SME-focused e-commerce and on-demand-payments startup, Instamojo raises undisclosed amount for pre-Series B
Founders: Sampad Swain, Aditya Sengupta, Akash Gehani and Harshad Sharma
Founded in: 2012
Financing status: Undisclosed amount for pre-Series B round in 2017
Bangalore-based Instamojo Technologies, which claims to be India’s largest e-commerce and on-demand payments startup, has raised an undisclosed amount for its pre-series B funding round. The investor, Japan’s AnyPay, also a payments startup, had not previously invested in India.
Instamojo was founded in early 2012 by Sampad Swain (CEO), Aditya Sengupta, Akash Gehani and Harshad Sharma. Swain proudly explained that their vertical model will allow them to meet the requirements of merchants from the beginning-to-end of their value chain, hoping to “further drive the adoption of online payments and e-commerce among SMEs (small and medium-sized enterprises)”.
Instamojo helps businesses digitize, and so far, claim to have helped over 300,000 SMEs launch, manage, integrate and grow their online presence. As per the startup, their platform offers real-time payment solutions for Indian SMB’s (small and medium businesses), online merchants, individuals and others currently underserved by traditional payment systems. By removing certain barriers to entry, the platform claims to boost time-to-market for their clients, allowing them to sell and collect payments for digital goods quickly and directly from customers.
The startup has seen substantial growth over the last year and plans to use the fresh capital to expand its offerings and leadership team, introduce financial services and other services that will help businesses enter and succeed in the e-commerce space, and leverage big data to help their clients.
(Top photo from Pixabay)