase. This collaboration aims to enhance the shopping experience for customers and increase prepaid transactions and customer lifetime value for brands.

Ecommerce enabler POP to introduce shopping currency, POPcoins, for 500+ brands by March 2024 - StartupNews.fyi

Startup News FYI

Startup News FYI · 1y ago

Ecommerce enabler POP to introduce shopping currency, POPcoins, for 500+ brands by March 2024 - StartupNews.fyi

Ecommerce enabler POP plans to onboard 500 brands by March 2024, offering its rewards currency POPcoins to shoppers for discounts. With POPcoins, consumers can earn and shop across a network of brands, simplifying and unifying loyalty programs in India's retail sector. Former Flipkart senior director Bhargav Errangi leads the team at POP, aiming to create a large and engaged community of online shoppers. Since its beta launch in May 2023, POPcoins have engaged over 1.5 million customers, with expectations to reach 10 million by March 2024.

Power electronics startup Dynolt Technologies raises Rs 14.7 crore from Transition VC

Economic Times

Economic Times · 4m ago

Power electronics startup Dynolt Technologies raises Rs 14.7 crore from Transition VC

Dynolt Technologies, a power electronics startup, has secured $1.7 million in seed funding from Transition VC and angel investor Yashowardhan Shah. The funds will be used to expand into mobility and sectors like solar and hydrogen, developing high-power chargers and converters. Founded in 2022 by IIT alumni Rajesh Sura and Teja Kumar, the company aims to lead in power electronics for e-mobility and clean energy. They have over 14,000 deployed converters in India, partnering with various clients.

GoKwik clocks $20 million in FY24 sales, expects to double in current year

Economic Times

Economic Times · 1y ago

GoKwik clocks $20 million in FY24 sales, expects to double in current year

Indian ecommerce enabler, GoKwik, reported sales of $20 million in FY24 and expects to double its revenue in the current fiscal year. With over 4,000 ecommerce brands in its network, the company aims to onboard 15,000 brands by next year. GoKwik offers solutions to predict customer behavior and prevent return-to-origin (RTO) orders, which can be costly for ecommerce brands. The company believes that the direct-to-consumer (D2C) model will gain traction, AI will help solve ecommerce challenges, and influencer-led commerce will continue to grow. GoKwik aims to achieve profitability at the company level by FY26.

Transition VC leads $1.7 Mn round in Dynolt Technologies

Entrackr

Entrackr · 4m ago

Transition VC leads $1.7 Mn round in Dynolt Technologies

Transition VC leads $1.7 Mn round in Dynolt Technologies Deeptech startup Dynolt Technologies has raised $1.7 million in its seed round led by Transition VC. Marquee angel investor Yashowardhan Shah also participated in the round. The proceeds will be used to expand its footprint in mobility through higher power chargers with wide bandgap semiconductors for fast charging stations. It also plans to enter new sectors like solar and hydrogen with its solutions for high frequency inverters and DC-DC converters application. Founded in 2022 by Rajesh Sura and Teja Kumar, Dynolt develops power electronics solutions for clean energy sectors such as e-mobility, energy storage, renewables, and hydrogen. In the e-mobility space, Dynolt claims to have deployed more than 14,000 power converters across the country which have collectively surpassed more than 30 million charging cycles. It enables efficient control of the power converters using embedded software and makes Dynolt’s products scalable and reusable across various domains expediting product development cycles. The Bengaluru-based startup’s clients include EMO Energy, Sandhar, Bounce, International Battery Company, Numeros Motors, Yulu, Yuma Energy, and River, which have adopted the company’s solutions at scale. The firm’s current product line includes power converters for on-board/off-board chargers for two- and three-wheeler EVs and swapping stations.

Spyne, The Energy Company, Swish Club, Dynolt pocket early-stage money

VCCircle

VCCircle · 4m ago

Spyne, The Energy Company, Swish Club, Dynolt pocket early-stage money

Spyne, The Energy Company, Swish Club, and Dynolt, each engaged in different technology sectors, have secured early-stage funding to aid their growth and expansion. Spyne, focusing on AI-powered automotive visual merchandising, raised $16 million to enhance its platform and market reach. The Energy Company secured $2 million for battery intelligence and fast-charging tech. Device service provider Swish Club earned $4.5 million to expand its rental offerings. Dynolt obtained $1.7 million for advancing clean energy power electronics solutions.

Walmart profits rise on strong sales from wealthier shoppers

Economic Times

Economic Times · 1y ago

Walmart profits rise on strong sales from wealthier shoppers

Walmart reported a more than tripled profit of $5.1 billion for the quarter ending April 30, driven by increased purchases from wealthier shoppers and improved e-commerce sales. The retail giant's revenues rose six percent to $161.5 billion. Walmart attributed the surge in sales to affordable pricing, convenience, and a focus on products like fresh food. The company also saw growth in its e-commerce sales, which grew 21 percent globally. Despite this, Walmart's e-commerce business is still not profitable, but it is working towards reducing delivery costs.

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