BENGALURU: B2B commerce platform Bikayi has raised $ 2 million in seed funding from a clutch of international investors including Mantis, a venture capital fund launched by Grammy Award-winning band Chainsmokers.
This is the first India bet of the $ 50-million venture capital firm that debuted earlier this year. The round also witnessed participation from Y Combinator, Pioneer Fund, and Teachable founder Ankur Nagpal among others.
“With these funds, we will hire more talent to accelerate product development, ramp up the platform, and onboard a million new merchants,” said Sonakshi Nathani, cofounder, Bikayi. Bikayi helps small businesses create online stores with a payment gateway and order tracking via WhatsApp. It offers this service through various packages starting at 167 per month and going up to Rs 667 per month. It also has a free tier with basic features.
The company says the product is being used by grocery stores, wholesalers, manufacturers, and retailers from more than 3,000 towns across India. More than half of these merchants are coming from tier-3 and tier-4 cities and they are clocking transactions of more than Rs 2 crore on a daily basis, it said in a statement.
“Bikayi’s founders combine a deep understanding of their small business customers with top-tier product execution. We loved that their product makes everyone’s lives easier, while fitting naturally into the way business is done. The resulting growth has been phenomenal,” says Tim Suzman, General Partner at Pioneer Fund.
It’s worth noting that Reliance’s ecommerce venture Jiomart has a tie-up with WhatsApp to enable kiranas across India transact digitally with neighbourhood customers. The ongoing pandemic has also accelerated the willingness of small businesses to use technology to scale up their operations, ET reported in June this year.