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<ul><li><keyword id="9854452" type="General" weightage="20" keywordseo="bikayi" source="Orion">Bikayi</keyword> enables SMBs to scale up their digital operations and reach out to a wider set of audience base.</li><li>Bikayi claims that its merchant base has grown five-times over the last eight months, and has a user base of 4 million.</li><li>The company had raised $2 million in seed funding led by Y Combinator in August 2020.</li></ul>Hyderabad-based Bikayi, which helps small businesses set up a digital store, has raised $10.8 million in a Series A round led by Sequoia Capital India. It plans to use the latest Series A funding to accelerate product development, market penetration and talent acquisition. The company had raised $2 million seed funding led by Y Combinator in August 2020. Founded in 2019 by Sonakshi Nathani and Ashutosh Singla, Bikayi enables small and medium-sized businesses (SMBs) to scale up their digital operations and reach out to a wider set of audience base. The company offers professional features and tools to help these small businesses grow. These features include a dedicated business coach, catalogue listing, shipping facility, payments and insights on customer behaviour. Bikayi claims that its merchant base has grown five-times over the last eight months. This has also resulted in a multifold increase in its annual gross merchandise value (GMV). The three-year-old startup claims to have a user base of 4 million. “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,” Bikayi’s co-founder and chief executive (CEO) Nathani said. She further added that some merchants have made over a million dollars using the Bikayi e-store in the span of a year. Meanwhile, Sequoia Capital India’s vice president Shraeyansh Thakur emphasised that there are over 75 million SMBs in India and this accounts for 30% of the country’s gross domestic product (GDP). Rapid digitisation of SMBs and deepening e-commerce ecosystem are huge trends, which Bikayi is catering to, Thakur added. SEE ALSO <a href="https://www.businessinsider.in/tech/enterprise/news/like-apple-and-samsung-boat-makes-earphones-and-smartwatches-in-vietnam/articleshow/85889423.cms">INTERVIEW: This Indian challenger to Apple and Samsung explains why it chose Vietnam to make a bulk of its products </a> <a href="https://www.businessinsider.in/stock-market/news/reliance-just-dial-mahindra-and-other-hot-stocks-to-watch-out-for-on-september-3/slidelist/85886767.cms">Reliance, Just Dial, Mahindra and other hot stocks to watch out for on September 3</a> <a href="https://www.businessinsider.in/tech/news/oneplus-buds-pro-review-india/articleshow/85887425.cms">OnePlus Buds Pro Review — Love bass? Your search ends here</a>

An e-store creator gets $10.8 million after a five-fold increase in users in last eight months

<ul><li>These <keyword id="10993707" type="General" weightage="20" keywordseo="Ecommerce-startups" source="Orion">ecommerce startups</keyword> have raised over $135 million since August 2021.</li><li><keyword id="7598194" type="General" weightage="20" keywordseo="khatabook" source="Orion">Khatabook</keyword> alone has raised $100 million in the last one month.</li><li>India is home to 60 million small and medium businesses (SMBs).</li></ul>It was the year 2019, when India’s richest man Mukesh Ambani declared that he would connect 13 million kirana stores —the Indian word for mom and pop stores — with his tech platform JioPlatforms. Amazon and Flipkart have been on hot pursuit of these neighbourhood stores for at least half a decade. However, for quite some time before that, a bunch of young startups like <keyword id="1249046" type="General" weightage="20" keywordseo="dukaan" source="Orion">Dukaan</keyword> and Khatabook have been preparing the ground for these big tech giants to make a big splash. These enablers are getting their due from venture capitalists (VCs) now. These <keyword id="436047" type="General" weightage="20" keywordseo="ecommerce" source="Orion">ecommerce</keyword> startups have raised over $135 million since August 2021. Key deals include: <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Launched In </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">What does it do? </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Recent Funding </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Investors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Merchants </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Khatabook </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2017 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Originally a bookkeeping app. Ventured into the ecommerce enablement space in 2020 with MyStore. </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$100 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tribe Capital, Moore Strategic Ventures (MSV), Alkeon Capital </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10 million monthly active users </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dukaan </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2020` </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Enables kirana stores to set up their online store </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$11 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">640 Oxford Ventures, OYO’s Ritesh Agarwal and Nothing CEO Carl Pei </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.5 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bikayi </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2019 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Helps small businesses set up a digital store </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$10.8 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sequoia Capital India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ping </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2020 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Aggregates all the local commerce message groups on the app and allows customers to discover new stores. </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$3.5 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Elevation Capital, </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">400 active residential communities </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ApnaKlub </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2020 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wholesale platform for small sellers and retailers </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$3.5 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sequoia Capital India’s accelerator programme Surge. </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5,000 wholesale partners </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kirana247 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2020 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wholesale distributor of consumer goods for small businesses. It optimises warehousing using ML and AI. </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1 million </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Undisclosed </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5000 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Other major businesses in this segment include OkShop and MyStore. “The recent rounds in September are indicative of growing interest from investors in this segment,” Madhur Singhal, managing partner and chief executive at Praxis Global Alliance told Business Insider. He noted that Google and PayU’s investment in online-to-offline commerce platform DotPe further substantiate this claim. Devendra Agrawal, founder of investment bank Dexter Capital echoed the same sentiment, highlighting that while offline retailers have been severely impacted by the pandemic, online retail received a huge boost. “To compete with online retailers, offline retailers have started adopting solutions offered by ‘Dukan Tech’ startups at an unprecedented rate,” he said. India is home to 60 million SMEs and 13-14 million kirana stores, which employ over 130 million people. “Clearly, it is an extremely vast market and provides great opportunities for digital solutions,” he added. But what are the challenges ahead of these companies? According to Singhal, finding the right product market fit for these startups is going to be extremely challenging for these startups as they have a diverse mix of customers in terms of region, scale and vertical of operations. “Another challenge would be the monetisation aspect. Given the free adoption and availability of Dukan Tech solutions, it would be crucial for these start-ups to figure out what percentage of their merchant base become paid users,” Agrawal added. Sequoia-backed Khatabook is facing similar challenges when it comes to monetisation. The company, valued at $600 million due to its size and scale, is currently in a pre-revenue stage. The company is currently piloting some monetisation engine, according to sources within the company. But the biggest challenge remains the emergence of big tech companies in the segment. Agrawal told Business Insider that any segment where customers are interacting on a daily basis always has the potential for big players jumping in. The question, however, remains how and when they do it. They can either enter organically or follow Walmart’s approach and acquire another company, he added. However, he emphasised that companies that have figured out their business model and are raising capital will be able to survive. “But another thing to keep in mind is that the current dukan tech companies are in the customer acquisition phase. They need to figure out the business model and monetisation engines,” Agrawal added. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/shree-cement-zee-entertainment-telecom-and-other-top-stocks-to-watch-out-for-on-september-15/slidelist/86219264.cms" data-type="tilCustomLink">Shree Cement, Zee Entertainment, telecom and other top stocks to watch out for on September 15</a> <a href="https://www.businessinsider.in/tech/mobile/news/apple-iphone-13-series-ipad-ipad-mini-and-watch-series-7-announced-indian-pricing-availability-and-features/articleshow/86213320.cms" data-type="tilCustomLink">Apple iPhone 13 series, iPad, iPad mini and Watch Series 7 announced – Indian pricing, availability and features</a> <a href="https://www.businessinsider.in/tech/news/apple-unveiled-its-new-399-watch-series-7-that-lets-you-text-from-a-keyboard-on-your-wrist-and-can-detect-if-you-fall-off-your-bike/articleshow/86211383.cms">Apple unveiled its new $399 Watch Series 7 that lets you text from a keyboard on your wrist and can detect if you fall off your bike</a>

Long before Mukesh Ambani set his eyes on the millions of mom-n-pop stores, a bunch of e-commerce startups were preparing the ground ⁠— they are now getting their due

<ul><li><keyword id="1249046" type="General" weightage="20" keywordseo="dukaan" source="Orion">Dukaan</keyword> has raised $11 million in a round led by 640 Oxford Ventures, at a valuation of $71 million.</li><li> <keyword id="12034382" type="General" weightage="20" keywordseo="oyos-ritesh-agarwal" source="Orion">OYO’s Ritesh Agarwal</keyword> and Nothing chief executive Carl Pei also invested an undisclosed amount in Dukaan.</li><li>The company claims to have over 3.5 million small businesses on its platform and facilitate 1.5 million transactions.</li><li> It has 2,000 merchants paying for its premium subscription services, which make up for 10% of its revenue. </li></ul>Dukaan, an app that helps small offline merchants set up online stores, has raised $11 million, at a valuation of $71 million. The pre-Series A funding round led by US-based 640 Oxford Ventures, with participation of HOF Capital, Old Well Ventures, LetsVenture, 9Unicorns. Existing investors Snow Leopard Ventures, Lightspeed Partners and Matrix Partners India also participated in the round. Angel investors including OYO’s <keyword id="1670338" type="General" weightage="20" keywordseo="ritesh-agarwal" source="Orion">Ritesh Agarwal</keyword> and Nothing chief executive (CEO) Carl Pei also invested an undisclosed amount in Dukaan. Prior to this, Dukaan raised $6 million in a seed funding round from Matric and Lightspeed in October 2020. Bookkeeping app Khatabook also owns a minor equity stake in the company. Founded by Sumeet Shah and Subhash Choudhary in 2020, the company helps small merchants set up their ecommerce stores using smartphones. The company claims to have over 3.5 million small and medium-sized businesses on its platform and facilitate 1.5 million transactions. “We founded Dukaan because we saw small businesses and first-time entrepreneurs struggling to digitise and make their presence online. We became obsessed with the idea of making the most affordable, easy-to-use, mobile-first commerce platform in the world,” co-founder and CEO Shah said. The company plans to use this funding to expand its operations, hire web designers as well as developers and establish strategic partnerships to grow its paying merchant base. The Bengaluru-based startup claims to have 2,000 merchants paying for its premium subscription services. This contributes 10% of the company’s revenue. The company competes with Sequoia-backed Bikayi, Tiger Global-backed OkCredit and Khatabook’s MyStore app, which was previously called Dukaan as well. Khatabook raised $100 million in Series C round, at a <a href="https://www.businessinsider.in/business/startups/news/khatabooks-valuation-touches-600-million-with-zero-revenue-to-show/articleshow/85586956.cms">valuation of $600 million</a>. SEE ALSO <a href="https://www.businessinsider.in/tech/news/bad-news-for-gamers-gpu-prices-are-increasing-once-again-this-time-because-of-ethereum/articleshow/85968902.cms">Bad news for gamers – GPU prices are increasing once again, this time because of Ethereum</a> <a href="https://www.businessinsider.in/tech/news/heres-why-gpu-prices-are-skyrocketing-in-india/articleshow/83304810.cms">GPU prices are skyrocketing in India — this is how crypto miners and scalpers are making it worse</a> <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-is-closing-in-on-key-resistance-level-that-could-signal-nearly-30-upside-ahead-according-to-a-technical-analyst/articleshow/85901921.cms">Bitcoin is closing in on key resistance level that could signal nearly 30% upside ahead, according to a technical analyst</a>

OYO’s Ritesh Agarwal and Nothing’s Carl Pei invest in Dukaan’s $11 million round of funding

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An e-store creator gets $10.8 million after a five-fold increase in users in last eight months

Kritti Bhalla

Long before Mukesh Ambani set his eyes on the millions of mom-n-pop stores, a bunch of e-commerce startups were preparing the ground ⁠— they are now getting their due

Kritti Bhalla

OYO’s Ritesh Agarwal and Nothing’s Carl Pei invest in Dukaan’s $11 million round of funding

Kritti Bhalla

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