Bangalore, August 28, 2018 – With an aim to further empower nearly 6 crore Micro, Small & Medium Enterprises (MSMEs) in the country, on-demand digital payments platform, Instamojo, today announced the launch of two new flagship products – MojoXpress and MojoCapital. The new offerings will address the logistics and lending needs of small businesses, thereby defining Instamojo as a full stack service provider for the MSME sector. The now extended product portfolio will help Instamojo merchants to use lending and logistics under a single roof, unlike earlier where merchants had to rely on multiple vendors to provide these services to their customers.
Instamojo founders Aditya Sengupta (CTO), Sampad Swain (CEO), Akash Gehani (COO)
The announcement comes at a time when digitization in the Indian SME/MSME sector is on an upward swing, with merchants exploring newer avenues to enhance their offerings. This move also marks the start of a new chapter for Instamojo, who have partnered with leading lending and logistics service providers to deliver high-quality and reliable services to its registered merchants. The additional new services are bound to make businesses more efficient and cost-effective for both merchants and end-users alike.
The two new products, MojoXpress and MojoCapital, essentially provide logistics and credit services to Instamojo’s merchants. MojoXpress, which is essentially shipping services, is being provided in partnership with multiple service provider, and can be availed through the Instamojo App Store. On the other hand, MojoCapital will help in fulfilling the growth-related financial requirements of the MSMEs. Under MojoCapital is Sachet Loans, a byte sized micro credit, given to MSMEs for regularizing their cash flow and sustaining day-to-day operations. Sachet loans are further divided into Next Day Payout and Instant Payout which will allow merchants to receive their payments a day after the payment was made (T+1) and an instant payout respectively.
Instamojo has bolstered its technology platform to offer a seamless experience to their customers. Speaking on the latest addition of technology in their ranks, Instamojo CEO Mr. Sampad Swain said, “MSMEs are the backbone of the Indian economy, contributing up to 45% of the country’s GDP. Businesses are constantly looking at exploring alternative channels to supplement their growth; and lending & logistics are providing them with these suitable avenues. Today, with Indian MSMEs taking the digital route, we believe that there are tremendous opportunities for us to extend our services to customers, thereby helping them grow their business.”
Elaborating on the technology aspect of the new solutions, COO Akash Gehani said, “The brand new products and features on the dashboard will provide multiple solutions to our merchants, making for a seamless and hassle free experience. Instamojo will now be a one-stop growth platform for the MSMEs and will provide a comprehensive experience to the emerging small businesses. This is a revolutionary step in financial technology. Instamojo is not just facilitating the movement of products from the seller to the end consumer but also providing them with vital resources to sustain themselves.”
About Instamojo:
Instamojo is a growth gateway platform for Micro, Medium & Small Enterprises (MSME’s) that enables them to build, manage and grow their business online. It is a one-stop shop for an entrepreneur that caters to their diverse business needs by leveraging technology, data and design. Founded in 2012 by Sampad Swain, Akash Gehani and Aditya Sengupta, Instamojo initially raised Pre-Series B funding from AnyPay-a Japanese payments firm. In November 2014, the company raised USD 2.6 million in Series A funding from Kalaari Capital, Blume Ventures, 500Startups and others. Prior to this, it had raised approximately USD 500,000 from 500 Startups, Blume Ventures and angel investors Rajan Anandan, Sunil Kalra, Shailesh Rao, Rob de Heus among others. In 2012, Instamojo was one of the first startups from India to join the prestigious 500Startups Silicon Valley Accelerator Program.It has also been featured as one of the hottest start-ups by Economic Times in 2015. Instamojo constantly works towards creating significant innovation in digital commerce, which is universally accessible to create newer opportunities & sustainable livelihoods for MSMEs.