Instamojo raise Rs 50 crore in a Series B funding round

Bangalore: Fintech startup Instamojo said that it has closed a Series-B round of funding worth Rs.50 crore. Both the existing and new investors led this funding round, namely — AnyPay, Kalaari, Beenext & Rashmi Kwatra, along with first time investor – Gunosy Capital.

With this funding, Instamojo aims to transform itself into a full-stack fintech service provider, enabling the MSMEs in India to build, grow and sustain in a competitive environment.

“The Series-B funding comes as a boost to our business and we are grateful to our investors for believing in Instamojo’s vision. We are extremely positive and excited about the opportunities that lie ahead for us as an organization and how our efforts can help revolutionize the Indian MSME sector. With the introduction of our recent lending and logistics services, Instamojo is today on its way to becoming the 360º digital-enabling partner for MSMEs for all shapes and sizes,” said Sampad Swain, CEO & Co-founder, Instamojo.

Sampad Swain, Akash Gehani and Aditya Sengupta founded Instamojo in 2012 and received their first round of investments in 2014, followed by a Pre Series B funding led by Japanese based firm AnyPay in August last year.

“Our association with Instamojo started in August 2017 and since then we have only seen extraordinary growth at their end, in terms of sales and MSMEs on-boarded on the platform. Now Instamojo is all set to evolve from just being a payments company to full stack service provider who supports logistics and short terms loans to empower Indian MSMEs,” said Taka Inoue, CEO – AnyPay.

The Series B round also saw the participation of first time investor Gunosy Capital. “We believe that digital and cashless economy has grown rapidly in India, and its e-commerce market is also expanding. From that background, Instamojo has been doing great business in the market and is expected to continue expanding,” said Yuki Maniwa, Director – Gunosy Capital.

Instamojo today works with and enables over 600,000 MSMEs to build, manage and grow their business. As part of 2019 plan, the startup aims to introduce promotional services, helping the MSME sector stay relevant in a competitive digital business landscape.

Instamojo began its journey in the fintech space with its flagship product – The online payment link, thereby solving the digital payments challenge for several entrepreneurs. Focused on empowering the Indian MSME sector, the startup recently expanded its portfolio by providing logistics and lending services to small businesses.

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