Digital solutions provider for D2C businesses Instamojo recorded a 150% Y-o-Y growth to become EBITDA profitable in 2023. With the company turning profitable two years after its pivot to a D2C platform, the brand is delighted to announce a significant shift in its brand identity from a payment gateway to a #D2CTech company. Instamojo’s #D2CTech suite is projected to grow 2x in the coming year while the company looks forward to on-board 4,00,000 new merchants within this time period.
Early in 2021, the company entered the e-commerce market with its #D2CTech solution suite that enabled nano businesses to open their own independent online stores. 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.
Sampad Swain, CEO & Co-founder, Instamojo said, “We are living in a D2C 2.0 era where homegrown businesses are leveraging the power of the internet to acquire a global market for their products. However, when these businesses decide to go online, they are not able to find the right solution which is both affordable and savvy. And that is exactly where we come in. This has proven to be a lucrative market for us. With our #D2CTech offering, we are not only promoting every Indian household business to go online, but also we remain deeply involved in making the process so intuitive that it becomes second nature. This philosophy has helped our business clock rapid strides of growth while at the same time helping us chart the discourse of a reimagined D2C boom in India.”
Other stats depicting growth on the platform:
- In terms of D2C category growth on the Instamojo platform, the bath, beauty & fragrance sectors grew by 300%, while the art & craft sector grew by 80%
- Merchant enrolment numbers recorded a spike with maximum traction from Mumbai amongst the metros which saw a 746% jump (versus FY22), and Kochi from non metros which recorded a 689% increase
- Markets contributing highest revenue: In order of ranking, Bengaluru stood first followed by Delhi/ NCR and Mumbai
- The top 10 Tier II and III towns contributing to merchant enrolments include: Indore, Guwahati, Ludhiana, Bhubaneswar, Surat, Coimbatore, Nagpur, Kochi, Bhopal, Siliguri
Instamojo offers unique Do-It-For-Me solutions. If a business does not want to build their store or are not comfortable with DIY services, the Instamojo expert team builds the store with hand-picked features that would support the business’ growth and help them scale. In 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.