Founded in 2012 by Sampad Swain, Akash Gehani and Aditya Sengupta, Instamojo raised its series B funding from Gunosy Capital, AnyPay-a Japanese payments firm and the existing VCs earlier this year.
Instamojo on Tuesday said it aims to enable e-commerce for about one lakh direct to consumer (D2C) brands and small businesses by the end of the year.
The company, which provides digital solutions for MSMEs, has entered the e-commerce segment and is providing tools and solutions to small businesses and D2C brands to help them launch their own independent online stores, Instamojo CEO and co-founder Sampad Swain told PTI.
‘Merchants can now build an online profile along with running and managing their online businesses. We are offering merchants digital solutions which include online payments, logistics, credit services, free learning platform called ‘mojoversity’ and more, to help these businesses gain visibility,’ he said.
Last year, Instamojo had acquired GetMeAShop (GMAS), an e-commerce enablement firm backed by Times Internet.
Swain said Instamojo launched its e-commerce offering in February this year and has seen tremendous response.
‘About 50,000 brands have come and created store fronts…From February to now, we have grown 15-20 per cent month over month, and if we can continue, it will be 8-10X growth.’ At a conservative level, Instamojo is hopeful of powering one lakh such brands in India by the end of the year, he added.
‘I think this business can go to USD 100 million in the next five years, whether it will happen in three years or five, we will see,’ Swain said.
He explained that to be able to tread onto the digital storefront path, merchants will require more than just setting up the online store.
‘A digital storefront’s consistency is directly proportional to continued customer side engagement which is why it is the need of the hour to make available sustainable solutions for small businesses…Instamojo has created an entire ecosystem of not just starting business online but also start transacting immediately,’ he said.
Founded in 2012 by Sampad Swain, Akash Gehani and Aditya Sengupta, Instamojo raised its series B funding from Gunosy Capital, AnyPay-a Japanese payments firm and the existing VCs earlier this year.
(PTI)
Source: Business World
