Tech platform Zoko on Wednesday announced that it has raised $1.4 million (about Rs 10.2 crore) in seed funding from Y Combinator and marquee angel investors Ryan Hoover, Flipkart Co-founder Binny Bansal’s family office, and others.
As per the statement, the startup will utilize the latest round of funding to strengthen its engineering and development training content in various languages, which can help more customers use Zoko’s products.
In fact, it will also focus on platform integrations, geographical development, and new features.
Founded in October 2018 by two high school friends — Arjun Paul and Aromal Sivadasan — from a small town in Kerala, Zoko makes it effortless for online merchants to manage sales, marketing, and customer support on the Facebook-owned messaging platform WhatsApp.
Speaking about the platform, Arjun Paul, CEO, Zoko, said, “WhatsApp is the internet of India, and we are enabling merchants to do business on this internet. The next billion is already using WhatsApp to communicate, consume news, entertainment, buy and sell stuff, and even fall in love! If you are a business that wants to reach the #nextbillion people who are going to use the internet for the first time via WhatsApp, you have no choice but to do it on WhatsApp.”
Since 2005, Y Combinator has funded more than 3,000 startups at a combined valuation of over $300 billion. Zoko is one of the 300 startups selected by Y Combinator from over 16,000 applications for its Winter 2021 cohort.
The startup claims to have doubled its growth every 90 days since it brought in its first dollar in revenue.
Speaking about the investment, Anas Rahman Junaid, an early-stage investor and the Founder of Hurun India Rich List, said, “Zoko has an ambitious vision to transform the shopping experience on the WhatsApp platform for larger businesses. We see significant value in the founders’ approach towards forging the right partnerships while achieving this vision. We are really happy to back Zoko, and be a part of this extraordinary journey so far.”
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