Fintech startup Instamojo on Friday said it has raised an undisclosed amount in a pre-series B round from Japanese payments firm AnyPay. This marks AnyPay’s foray into the Indian investment market.
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. The company will leverage big data and introduce financial services such as lending via third-party providers in the coming months. Instamojo also plans to expand its leadership team to meet these goals.
Founded in 2012, Instamojo enables over 3,00,000 small and medium enterprises to build and manage their business online. The company claims to have acquired 10 percent of the digitally-active SME base in India.
“We, at Instamojo understand the nuances of small businesses in India and leverage cutting-edge design and technology to deliver highly customizable solutions. 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. We look forward to leveraging AnyPay’s expertise to further drive the adoption of online payments and e-commerce among SMEs," said Sampad Swain, co-founder and chief executive officer (CEO) of Instamojo.
Instamojo had previously raised over USD 5 million from Kalaari Capital, Blume Ventures, 500Startups and angel investors including Rajan Anandan.“Instamojo is a great product. It’s simple yet effective and provides a true value add to Indian SMEs. We are extremely excited about the possibilities and the future of the Indian SME market, and hold in great confidence that Instamojo will be able to capture that often underserved market space," said Shinji Kimura, CEO, AnyPay.