The Ratan Tata-backed AI startup, which has bet on voice-based commerce for driving growth in small towns, served more than 1.5 million users through its app last year, and the average spends are increasing considerably. “Our user base increased by 220% in 2020 and will go up further as we expand into more geographies in 2021,” Niki CEO Sachin Jaiswal.
The increase in revenue was a result of a rise in wallet share and higher frequency of use as consumers became more comfortable with transacting online, Jaiswal said, but declined to share actual revenue numbers.
Niki currently has a Gross Merchandise Value (GMV) run rate of $25 million, which it expects will grow to $1.5 billion by 2022.
At present, the company offers voice-based commerce options in four languages and intends to add more over the course of the year. The company is working on popularising what it calls the “do it for me” model of the internet economy in small towns, which has resulted in the average user now transacting weekly using the app.
“We are aiming to capture 20% market share of 150 million households by 2022,” Jaiswal said.
Niki currently has about 550,000 users but expects a rapid increase in numbers as it expands its regional and language footprint.
Jaiswal said the company would continue to work remotely till the vaccine rollouts gather pace. It currently has about 70 employees and intends to expand this to 250 in the next 15 months.