Instamojo plans to spend the money on marketing, product development and expanding the team.
Instamojo.com, a payment solutions provider based out of Mumbai has raised an undisclosed sum from Kalaari Capital to democratise payments for individuals, micro-merchants, freelancers, SMBs with its innovative link-based payments platform. Previous investors like Blume Ventures, US-based 500Startups and others have also participated in this round.
Instamojo.com lets anyone collect payments directly from their customers by simply sharing a link through their website, social media and mobile channels such as SMS or WhatsApp. By providing a seamless & simple checkout process for buyers, Instamojo drives sales conversions that are more than 600 per cent higher than the industry standard.
Instamojo has recently released its own Appstore that lets sellers subscribe to apps that are of their interest. There are apps like the affiliate app, bulk messaging app and more which are designed to simplify and enhance a sellers' business growth.
Instamojo has also released its automated dispute resolution system which provides 100 per cent transparency and safety while buying through Instamojo. On the same lines, Instamojo is also working on its proprietary anti-fraud system that helps in identifying fraud and protecting its users.
Instamojo plans to spend the money on marketing, product development and expanding the team. Part of this involves setting up the new office in Bangalore. "We are positioning ourselves as the iOS of the payments industry," said Sampad Swain, Co-founder & CEO, Instamojo.
"We are removing barriers of entry like technical know-how, upfront costs, providing access to distribution channels on web & mobile and thus boosting time to market for small businesses.
Our new technology and fresh approach creates a frictionless payments ecosystem that fosters product innovation. And we are excited to have Kalaari Capital partner with us as a testament to the breadth of their experience in the e-commerce & payments domains".
Vani Kola, Managing Director, Kalaari Capital who joins the company's board believes in the tremendous potential for payment solutions in India. She says, "Instamojo's product is one of the most innovative solutions we have seen so far created by a passionate team. The large number of SMBs in India offer a significant market opportunity."