Instamojo Technologies Pvt. Ltd secures an undisclosed amount of funding from AnyPay Japanese payment firm in pre-series B funding round.This is the first investment made by AnyPay in India.
Bangalore-based payment and e-commerce platform for SMEs Instamojo plans to use the raised funds for expansion purposes especially in its offerings and e-commerce services like cataloging, logistics, shipping and GST compliance assistance.
Other than the above mentioned services company also plans to leverage on big data and begin financial services, such as lending via third-party providers, as well as expand its leadership team to meet these goals.
We are extremely excited about the possibilities and the future of the Indian SME market, and hold in great confidence that Instamojo will be able to capture that often underserved market space. For the first time, many Indian small businesses will be able to go digital, including themselves into the mainstream financial system, said Shinji Kimura, CEO, AnyPay.
The company intend to expand its wallet share to 70% by 2019 and enhance its merchant base by 400% in 2018. Instamojo had turned EBITDA positive in July 2017 and spectates 10-15% monthly growth.
With our vertical approach, we aim to cater to the end-to-end requirements of merchants and become an integral part of their growth story. We look forward to leveraging AnyPays expertise to further drive the adoption of online payments and e-commerce among SMEs, said Instamojo CEO Swain.