Bikayi raises USD 2mn from Mantis Ventures, others

Bikayi, which provides solutions to retail organisations to conduct e-commerce, on Monday said it has raised USD 2 million (about Rs 14.6 crore) in funding from a clutch of international investors including Mantis Ventures. Its solutions are being used by grocery stores, wholesalers, manufacturers and retailers from over 3,000 towns across India.

Bikayi, which provides solutions to retail organisations to conduct e-commerce, on Monday said it has raised USD 2 million (about Rs 14.6 crore) in funding from a clutch of international investors including Mantis Ventures. Other investors who participated in the seed round include YC, Pioneer Fund, angel investor Ankur Nagpal and others, a statement said.

This is the first investment of Mantis, a USD 50 million venture capital fund promoted by music band Chainsmokers, in India, the statement added. "We are elated that prominent investors showed interest in Bikayi. In this process, they 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," Bikayi co-founder Sonakshi Nathani said.

Bikayi allows small businesses to create their online stores and gives them tools to manage e-commerce on Whatsapp. Its solutions are being used by grocery stores, wholesalers, manufacturers and retailers from over 3,000 towns across India. More than 53 per cent of its merchants are from tier III and IV towns and cities.