Instamojo is a digital payment platform having its headquarters in Bengaluru. They feature several e-commerce platforms and helps people to grow their business in an easy way and secured way.
The @instamojo App is now available for #android! DOWNLOAD NOW: https://t.co/yByz0a3F8F ??? #ondemand #payments pic.twitter.com/gDxVeZRi9r
— Instamojo (@instamojo) January 20, 2017
According to reports, Instamojo has joined hands with AnyPay to raise funding. But the amount of the deal is yet to be disclosed and confirmed. AnyPay came in the market holding hands of Shinji Kimura who has previously the CEO of Gunosy, a content aggregator platform started back in 2012. With this new venture, AnyPay makes a debut in the Indian market.
According to sources, Instamojo plans to use this funding for more development of their e-commerce platforms such as cataloging, logistics, shipping and GST compliance assistance. They also will use big data to analyze and giving third-party providers in the near future.>/em>
Shinji Kimura, CEO of AnyPay said,
“We are extremely excited about the possibilities and the future of the Indian SME market, and hold great confidence that Instamojo will be able to capture that often underserved market space. For the first time, many Indian small businesses will be able to go digital, including themselves into the mainstream financial system. At the rate Instamojo is growing, we are sure they will be able to tap into every small business in the nooks and corners of India and play a huge role in the digital revolution of the entire country.”
Are you ready to file your #GST Returns? Subscribe to #TheSMEWrap for some dope on GST returns: https://t.co/XUNYIqeOpS pic.twitter.com/ONOByhu7Xn
— Instamojo (@instamojo) August 10, 2017
Instamojo was found back in 2012 by Akash Gehani, Harshad Sharma, and Sampad Swain. In November 2014, it raised $2.6 million in Series A funding from Kalaari Capital, Blume Ventures, 500 Startups and others. In total, they have raised almost 5 million funding.
We have come a long way. Super stoked to do our bit in Nation building #India2022 #?? pic.twitter.com/Ut5HnADccD
— Sampad Swain (@sampad) August 11, 2017
They generally help local merchants to carry out online business in a cost effective way and almost 300k merchants are registered till date. As soon as Unified Payment Interface was introduced in the market, they joined hands with ICICI. The platform helps easy money transactions for users and merchants registered taking into account credit, debit and e-Wallet payment modes.
According to reports, ‘1 out of every 100 online SMEs uses Instamojo.’
Sampad said,
“As we add more merchants to our platform, we expect our CAC (customer acquisition cost) to go close to INR 0 (currently at low double digits) which is a huge competitive advantage and perhaps our absolute economic moat. We, at Instamojo, understand the nuances of small businesses in India and leverage cutting-edge design and technology to deliver highly customisable solutions. We are inspired by Shinji Kimura’s intuitive ability to build scalable businesses and look forward to leveraging AnyPay’s expertize to further drive the adoption of online payments and e-commerce among SMEs.”
Excited to have @shinzizm2 & @AnyPayJP join us in the mission of enabling digital commerce for Indian MSMEs ?? #Mission1MillionMSMEby2018 pic.twitter.com/x4ZhVyCF5j
— Sampad Swain (@sampad) August 18, 2017
With several rivals in the digital payment market like PayU, PayPal, Mobikwik etc and the increasing digital payment market Instamojo are eyeing to grab this opportunity of funding and innovate new unique methods in the digital market.
