AI-based commerce startup Niki likely to raise $20 million from US-based fintech fund EMVC in 2020

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Niki, an artificial intelligence commerce startup, is reportedly eyeing to raise a growth funding round of $20 million- $30 million in 2020, reported Inc42.

As per the sources, Niki has partnered with EMVC, a US-based fintech-specialist fund to initiate the funding.

Sachin Jaiswal, CEO and cofounder, Niki said, “Since realigning our focus to cater directly to language-first consumers, we have seen brand virality and 30% M-o-M growth.”

Bengaluru-based ai powered conversational commerce startup was founded by Sachin Jaiswal, along with his other close associates. It helps users perform various digital transactions.

The app is currently being used by over 4.5 million users, the majority of which are non-English speaking users from smaller towns.

Niki claims to have fulfilled nearly 1 million transactions across Hindi, Bengali, and Tamil. It also claims to be on track with gross merchandise value (GMV) to hit an annualized run rate of $100 million by March’20.

Melissa Frakman, founder and managing partner at EMVC, said, “The exceptional founding team has a uniquely personal understanding of its customers and has reimagined a voice-first, trust-centred experience to solve for new internet users’ specific challenges and preferences. From a global perspective, Niki is paving a new path for solving ecommerce and fintech distribution for the world’s emerging internet economy.”

In July 2019, Niki partnered with Connect India, a logistics solutions provider, to enable internet users from under-served pincodes of India to manage all their household expenses, online.

Connect India’s network spanning over 8,000 centers in 20 states provides Niki an access to a large customer base while Niki’s interface, voice capabilities, and vernacular platform creates a revolutionary experience for the non-english speaking population in the country.

Furthermore, the startup also joined hands with Cleartrip and OYO to design a bot for hotel bookings.

Other players in the category involves GoodboxLookupYellowmessengerMihupDunzoMeziTapzo, etc.

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