MSME payment solution startup Instamojo to offer software services with its maiden acquisition deal

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Updated: February 5, 2020 12:05:29 PM

Technology for MSMEs: The acquisition is likely to boost Instamojo offerings particularly its own website-builder platform Instamojo Online Store that also has features including in-built payments and analytics, shopping cart etc.

The deal will offer added services to Instamojo’s around 1.2 million merchant base. (Image: Instamojo.com)

Technology for MSMEs: E-commerce enabler and payment gateway startup for micro, small, and medium enterprises (MSME) — Instamojo has acquired Times Internet-owned GetMeAShop (GMAS) for $5 million. GMAS helps small businesses build an online website along with offering marketing, payments, and CRM tools. The acquisition is likely to boost Instamojo offerings particularly its own website-builder platform Instamojo Online Store that also has features including in-built payments and analytics, shopping cart etc. Times Internet, part of the Times Group, had bought GMAS around December 2015. The deal, which marks the first acquisition for around eight-year-old Instamojo, will offer added services to its around 1.2 million merchant base.

“Now with this new acquisition, we are venturing into the SaaS modelling. We will be providing software for MSMEs to build their own network and also build their online e-commerce store. Under this flagship product, we have several value-added products like google analytics, CRM, digital marketing tools,” Sampad Swain, CEO and Co-founder, Instamojo told Financial Express Online. 

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“All this while Instamojo had a basic online store for someone to get started. When these merchants were evolving to get a brand name, Instamojo had to eventually change its layout and software,” said Swain. Instamojo will add GMAS as a premium product with additional features apart from Instamojo’s own free store for its merchants. “We will revamp the model and along with our free store we will add the GMAS as an additional feature for merchants on our platform for a premium price,” said Swain. Pushkal Srivastava — the founder of GMAS and the team of 25-30, which sits in Gurugram, have been absorbed by Instamojo and have already started working under the new parent company. We want to integrate GMAS into Instamojo’s core platform so that we can offer these services to a combined larger merchant base i.e. appx 1.2 million merchants in India.

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