Instamojo On boards Times Internet With GetMeAShop Acquisition
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Instamojo Technologies Pvt. Ltd, a platform catering to small and medium businesses, acquired GetMeAShop to provide software-as-a-service (Saas) to its users in a bid to reach its goal of on-boarding 10 million merchants.
Gurgaon-based GetMeAShop is acquired for $5 million from Times Internet Ltd. The investment firm has also invested an undisclosed amount in InstaMojo.
The Times Group’s investment arm has previously backed education technology unicorn BYJU’s, logistics unicorn Delhivery, and owns over-the-top (OTT) entertainment platform MX Players, among others.
Instamojo last raised INR 50 crore from Japanese investment firm Gunosy Capital along with existing investors including Kalaari Capital and Beenext Pte Ltd.
The Bengaluru-based start-up offers payment getaway, credit, logistic services and an online sales platform to first-time entrepreneurs, and mid-sized companies. “With Instamojo, the goal has always been to be a full-stack offering for MSMEs all over India,” said Sampad Swain, chief executive officer (CEO) and co-founder at Instamojo.
Founded in 2012 by Swain, an electronic engineering graduate, Aakash Gehani, ICICI Lombard’s former product manager, and Aditya Sengupta, a graduate from Indian Institute of Technology, Mumbai, the start-up has at least 1.2 million merchants who use their services for expanding their online businesses.
“The combination of Instamojo and GetMeAShop is a potent combination and creates the solution that MSMEs in India always wanted. The combination will help Indian MSMEs to take their offerings online without any friction,” said Abhishek Mitra Gupta, vice-president, Times Internet.
Instamojo competes with several SME lending start-ups including Aye Finance, Lendingkart and Capital Float.