Comments
Fintech start-ups such as Instamojo, Razorpay, Upwardly.in and ClearTax are transitioning into full-stack platforms in order to provide customers with end-to-end solutions.
Instamojo, an on-demand digital payments platform, has launched two products — MojoXpress and MojoCapital — to provide logistics and credit services respectively to over 5 lakh MSME merchants who use Instamojo.
Merchants can ship to 12,000 pincodes at scheduled pick-up times and get real-time micro-sized credit up to ₹2 lakh for a single transaction.
“Of India’s 6.3 crore MSMEs which contribute to 28.77 per cent of GDP, only 32 per cent have gone digital. We have created a tool-set for MSME merchants to start, manage and grow their businesses using Instamojo, with a few clicks. With the launch of MojoXpress and MojoCapital, we have transitioned into a complete business operating system for MSMEs,” said Sampad Swain, CEO, Instamojo.
The start-up unveiled a new logo to capture its new identity and aims to cross ₹6,000 crore in GMV in FY 2019 from the current ₹1,000 crore.
Investment advisory and mutual fund platform, Upwardly.in which has garnered ₹400 crore in investments within 20 months of its launch, recently introduced an online investment platform for NRIs that is already raking in ₹5 crore a month. The start-up is preparing to launch fixed deposits next quarter.
Prateek Mehta, CEO, Upwardly.in
“We are partnering with small banks and NBFCs to offer FDs at 8.75-9.25 per cent, while the market is offering 6.75-7.45 per cent,” said Prateek Mehta, CEO, Upwardly.in
Income-tax returns e-filing platform, ClearTax, which launched Billbook software last June to assist SMEs to get GST-ready, recently launched a slew of products including ClearTax E-Way bill, a software built to integrate with any ERP system where suppliers can upload numerous invoices and auto-generate the bill,
Tax filing service for gains from cryptocurrency, Long Term Capital Gains Advisory services and e-filing of form DIR-3 KYC for Directors. Razorpay that powers online payments for over one lakh small and large businesses launched its 2.0 avatar late last year with the launch of five products and payment solutions designed to solve the management of the entire flow of money for under served businesses, plans to launch lending services for SMEs in six months.
The start-up expects its 2.0 product suite to contribute 30 per cent of its revenue by next fiscal, from the current 20 per cent.
India’s fintech software and services industry was a ₹55,000-crore market as of 2016 and is set to grow to ₹96,400 crore by 2020.
Digital payments, alternative lending, alternative financing and personal finance are set to exhibit significant transaction value growth over 2018–2022, aided by the growing internet user base, smartphone user base and Govt initiatives such as Digital India, JanDhan Yojana, Demonetisation and Aadhaar, reveals a study commissioned by Instamojo.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.