[Funding] Instamojo closes Pre-Series C funding round from Japanese investors Base and Gunosy Capital

By : |November 18, 2020 0

Instamojo, today announced the closing of its Pre-Series-C funding round of an undisclosed sum. This funding saw the participation of Japanese investors Base. It also saw the participation of the existing investors such as Gunosy Capital. Back in January 2019, they had participated in Series B round. The company states that it will use the funds to expedite the company’s growth and product roadmap. It also aims to venture into international markets in the coming year.

Akash Gehani, Co-Founder & COO shares his thoughts on the new round of pre-series investments. He says that Covid-19 has accelerated the momentum with a lot of small businesses wanting to come online. He also adds, “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.”

About Instamojo

Instamojo began its journey in the Fintech space with its flagship product. The online payment link solved the digital payments challenge for several entrepreneurs. Focused on empowering the Indian MSME sector, the company recently acquired GetMeAShop (GMAS). The GMAS is an e-commerce enablement firm backed by Times Internet. It helps small businesses establish an online presence and run a store.

This provided smarter and simpler solutions for businesses to sustain in a digitally evolving landscape, especially during times like the pandemic. With this new round of funding, the company aims to make it present globally. It also aims to become a global e-commerce enabler for small businesses.

Sampad Swain, Akash Gehani and Aditya Sengupta found Instamojo in 2012. The startup secured their Series B funding of 50 crores, early last year. They also recently turned cash-flow positive, with an all-time high GMV of Rs 2,000 crores. In recent months, Instamojo introduced easy ways of going digital. This included ‘Priority KYC’, ‘Sachet loans on Whatsapp’ and ‘InstaCash’ features which enabled merchants to go online and get instant access to loans. During the pandemic, the company recorded a 30% rise in their merchant-base, thus marking the start of a digital revolution in the sector.

Focused towards empowering the MSMEs of India, Instamojo provides a host of services ranging from digital payments, logistics to lending. The company today works with and enables over a million MSMEs to build, manage and grow their business.

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