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Instamojo launches Shopify-like e-commerce platform

Instamojo, which helps small brands process their online payments, is now also helping these brands set up their own e-commerce platform with Instamojo handling the backend entirely, similar to Canadian firm Shopify, which has become a raging success in recent times.

Mumbai / June 08, 2021 / 12:10 PM IST
Instamojo currently helps small businesses

Instamojo currently helps small businesses

Payments firm Instamojo said on June 8 that it had launched an e-commerce software platform aimed to help small to mid-sized consumer brands set up an online presence, along the lines of Canadian firm Shopify- currently worth $150 billion and among the hottest new age software firms.

Instamojo currently helps small businesses- say arts and crafts websites, niche brands and YouTube channels collect and process online payments. It now wants to help these businesses with their online retailing plans as well- helping with e-commerce software, branding, marketing, logistics and analytics.

“In the last three-four months we have acquired 50,000 merchants on this new platform. This is also why we acquired digital commerce firm GetMeAShop earlier this year,” Sampad Swain, co-founder and CEO of Instamojo, told Moneycontrol.

Helping small businesses go online and set up a digital storefront has been a hot theme in the Indian startup scene recently, with at least half a dozen startups, including DotPe, Dukaan and M.Paani addressing this market. However firms like Dukaan are catering to grocery stores and small retailers in the hinterland, a space Instamojo has avoided so far. Further, Instamojo already makes money from each of its e-commerce customers, charging a $100 (Rs 7,500) flat annual subscription fee, similar to Shopify.