Instamojo Closes Pre-Series C Round From Japan's Base and Gunosy Capital The fresh capital will be utilized to expedite the company's growth and product roadmap as well as venture into international markets in the coming year
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Bengaluru-based fintech startup Instamojo on Wednesday announced it has closed its pre-Series C funding round of an undisclosed amount from Japanese investors Base and existing investor Gunosy Capital. The fresh capital will be utilized to expedite the company's growth and product roadmap as well as venture into international markets in the coming year.
Founded in 2012 by Sampad Swain, Akash Gehani and Aditya Sengupta, Instamojo is a gateway platform for micro, medium and small enterprises (MSMEs) that enables them to build, manage and grow their business online. The startup provides a host of services from digital payments, logistics to lending. Their flagship product, the online payment link, has been solving the digital payment obstacle for several entrepreneurs.
Commenting on the investment, Akash Gehani, co-founder and chief operating officer, 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."
The startup which had raised INR 50 crore in Series B round last year has recently turned cash-flow positive, with an all-time high gross merchandise volume (GMV) of INR 2,000 crore. To further strengthen its presence, the startup acquired GetMeAShop (GMAS), an e-commerce enablement firm backed by Times Internet which helps small businesses establish an online presence and run a store.
Lately, the company 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. The company boasts of recording a 30 per cent rise in their merchant-base during the pandemic.