On-demand payments and e-commerce platform for small and medium businesses Instamojo has raised an undisclosed amount in pre-series B funding from Japanese payments firm, AnyPay. The funding marks AnyPay’s foray into the Indian investment market. Founded in 2012, Instamojo enables over 3,00,000 SMEs to build, manage and grow their business online. Instamojo aims to extend its wallet share to 70 per cent by 2019 and grow its merchant base by 400 per cent in 2018, it said in a statement here. The company turned profitable on an operational level, in July this year and has witnessed a 10-15 per cent month-on-month growth, it claimed. The latest funding will allow Instamojo to expand its offerings and introduce e-commerce enabling services such as cataloguing, logistics, shipping and GST compliance assistance, it said. The company will leverage big data and introduce financial services such as lending via third-party providers in the coming months, and also plans to expand its leadership team to meet these goals, it added. “With our vertical approach, we aim to cater to the end-to-end requirements of merchants and become an integral part of their growth story,” said Sampad Swain, co-founder and CEO, Instamojo. “We look forward to leveraging AnyPay’s expertise to further drive the adoption of online payments and e-commerce among SMEs,” he added.
Instamojo had previously raised over $5 million from marquee global institutional funds such as Kalaari Capital, Blume Ventures, 500 Startups and prolific angel investors Rajan Anandan among others.