With major investors at disposal Instamojo raises funds of 50 crore

Fintech startup Instamojo Wednesday said it has raised USD 7 million (about Rs 50 crore) in funding led by existing investors AnyPay, Kalaari, Beenext and angel investor Rashmi Kwatra. The series B round also saw Japan's Gunosy Capital come on board as a new investor. The company, in total, has raised over USD 10 million in funding till date. Instamojo CEO and co-founder Sampad Swain said the fresh funds will be used to expand the offerings of the company, strengthen its mobile platform and talent acquisition. "The series B funding comes as a boost to our business...We are extremely positive and excited about the opportunities that lie ahead and how our efforts can help revolutionise Indian micro, small and medium enterprises (MSME) sector," he told PTI.

Swain added that with the recent introduction of lending and logistics services, the company expects to see three-five folds growth in revenues in the next fiscal. The company is also looking at doubling its headcount to about 250 from the current 125. Founded in 2012 by Swain, Akash Gehani and Aditya Sengupta, Instamojo had raised its first round of investment in 2014, followed by a pre-series B funding led by Japanese firm AnyPay in August last year. "Instamojo is all set to evolve from just being a payments company to full stack service provider which supports logistics and short-term loans to empower Indian MSMEs," Swain explained. Instamojo works with over six lakh MSMEs to help them build, manage and grow their business. As part of its plan for 2019, the company also aims to introduce promotional services to help MSMEs stay competitive in an expanding digital business landscape.

(With inputs from agencies.)