Instamojo, has raised an undisclosed amount in pre-series B funding from Japanese payments firm, AnyPay. This marks AnyPay’s foray into the Indian investment market
Founded in 2012, Instamojo enables over 3,00,000 SMEs to build, manage and grow their business online. The company has acquired 10% of the digitally-active SMEs in India and controls 30% of their annual turnover. Instamojo aims to extend its wallet share to 70% by 2019 and grow its merchant base by 400% in 2018.
The company turned EBITDA positive in July 2017 and has witnessed a 10-15% month-on-month growth. The latest funding will allow Instamojo to expand its suite of offerings and introduce e-commerce enabling services such as cataloguing, logistics, shipping and GST compliance assistance.The company will leverage big data and introduce financial services such as lending via third-party providers in the coming months. Instamojo plans to expand its leadership team to meet these goals.
“We, at Instamojo understand the nuances of small businesses in India and leverage cutting-edge design and technology to deliver highly customizable solutions. 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 expertise to further drive the adoption of online payments and e-commerce among SMEs.”, said Sampad Swain, Co-Founder and CEO, Instamojo.
“Instamojo is a great product. It’s simple yet effective, and provides a true value add to Indian SMEs. We are extremely excited about the possibilities and the future of the Indian SME market, and hold in 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.“, added Shinji Kimura, CEO, AnyPay.
Instamojo had previously raised over US$5 million from marquee global institutional funds such as Kalaari Capital, Blume Ventures, 500Startups and prolific angel investors Rajan Anandan etc.
