Mastercard invests in payments firm Instamojo

Instamojo Co-founder and CEO Sampad Swain

Global payments giant Mastercard said on June 28 that it has invested an undisclosed amount in payments firm Instamojo, a move which will help digitise online stores and process their payments more seamlessly.

Instamojo offers small and micro merchants a ready-made virtual platform upon which they can quickly set up an ecommerce business and accept digital payments. Merchants have ready access to a fully functional online store with in-built payments and shipping capabilities, marketing tools and other value-added services such as logistics and credit facilities.

Sampad Swain, CEO and co-founder, Instamojo said, “While we started as a payments solution for the small business, we have broadened our purview since then and now we are focussed on the larger picture of providing the small businesses with a platform which helps them to start, manage and grow their business online. It is no longer restricted to just payment collection, but also about starting their own online store, collecting payments and shipping their products. Hence, creating an entire ecosystem of conducting business with ease for the small businesses. With players like Mastercard showing confidence in us, helps us broaden our horizon further.”

Mastercard has committed Rs 250 crore to support small business in India last year. As part of this commitment, the company launched several initiatives like growing digital payments awareness, providing low-cost digital and physical acceptance solutions, driving inclusive growth by enabling small merchants and retail stores with access to credit, and empowering women entrepreneurs by increasing their business acumen.

Rajeev Kumar, Senior Vice President, Market Development, South Asia, Mastercard, said, “MSMEs and gig workers are an important part of our Indian economy. Mastercard is committed to supporting them with the company’s strategic investment and partnerships to help them unlock the power and potential of digital commerce.

Moneycontrol reported on June 8 that Instamojo launched a Shopify-like ecommerce platform  helping with e-commerce software, branding, marketing, logistics and analytics.