In Startup50 2017: Instamojo is India’s first on-demand payments platform that allows anybody with a phone and bank account to start an online business and collect payments on the Internet in less than two minutes. The Jury picked Instamojo for simplifying payment collection online and for scaling up revenue 3 times last fiscal.
Founders: Sampad Swain, Akash Gehani, Aditya Sengupta
One of its kind: Since establishing its payments platform in 2012, Instamojo has simplified payments for the merchant community. In addition to the uniqueness of its model, the two minute on-boarding process, in-built CRM for reconciliation, systematic payouts and dedicated customer support are the factors that have led to its success.
Growing at 3X: In the last fiscal, Instamojo has grown its annual revenue three times, year-on-year. The company’s total payment volumes have increased by 211 per cent while its total transactions have gone up by 178 per cent. As for new users on the platform, that number has increased by 106 per cent and the activation rate or the rate at which a merchant makes a first successful transaction has improved by 49 per cent. Its current month-on-month growth rate is pegged at close to 15 per cent.
Instamojo has also been successful in bringing on board investors, post seed funding in 2013, it raised a Series-A of US$ 2.6 million from Kalaari Capital and Blume Ventures in November 2014. The company turned profitable in July 2017 and shortly after in August 2017 it raised an undisclosed sum in a pre-Series-B from Japanese payments firm AnyPay.
Benefitting the ecosystem: In the near future, Instamojo plans to create a complete ecosystem for a small business – right from enabling it online to helping find funds and customers to grow. It also plans on launching a lending and credit scheme for Instamojo users while adding more features in terms of e-commerce like cataloguing, packaging and shipping through strategic partnerships.
- On-demand payments where on-boarding happens in less than two minutes
- Turned operationally profitable in July 2017
- Raised a Series-A of US$ 2.6 million from Kalaari Capital and Blume Ventures in November 2014, also raised an undisclosed sum in a pre-Series-B from Japanese payments firm AnyPay in August 2017
- Plans on launching a lending and credit scheme for users while adding more features in terms of e-commerce like cataloguing, packaging and shipping through strategic partnerships