Fintech startup Instamojo disburses ₹110 cr in small group loans to MSMEs

Must Read

Howdy, Modi! : World media reactions on Modi-Trump’ grand Houston Event address

New Delhi, Sep 23: United States President Donald Trump and Indian Prime Minister Narendra Modi on late Sunday shared...

Howdy Modi : Modi-Trump mark history in US-India relationship with great show at Houston

Houston, Sep 22:  Modi, delivering his speech at the historic event, talks about the development underwent over five years...

ECI announces dates of Maharashtra & Haryana elections; Single Phase Election on October 21; Result on 24th

Election Commission of India has announced the dates of much-awaited state elections. According to the Chief Election Commissioner, Sunil...

Instamojo, a Bengaluru-based payment gateway provider that serves to micro, small and medium enterprises (MSMEs), has released around ₹110 crore of sachet loans to MSMEs, cited Livemint. 

Sampad Swain, chief executive of Instamojo, said, “Our loan portfolio has been growing at a 15% month-on-month since the launch of our MojoCapital business last year. We provide short-term working capital loans with faster disbursals compared to traditional lenders to SMEs.”

Instamojo was founded by Sampad Swain, Akash Gehani, Aditya Sengupta, and Harshad Sharma in 2012. It provides a multi-channel payment gateway to enable SMEs to manage and grow their business.

Swain further said that the company currently has over 900,000 merchants on its platform, out of which around 10% of them have used MojoCapital in the last one year.

“We are targeting to get a million customers by the end of October. And we have added around 50,000 merchants in the last 45 days alone,” added Swain.

“However, if you are a small business, you need to have enough money in hand to buy the next set of inventory. Unlike large corporations, SMEs don’t have forecasting software to forecast sales and the inability to make inventory purchases upfront without sale orders in place is a challenge for small and medium merchants,” said Swain

Furthermore, presently, Instamojo is present in Tier 1 markets like Bangalore, Mumbai, New Delhi, and Chennai which tops the list of maximum loans issued while in Tier II, cities like Gurgaon, Ahmedabad, and Lucknow saw maximum loan disbursals, as per the company.

Some of the other startups that falls under the similar roof include Aye Finance, Capital Float, Namaste Credit, Lendingkart and many more.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

Prince William and Kate conclude Pakistan visit

Islamabad, Oct 19 (IANS) The United Kingdom's Prince William and Kate concluded their first visit to Pakistan.The Duke and...

69 Palestinians hurt in clashes with Israeli soldiers in Gaza

Gaza, Oct 19 (IANS) At least 69 Palestinians were injured during clashes with Israeli soldiers in Gaza Strip along the borders with Israel, medics...

Jio adds 84.45 lakh new users in August

New Delhi, Oct 19 (IANS) Reliance Jio continued to be the only operator to add new subscribers, as the telecom major added 84.45 lakh...

India Inc responds warmly to invest in MP

Indore, Oct 19 (IANS) The Indian and overseas industrial captains on Friday responded whole-heartedly to Chief Minister Kamal Nath's request to invest in Madhya...

Trump speaks over phone with Erdogan on Syria ceasefire deal

Washington, Oct 19 (IANS) US President Donald Trump said that he had a phone call with his Turkish counterpart Recep Tayyip Erdogan, downplaying the...
- Advertisement -

More Articles Like This