Instamojo forays intoe-commerce sector; aims at powering 100k DTC brands at the end of 2021
· Instamojo is one of the first to build a Do-It-Yourself (DIY) SaaS platformfor MSMEs in India
· New e-commerce platform to help DTC brands set up independent online stores to sell online
Focused on empowering the MSME sector, Instamojo has long continued its efforts towards bringing small business online. Speaking about becoming India’s new e-commerce solutions provider for MSMEs, Sampad Swain, CEO & Co-founder, Instamojo said, “When we began Instamojo, the focus was on enabling digital payments through our pioneeringproduct, the “payment link”. It was then in 2018 that we as a company came to the realisation that a model based on standalone payments will not survive, and that we need to look for new avenues of growth via a diversified commerceplatform.We needed a sustainable model with characteristics like brand affinity, cascading network effects, higher margins, etc., and this we found in e-commerce. We already had the free online store feature since inception, and in early 2020, we acquired the Times group backed company GET ME A Shop (GMAS), a SAAS based model of starting online stores for businesses which are home grown and aspirational in nature. Putting together the expertise of GMAS and our learning from serving millions of MSMEs, Instamojo is now venturing full-fledged into the space of e-commerce.We are aiming to redefine online store business, and possibly be one of the first to build a Do-It-Yourself (DIY)SaaSbusiness for small businesses and DTC brandsin India.”
The new e-commerce platform will help simplify the process of taking an offline business to the digital format. The platform is suitable for the smallest of businesses, and will broadly offer merchants the following:
· The tools to build and manage your own business website, and gain digital independency
· Integrated services which include digital payments, logistics, instant pay-outs, access to credit, marketing tools and CRM
· The Do it for Me (DIFM) feature where Instamojo’s tech experts take charge of building a merchant’s website to provide a hassle free experience
Sampad further added, “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. Starting from payments, instant payouts to solve cash flow crunch, reseller network and marketing tools to cover aspects like discoverability, brand visibility and post sales customer delight, Instamojo has created an entire ecosystem of not just starting business online but also start transacting immediately. With our e-commerce offerings today, we aim to on-board 100kDTC brands at the end of this year.”
The company came out of beta version of the e-commerce platform in February’21. The platform clocked more than 100% growth in the 1stquarter post the launch in key performance indicators which included subscriptions, active paying customers and net subscriber addition with 95% retention.
Instamojo is a full-stack e-commerce platform for DTC brands and Micro, Medium & Small Enterprises (MSME’s) that enables them to start, manage and grow their business online. It is a one-stop shop for an entrepreneur that caters to their diverse e-commerce business needs by leveraging technology, data and design. Founded in 2012 by Sampad Swain, Akash Gehani and Aditya Sengupta, Instamojo early this year raised Series B funding from Gunosy Capital, AnyPay-a Japanese payments firm and the existing VCs. In November 2014, the company raised USD 2.6 million in Series A funding from Kalaari Capital, Blume Ventures, 500Startups and others. Prior to this, it had raised approximately USD 500,000 from 500 Startups, Blume Ventures and angel investors RajanAnandan, Sunil Kalra, Shailesh Rao, Rob de Heus among others. In 2012, Instamojo was one of the first startups from India to join the prestigious 500Startups Silicon Valley Accelerator Program. It has also been featured as one of the hottest start-ups by Economic Times in 2015. Instamojo constantly works towards creating significant innovation in digital commerce, which is universally accessible to create newer opportunities & sustainable livelihoods for MSMEs.
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