Instamojo is one of the first to build a Do-It-Yourself (DIY) SaaS platform for MSMEs in India
New ecommerce platform to help DTC brands set up independent online stores to sell online
Mumbai, NFAPost: Instamojo, a full-stack digital solutions provider for MSMEs, announced the company’s entry into the ecommerce space with the launch of its new ecommerce platform enabling small businesses and DTC brands to come online.
With this initiative, Instamojo will now enable DTC brands to launch their own independent online stores, empowered by the existing digital solutions offered by the company. Merchants can now build an online profile along with running and managing their online businesses.
The company currently offers merchants digital solutions which include online payments, logistics, credit services, free learning platform called mojoversity and more for business to gain visibility. Early 2020, the company acquired GetMeAShop (GMAS), an e-commerce enablement firm backed by Times Internet, and closed its Pre-Series C round of funding in the later part of 2020.
Focused on empowering the MSME sector, Instamojo has long continued its efforts towards bringing small business online.
Speaking about becoming India’s new ecommerce solutions provider for MSMEs, Instamojo CEO & Co-founder Sampad Swain said when Instamojo began its jourey the focus was on enabling digital payments through our pioneering product, the “payment link”.
“It was then in 2018 that we as a company came to the realisation that a model based on standalone payments will not survive, and that we need to look for new avenues of growth via a diversified commerce platform. We needed a sustainable model with characteristics like brand affinity, cascading network effects, higher margins, etc., and this we found in e-commerce,” said Sampad Swain.
Sampad Swain said the company has already had the free online store feature since inception, and in early 2020 acquired the Times group backed company GET ME A Shop (GMAS), a SAAS-based model of starting online stores for businesses which are home grown and aspirational in nature.
“Putting together the expertise of GMAS and our learning from serving millions of MSMEs, Instamojo is now venturing full-fledged into the space of e-commerce. We are aiming to redefine online store business, and possibly be one of the first to build a Do-It-Yourself (DIY) SaaS business for small businesses and DTC brandsin India,” said Sampad Swain.
The new e-commerce platform will help simplify the process of taking an offline business to the digital format. The platform is suitable for the smallest of businesses, and will broadly offer merchants the following:
· The tools to build and manage your own business website, and gain digital independency
· Integrated services which include digital payments, logistics, instant pay-outs, access to credit, marketing tools and CRM
· The Do it for Me (DIFM) feature where Instamojo’s tech experts take charge of building a merchant’s website to provide a hassle free experience
Sampad Swain further added to be able to tread onto the digital storefront path, merchants will require more than just setting up the online store.
“A digital storefront’s consistency is directly proportional to continued customer side engagement which is why it is the need of the hour to make available sustainable solutions for small businesses. Starting from payments, instant payouts to solve cash flow crunch, reseller network and marketing tools to cover aspects like discoverability, brand visibility and post-sales customer delight, Instamojo has created an entire ecosystem of not just starting business online but also start transacting immediately. With our ecommerce offerings today, we aim to on-board 100k DTC brands at the end of this year,” said Sampad Swain.
The company came out of beta version of the e-commerce platform in February’21. The platform clocked more than 100% growth in the 1st quarter post the launch in key performance indicators which included subscriptions, active paying customers and net subscriber addition with 95% retention.
Instamojo is a full-stack e-commerce platform for DTC brands and Micro, Medium & Small Enterprises (MSME’s) that enables them to start, manage and grow their business online. It is a one-stop shop for an entrepreneur that caters to their diverse ecommerce business needs by leveraging technology, data and design.
Founded in 2012 by Sampad Swain, Akash Gehani and Aditya Sengupta, Instamojo early this year raised Series B funding from Gunosy Capital, AnyPay-a Japanese payments firm and the existing VCs. In November 2014, the company raised $2.6 million in Series A funding from Kalaari Capital, Blume Ventures, 500Startups and others.
Prior to this, it had raised approximately $500,000 from 500 Startups, Blume Ventures, and angel investors Rajan Anandan, Sunil Kalra, Shailesh Rao, Rob de Heus among others. In 2012, Instamojo was one of the first startups from India to join the prestigious 500Startups Silicon Valley Accelerator Program.
It has also been featured as one of the hottest start-ups by Economic Times in 2015. Instamojo constantly works towards creating significant innovation in digital commerce, which is universally accessible to create newer opportunities & sustainable livelihoods for MSMEs.