YCombinator-backed startup Bikayi has raised a seed round of $2 million from a clutch of international investors including Mantis ventures, a VC fund promoted by the musical band Chainsmokers.
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. The platform is being used by wholesalers, retailers, grocers and others from across India, especially in tier 3 and 4 cities.
Bikayi was founded in 2019 by Sonakshi Nathani and Ashutosh Singla. It allows small businesses to quickly create their online stores and give them the right tools to manage e-commerce on Whatsapp. The app is currently available on Google Play Store.
Mantis is a $50 million VC fund to invest in startups and this is their first investment in an Indian entity. Other investors who participated in the round include YC, Pioneer Fund, angel investor Ankur Nagpal among others. According to the Hyderabad-based startup, more than 53 percent of their merchants are coming in from Tier III and IV cities.
“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,” stated Tim Suzman, General Partner at Pioneer Fund.
Bikayi Co-founder Sonakshi Nathani said the startup will use these funds to hire more talent to accelerate product development, ramp up the platform, and onboard a million new merchants.