Fri. Mar 29th, 2024

InstaMojo, an on-demand online payments platform, has today raised an undisclosed amount on funding in a new round from Japan-based payments firm Anypay.

As per the report from Economic Time, the startup’s existing investor Kaalari Capital has also poured in money in the current pre-Series B round.

The investment also marks the debut of Anypay in the Indian market as an investor. The funds will be used by the company to expand its offerings and enter into new areas. It also plans to introduce e-commerce enabling services such as cataloguing, logistics, shipping and GST compliance assistance.

Sampad Swain, CEO of the company, said,

We will invest in developing a host of offerings that are affordable and simple.One of them is lending and credit, the availability of which is hard to come by for small businesses. That is a big opportunity for us and that is where Anypay’s network will open doors for us.

Commenting about the investment, Shinji Kimura, CEO of AnyPay, said,

For the first time, many Indian small businesses will be able to go digital, including themselves into the mainstream financial system.We are excited about the possibilities and the future of the Indian SME market, and hold confidence that Instamojo will be able to capture that often underserved market space.

Founded in 2012 by Sampad SwainAkash Gehani and Harshad Sharma, Instamojo is an on-demand payments platform that is available on both web and mobile.

It allows individuals and small businesses to collect payments online by sharing a link with their audience. The link can be shared through SMS, WhatsApp, email, and social channels or embedded on websites.

The company claims to have around 3,00,000 SMEs merchants on its platform. Instamojo aims to extend its wallet share to 70 percent by 2019 and grow its merchant base by 400 percent in 2018.

It had last raised Series A funding round in 2014 from Kalaari Capital, Blume Ventures, 500Startups and others. Before that, it had secured a seed funding round from 500 Startups, Blume Ventures and a group of angel investors like Rajan Anandan, Sunil Kalra, Dave McClure, among others.

InstaMojo claims to have acquired 10 percent of all the digitally-active SMEs in India and controls 30 percent of their annual turnover. The company further claims that it turned EBITDA positive in July 2017 and has been witnessing 10-15 percent month-on-month growth.

By Jeet