Instamojo aims to increase merchant base from 250,000 to 1 million by 2018
PUNE: On demand payments and e-commerce platform Instamojo said that new merchant activation have increased 150% in the past year, and that it plans to increase its current merchant base of 250,000 to one million by 2018.
The company said that the number of merchant registrations on the platform had increased by 106% while the number of transactions performed on the platform increased by 178% in the past year.
To meet its target of one million merchants on the platform, the company also announced the launch of a suite of new solutions to help them to build, manage and grow their business online with ease.
"We strongly believe that adoption of digital technology is key for any business idea to grow and we are accelerating this growth by providing convenient and innovative solutions. Instamojo aims to address the end-to-end requirements of SMBs and emerge as their one-stop digital partner. Today, 1 out of 100 active Indian SMEs use Instamojo and we are working towards narrowing this gap further. We have witnessed a strong adoption for our payment platform so far and are excited for our next phase of growth," said Sampad Swain, CEO, Instamojo.
Some of the new offerings include 'Instamojo Connected Marketplace' which connects small business owners with sellers who offer services such as content development, logo and web designing, translations, digital marketing, SEO analytics etc, an online store that would enable merchants build their own customisable stores, hosted for free on Instamojo, and a new app.
Set up in 2012, Instamojo raised $2.6 million in Series A funding from Kalaari Capital, Blume Ventures, 500 Startups and others in November 2014.
The company said that the number of merchant registrations on the platform had increased by 106% while the number of transactions performed on the platform increased by 178% in the past year.
To meet its target of one million merchants on the platform, the company also announced the launch of a suite of new solutions to help them to build, manage and grow their business online with ease.
"We strongly believe that adoption of digital technology is key for any business idea to grow and we are accelerating this growth by providing convenient and innovative solutions. Instamojo aims to address the end-to-end requirements of SMBs and emerge as their one-stop digital partner. Today, 1 out of 100 active Indian SMEs use Instamojo and we are working towards narrowing this gap further. We have witnessed a strong adoption for our payment platform so far and are excited for our next phase of growth," said Sampad Swain, CEO, Instamojo.
Some of the new offerings include 'Instamojo Connected Marketplace' which connects small business owners with sellers who offer services such as content development, logo and web designing, translations, digital marketing, SEO analytics etc, an online store that would enable merchants build their own customisable stores, hosted for free on Instamojo, and a new app.
Set up in 2012, Instamojo raised $2.6 million in Series A funding from Kalaari Capital, Blume Ventures, 500 Startups and others in November 2014.
