Bengaluru based Fintech company Instamojo has announced closing of its Series-B round of funding worth Rs. 50 crore, led by both existing and new investors.
With existing investors including AnyPay, Kalaari, Beenext & Rashmi Kwatra, the company also received funding from time investor - Gunosy Capital.
Focused on empowering the Indian MSME sector, Instamojo began its journey in the Fintech space with its flagship product - The online payment link, thereby solving the digital payments challenge for several entrepreneurs.
However, with this new round of funding, Instamojo aims to transform itself into a full-stack Fintech service provider, enabling the MSMEs of the country to build, grow and sustain in a competitive environment.
"We are extremely positive and excited about the opportunities that lie ahead for us as an organization and how our efforts can help revolutionize the Indian MSME sector. With the introduction of our recent lending and logistics services, Instamojo is today on its way to becoming the 360ยบ digital-enabling partner for MSMEs for all shapes & sizes," said CEO & co-founder, Instamojo, Sampad Swain.
"We believe that digital and cashless economy has grown rapidly in India, and its e-commerce market is also expanding. From that background, Instamojo has been doing great business in the market and is expected to continue expanding," said Yuki Maniwa, Director of Gunosy Capital.
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