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Bengaluru-based fintech company Instamojo announced on Wednesday the closing of its Series-B round of funding. The round saw Instamojo raise ₹50 crore, led by both existing and new investors.
Existing investors included AnyPay, Kalaari, Beenext & Rashmi Kwatra, along with first time investor Gunosy Capital.
Flagship product
A press statement from the company said Instamojo launched its flagship product, the online payment link, thereby solving the digital payments challenge for several entrepreneurs. Focused on empowering the Indian MSME sector, the company recently expanded its portfolio by providing logistics and lending services to small businesses.
Smarter solution
This provided businesses smarter and simpler solutions to enhance their services and sustain in a digitally evolving landscape. With this new round of funding, Instamojo aims to transform itself into a full-stack fintech service provider, enabling MSMEs to build, grow and sustain in a competitive environment.
“The Series-B funding comes as a boost to our business and we are grateful to our investors for believing in Instamojo’s vision. We are excited about the opportunities that lie ahead for us and how our efforts can help revolutionize the Indian MSME sector,” Sampad Swain, CEO & Co-founder, Instamojo, said.
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