Comments
Fintech start-up Instamojo has acquired GetMeAShop (a business of Times Internet Ltd), a digital commerce platform for MSMEs, for $5 million in an equity transaction. Through this acquisition, which is its first, Instamojo will expand its digital solution offerings to empower its 1.2 million strong merchant base.
Established in 2012, Instamojo began its journey as a digital payments solution provider and has progressively grown into an online platform for micro, small and medium enterprises (MSMEs) to start, manage, and grow their businesses online. Over the past five quarters, Instamojo also introduced credit products and logistics services under the banners mojoCapital and mojoXpress respectively. Last quarter, the start-up launched the Mojo Developers Programme which opened up the Instamojo platform to external developers to create apps and solutions for MSMEs.
Easing operations
Speaking on the acquisition, Sampad Swain, CEO and co-founder of Instamojo, said: “From the initiation of Instamojo, the primary goal was always to ease business operations for small and medium businesses. With the gradual digitisation of sectors, we understood that the challenges faced by MSMEs are beyond just digital payments. Limited access to credit, competition from e-commerce platforms and cash flow were some of the growth obstacles, along with low access and technical knowledge which posed a greater threat.”
“With the GetMeAShop acquisition, the Instamojo suite of offerings will meaningfully expand to enable business owners with web presence tools to start, manage and grow their businesses in the rapidly growing tech ecosystem,” he said.
SaaS platform
GetMeAShop is a SaaS platform, helping small and medium businesses adopt and leverage technology without any prior technical know-how. It encompasses a website and online store builder, logistics providers, CRM, native Android and iOS mobile apps, social selling via WhatsApp and Facebook, and marketing tools such as SMS, email, push notifications and analytics.
“With a common mission to enable MSMEs, this is a partnership which will give us distribution, specific to the target segment we’ve been going after for all these years. And with our full-stack SaaS offering for MSMEs, we augment the existing offerings of Instamojo perfectly. It’s a 1 plus 1 equals 11 combination. Looking forward to an amazing journey of growth and empowerment of SMEs,” said Pushkal Srivastava, founder and CEO of GetMeAShop.
Instamojo has raised over $10 million in funding to date and is backed by investors, including Gunosy Capital, AnyPay, Kalaari Capital, Blume Ventures, and 500Startups.
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.