Japanese payments firms invest INR 50 Cr ($7 Mn) in India’s digital payment platform Instamojo

India’s digital payment platform Instamojo

Businesses use Instamojo to instantly start, sell, manage and grow using our wide range of products & services like payments, free online store, logistics, credit & financing and more across the mobile & web. Briefly, Instamojo.com is a digital payments platform bundled with tons of e-commerce features to enable any business or individual to sell, manage & grow effortlessly, securely and cost-effectively.

Over 600,000 Indian businesses from 29 States and 7 Union Territories with 10+ million customers use Instamojo.

Bengaluru based company Instamojo raised INR 50 Cr ($7 Mn) in a Series B round of funding. It was led by existing Japanese investor AnyPay. The first-time investor was Gunosy Capital while the other existing investors included venture capital firms Kalaari Capital, Beenext, and angel investor Rashmi Kwatra.

“This funding will help us become the defacto fintech platform for MSMEs, rehashing our numbers. Having achieved most of the 2018 milestones, we have set new milestones for FY19. We are looking to grow 3X-5X, launching a slew of products under mojoExpress (logistics solutions) and mojoCapital (credit and lending). In the case of mojoCapital, we plan to achieve annualised disbursal run rate $100 Mn in the next 12 months against the existing $30 Mn.” sid Sampad Swain, CEO and co-founder, Instamojo.

In August last year, Instamojo launched mojoExpress and mojoCapital. While mojoExpress provides a logistics solution enabling delivery of products sold on its mojoEcommerce platform, mojoCapital provides credit and lending solutions to micro-merchants.

For deliveries, the company has already partnered with FedEx, Delhivery and Ecom Express and intends to add more soon.

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