YC backed Bikayi has raised a seed round of $2 million from a clutch of international investors including Mantis ventures , a VC fund promoted by the popular band Chainsmokers.
Mantis is a $50 million VC fund to invest in startups and this is their first investment in an Indian entity. Other investors include YC, Pioneer Fund, Angel Investor Ankur Nagpal & others.
Ankur Nagpal, Angel Investor who also participated in the latest round says”Bikayi is the company I am most excited about in the entire YC batch — they have a tremendous opportunity to become the storefront of choice for the millions of small local businesses in India — and eventually the entire developing world. They make commerce both local and personal, which is integral for success in India, and their growth numbers speak for themselves”
Sonakshi Nathani, cofounder, Bikayi said, “We are elated that prominent investors showed interest in Bikayi . In this process they are a part of upscaling Bikayi. With these funds we will hire more talent to accelerate product development, ramp up the platform and onboard a million new merchants “
Merchants in Bikayi are already doing daily transactions of 2Cr+ INR. Bikayi is being used by Grocery stores, Wholesalers, Manufacturers & retailers from 3000+ towns across India.
“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. It’s an honor for us to back this team and their vision.” Says Tim Suzman, General Partner at Pioneer Fund.
More than 53% of their Merchant’s are coming in from tier 3 & 4 cities. Bikayi is helping local merchants to set up their own swiggy, big basket and amazon to serve their customers.
Bikayi has become a one stop solution for merchants if they want to start and run an online Business.
Bikayi allows small businesses to quickly create their online stores and give them the right tools to manage e-commerce on whatsapp. The app is available on Google Play Store.