Instamojo, on Wednesday announced the closing of its pre-Series C funding round of an undisclosed sum. This round of funding saw the participation of Japanese investors Base and existing investors such as Gunosy Capital, who participated in Series B round back in January 2019. The funds raised will be used to expedite the company’s growth and product roadmap as well as venture into international markets in the coming year.
Instamojo began its journey in the Fintech space with its flagship product - The online payment link, thereby solving the digital payments challenge for several entrepreneurs. Focused on empowering the Indian MSME sector, the company recently acquired GetMeAShop (GMAS), an e-commerce enablement firm backed by Times Internet which helps small businesses establish an online presence and run a store. This provided smarter and simpler solutions for businesses to sustain in a digitally evolving landscape, especially during times like the pandemic. With this new round of funding, the company aims to make its presence felt outside India, and become a global e-commerce enabler for small businesses.
Sharing his thoughts on the new round of pre-series investments, Akash Gehani, Co-Founder & COO, Instamojo said, “Covid-19 has accelerated the momentum with a lot of small businesses wanting to come online. Early this year, we ramped up our commerce product by acquiring GetMeAShop (GMAS) which came with an entire suite of products in the e-commerce enablement space, an area which we will be heavily focusing on in the days to come. The idea is to help every small business establish an online presence – be it collecting payments, logistics, or even establishing the business online. With Pre-Series C round of funding, we are poised to invest in these growing areas, and continue on the path of sustainable business development.”
Founded in 2012 by Sampad Swain, Akash Gehani and Aditya Sengupta, Instamojo secured their Series B funding of Rs 50 crore, early last year. The company recently turned cash-flow positive, with an all-time high GMV (gross merchandising value) of Rs 2,000 crore. In recent months, Instamojo introduced easy ways of going digital through their ‘Priority KYC’, ‘Sachet loans on Whatsapp’ and ‘InstaCash’ features which enabled merchants to go online and get instant access to loans. During the pandemic, the company recorded a 30% rise in their merchant-base, thus marking the start of a digital revolution in the sector.
Focused towards empowering the MSMEs of India, Instamojo provides a host of services ranging from digital payments, logistics to lending. The company today works with and enables over a million MSMEs to build, manage and grow their business.