[Funding] E-commerce Platform Bikayi raised $2 million seed fund from international investors

YCombinator-backed startup Bikayi has raised a seed round of $2 million from a clutch of international investors. This included Mantis ventures, musical band Chainsmokers' VC Fund.

About Bikayi

The Hyderabad-based startup helps small merchants create online storefronts and accept orders online. The merchants using the platform are already doing business worth Rs 2 crore. Wholesalers, retailers, grocers, and others from across India, especially in tier 3 and 4 cities use the platform.

Bikayi allows small businesses to quickly create their online stores and give them the right tools to manage e-commerce on Whatsapp. It offers this service through various packages starting at Rs 167 per month and going up to Rs 667 per month. It also has a free tier with basic features. The app is currently available on Google Play Store.

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.

“They (the investors) 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,” said Sonakshi Nathani, cofounder, Bikayi.

About Mantis

Mantis is a $50 million VC fund to invest in startups. This is their first investment in an Indian entity. Further, other investors who participated in the round include YC, Pioneer Fund, angel investor Ankur Nagpal among others.

What investors have to say

"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 business. The resulting growth has been phenomenal," says Tim Suzman, General Partner at Pioneer Fund.

Ankur Nagpal said, "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."