Instamojo, a small business-focussed digital payments platform, which pioneered the concept of online payment links, is targeting a gross merchandise value of $1 billion (annualised) by March 2019, said its CEO and co-founder, Sampad Swain.

This six-year-old company is looking to double its customer user base to 10 lakh by March 2019., he said

“We want to be the only company that reaches 20 million merchants before anybody does,” Swain told BusinessLine .

Swain said the company does non-Aadhaar based KYC (PAN and bank details). Instamojo is backed by venture capital funds, including Kalaari Capital, Blume Ventures, Rajan Anand (angel investor), and a bunch of Japanese investors

After disrupting the payment gateway industry and launching an online store, Instamojo has now diversified into logistics (mojoexpress) and lending services (under mojocapital).

“We want to create largest ecosystem for SMBs to allow them to sell, manage and grow the business. To help them sell, we created payment link and store; to help them manage, we created logistics. And to grow, we are providing them capital,” he said.

Instamojo plans to launch other services such as advertising and GST return filing. “GST filing is a very difficult task for a small and medium business. We want to partner with multiple companies to bring them on to our platform to provide this service,” he said.

Instamojo has, till date, achieved a gross merchandise value of about $300 million.

“In our journey of building business for SMBs, we realised that payments is the best first step to enter their lives. Because payments is a trust issue,” said Swain.

As on date, Instamojo gets 4-5 million unique visitors to its platform every month.

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