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Business Economy


Instamojo plans to foray into lending business, online advertising

Instamojo plans to foray into lending business, online advertising

New Delhi, May 12 (UNI) Instamojo Technologies Pvt Ltd, a growing on-demand payments and e-commerce platform that works with and enables over 3,00,000 SMEs to build, manage and grow their business online, will foray into the lending business too apart from entering into delivery & logistics services, and online advertising.

Talking to UNI, Sampad Swain, Co-founder and CEO of Instamojo said that the new plans will not only make the company, a payment bank, but will also help to achieve a sales target of Rs 6000 crores.

He also said that by doing so, Instamojo will become a comprehensive service provider, along with fintech, to Small and Medium Enterprises (SMEs) at one place.

Talking further about the business, Swain said that Instamojo has acquired 10 per cent of digitally active MSMEs and powers 1 out of 100 to control 30 per cent of the company 's annual turnover through its flagship link-payments and online store products. In addition to link-based payments, Instamojo plans to offer e-commerce enabling services, cataloguing, compliance, lending, logistics, promotions via third-party providers.

Founded in 2012 by Sampad Swain, Akash Gehani and Aditya Sengupta, Instamojo raised Pre-Series B funding from AnyPay a Japanese payments firm. In November 2014, the company raised 2.6 million dollar in Series A funding from Kalaari Capital, Blume Ventures, 500 Startups and others. Prior to this, it had raised approximately 500,000 dollar from 500 Startups, Blume Ventures and angel investors Rajan Anandan, Sunil Kalra, Dave McClure, Rob de Heus, Thijs Gitmans among others.

Swain added that Instamojo strives to create significant innovation in digital commerce which is universally accessible and creates newer opportunities & sustainable livelihoods for SMEs. With a focus on the philosophy that every business idea deserves to be on the Internet to grow, but very few can, the company’s efforts are directed towards a vision to democratize commerce and be the 360 degree digital-enabling partner for SMEs of all shapes & sizes.

About Instamojo 's future plans, Swain said that the company aims to increase its target merchant base by 400 per cent and target 1 million small and medium businesses by 2018. According to him, with demonetisation, Instamojo added 3000 SMEs to the platform everyday which was 15x higher than daily average. In fact, digital transactions performed on Instamojo’s platform have grown by over 178 per cent in the last year alone.

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