Sequoia Capital India led a $10.8 million Series A fundraising round for Bikayi, a Hyderabad-based mobile-commerce enabler. The startup had previously raised $2 million in a seed round hosted by Y Combinator in August 2020.
Bikayi, founded in 2019 by IIITians Sonakshi Nathani and Ashutosh Singla, helps small and medium-sized businesses (SMBs) to grow out on digital platforms, allowing them to reach out to a bigger consumer base.
Sonakshi Nathani, Co-founder and CEO, Bikayi, said, “Our vision is to empower every small business to win in the emerging online market by providing them with affordable tools, helping them achieve unimaginable goals. We are on a mission to fulfil the aspirations of millions of small businesses that drive our economy. 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.”
Shraeyansh Thakur, Vice President, Sequoia Capital India, added, “India is on the cusp of an ecommerce 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 percent of India’s GDP, employ over 130 million, and form the backbone of the economy. Rapid digitisation of SMBs and the deepening of the ecommerce ecosystem are huge trends in India, and Bikayi is building a next-gen product that sits at the confluence of both these trends, integrating the entire infrastructure of commerce onto one single platform.”