Y Combinator-backed B2B startup Bikayi has raised $2 Mn in seed funding from a clutch of international investors including Mantis Ventures, which is prompted by popular band Chainsmokers. This is Mantis’ first investment in an Indian startup.
Y Combinator, Pioneer Fund and angel investor Teachable’s Ankur Nagpal have also invested in the round, among others. Bikayi will use this funding to hire talent to accelerate product development, ramp up the platform and onboard new merchants.
Founded in 2019 by Sonakshi Nathani and Ashutosh Singla, Bikayi is a Hyderabad-based B2B startup that provides free WhatsApp integrated ecommerce store setup to merchants with payment gateway and other tracking. In its press note, the company added that it is also helping local merchants to set up their own Swiggy, BigBasket and Amazon to serve their customers.
The company further claims that the merchants on Bikayi are doing daily transactions worth INR 2 Cr or $271K. Its merchant base includes grocery stores, wholesalers, manufacturers and retailers across 3K towns across India. Almost 53% of its merchant base comes from Tier III and IV cities. “They make commerce both local and personal, which is integral for success in India, and their growth numbers speak for themselves,” angel investor Nagpal said.
“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,” Tim Suzman, general partner at Pioneer Fund, said.
Bikayi was a part of Y-Combinator’s all virtual Summer Batch of 2020, along with 13 other startups — Zuddl, Medpiper, SockSoho, Decentro, Statiq, Mesh, Farmako Healthcare, Eatable, inFeedo, WareIQ and SuperTokens.
Recently, SaaS startup that provides takeaway and quick dine-in option Eatable raised an undisclosed amount in seed funding from Indian and Silicon Valley-based angel investors, including Solutions Infini’s CEO and founder Aniketh Jain, OkCredit’s cofounder and CEO Harsh Pokharna, Skillenza’s cofounder and CEO Subhendu Panigrahi, and few senior executives from Innovaccer. Y Combinator also participated in the round.
Fintech startup Decentro had also raised an undisclosed amount in seed funding from Y Combinator and Plug & Play, along with Bengaluru-based early-stage VC firm UpSparks VC. Neo-bank.com founder Gaurav Sharma, angel investor and entrepreneur Steven Sule, Curofy’s founder Pawan Gupta, Meesho founders Vidit Aatrey and Sanjeev Barnwal, Meesho’s CFO Jatin Mazalcar also participated in the round.
Meanwhile, Mesh raised seed funding from US seed-stage fund Liquid 2 Ventures and angel investors like Xiaomi Indonesia head Alvin Tse, Sumon Sadhu, Mercury founder Immad Akhund. The founders of India startups like Cure.fit, Meesho and CleverTap also participated in the round, among others.