YCombinator-backed Bikayi raises $2 million from international investors

Mantis is a $50 million VC fund to invest in startups and this is their first investment in an Indian entity. Other investors include YC, Pioneer Fund, and Angel Investor Ankur Nagpal to name a few.

Ankur Nagpal, Angel Investor who also participated in the latest round, says "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."

Sonakshi Nathani, co-founder of Bikayi, said, “We are elated that prominent investors showed interest in Bikayi. In this process they are a part of up scaling Bikayi. With these funds we will hire more talent to accelerate product development, ramp up the platform and on-board a million new merchants.”

According to the company, as of today more than 75,000 merchants are active on Bikayi and the team claims to be recording daily transactions of Rs 2 crore.

In terms of presence, Bikayi is being used by grocery stores, wholesalers, manufacturers & retailers from over 3000 towns across India, it said. More than 53 percent of its merchants are coming in from tier 3 & 4 cities. Bikayi is helping local merchants to set up their own Swiggy, big basket and amazon to serve their customers.

"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", added Tim Suzman, General Partner at Pioneer Fund.