With the acquisition, GoKwik aims to tap into Return Prime's international customer base.
Return Prime helps businesses manage returns, exchanges and refunds.
GoKwik aims to onboard 10,000+ customers following the acquisition.
Ecommerce enabler GoKwik
has bought Return Prime, a global returns management app in the Shopify ecosystem, marking its entry into the overseas markets, including US, UK and Europe among others.
However, the company did not disclose the financial terms of the deal.
With this acquisition, GoKwik eyes to tap into Return Prime’s international customer base to expand its footprint, the company said in a statement.
Founded in 2020 by Chirag Taneja, Vivek Bajpai and Ankush Talwar, GoKwik offers tech-backed checkout tools that enable ecommerce brands to boost conversion rates and drive revenue growth.
Meanwhile, Return Prime, established by Shashwat Swaroop in 2021, helps businesses manage returns, exchanges and refunds. Currently, the company claims to serve more than 6,000 Shopify brands in more than 50 markets globally.
Additionally, with this buyout, GoKwik also aims to onboard more than 10,000 merchants in the next one year. It counts Mamaearth, Mosaic Wellness, Foxtale and Shoppers Stop among its portfolio brands.
“Over the past three years, we have grown our product offerings to tackle challenges at their core, all with the goal of driving more GMV for our merchants. The acquisition of Return Prime is a big step in that direction, opening up the entire Shopify ecosystem to our solutions,” said Taneja.
With this acquisition, GoKwik is also looking for a 10X growth in its overall business in the next three years.
Last year, the company bought commerce startup Tellephant for an undisclosed amount to further scale and strengthen its operations.
Prior to that, in 2022, GoKwik secured $35 Mn in its Series B funding round co-led by Think Investments and RTP Global.
This comes at a time when India’s ecommerce space grabbed attention from the government with the launch of Open Network for Digital Commerce (ONDC) by the Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry in 2022.
Not just this, several homegrown ecommerce startups have also seen traction from investors lately.
For instance, in June, Bengaluru based ecommerce enabler POP raised $2.4 Mn in its seed funding round. While Nitro Commerce raised about $1.8 Mn in its seed funding round.
As per Inc42’s data, India’s e-commerce market has raised more than $224 Mn in Q3 2023.
