Bengaluru-based on-demand payments and e-commerce platform, Instamojo has secured an undisclosed amount in its pre-series B round. The latest round of funding is led by the Japanese payments firm, Anypay along with existing investor, Kalaari Capital.
This latest round of funding marks Anypay’s foray into the Indian internet market. “For the first time, many Indian small businesses will be able to go digital, including themselves into the mainstream financial system. We are excited about the possibilities and the future of the Indian SME market, and hold confidence that Instamojo will be able to capture that often underserved market space.”, said Shinji Kimura, CEO, AnyPay.
With the current round of funding, Instamojo wants to expand its offerings and introduce e-commerce enabling services such as cataloging, logistics, shipping and GST compliance assistance. The company will further leverage big data and introduce financial services such as lending via third-party providers in the coming months. Besides, Instamojo also plans to expand its leadership team to meet these goals.
Founded in 2012 by Sampad Swain, Aditya Sengupta, Akash Gehani and Harshad Sharma, Instamojo provides payments and e-commerce offerings for SMEs looking to digitize their business.
It has features such as a shopping cart, optimized SEO links, advanced analytics, payment links for easy checkout, sales reports and other important apps like accounts and tax-related tools to offer a complete online business experience to merchants. The company claims that it adds over 20,000 products to the store on a monthly basis and the 5000+ stores have over 1,00,000 monthly visitors.
Commenting on the development, Sampad Swain, Co-founder, and CEO, Instamojo said “With our vertical approach, we aim to cater to the end-to-end requirements of merchants and become an integral part of their growth story. 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.”
At present, Instamojo enables over 3,00,000 SMEs to build, manage and grow their business online. Till date, it has acquired 10% of the digitally-active SMEs in India and controls 30% of their annual turnover. Further, it aims to extend its wallet share to 70% by 2019 and grow its merchant base by 400% in 2018.
The company had earlier raised over $5 million from Kalaari Capital, Blume Ventures and 500Startups, besides angel investors such as Rajan Anandan.