Fintech start-up Instamojo announced on Wednesday it had raised Rs 50 crore in a Series-B round of funding. The round was led by both existing and new investors.
Fintech start-up Instamojo announced on Wednesday it had raised Rs 50 crore in a Series-B round of funding. The round was led by both existing and new investors. Existing investors included AnyPay, Kalaari, Beenext & Rashmi Kwatra, along wit h a new one, Japanese investment firm Gunosy Capital.
“This year will see mobile becoming a big opportunity for MSMEs (micro, small & medium enterprises) to adopt, so our payment and lending services will be deployed in a continuum on mobile in a significant way,” Sampad Swain, co-founder and chief executive officer, Instamojo, told FE.
Swain added the company would also be developing a community platform for MSMEs to facilitate interaction between these. Additionally, the funds will be used to scale the company’s existing services.
Taka Inoue, CEO of AnyPay, said, “Our association with Instamojo started in August 2017 and since then Instamojo is all set to evolve from just being a payments company to full stack service provider who supports logistics and short-term loans to Indian MSMEs.”
The round consisted of a large primary and a smaller secondary capital infusion with one early investor taking an exit after the round. Industry analysts said after this round, Instamojo is valued at $50 million.
Yuki Maniwa, director of Gunosy Capital, said, “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.”