SME business enabler InstaMojo has secured undisclosed amount of funding from Gunosy Capital and Japan based Base. This is Bengaluru based startup’s first funding round in 2020, after having raised $7 Mn in series B round in January 2019.
The investment marks the first investment by Base in InstaMojo. Widely hailed as the Shopify of Japan, Base’s investment can offer strategic advantage to InstaMojo in the long run. In all likelihood, the Bengaluru based startup may seek partnership with the Japanese firm to expand in the international markets.
Once a struggling startup, over the years InstaMojo has blossomed into a thriving company. The turnaround started after the startup decided to pivot early last year; from being a payment gateway in its initial days, the startup is now a full-stack SME platform that handles virtually every business cycle – payments, free online store, logistics, credit & financing and more.
In fact, 2020 has turned out to be a watershed year for Instamojo. The company earlier this year claimed that it has achieved cash-flow positive and become 100% profitable.
The startup also claimed that it has clocked an all-time high GMV of Rs 2,000 Cr.
InstaMojo’s co-founder Sampad Swain took to his Twitter account to share these important metrics.
InstaMojo’s inspiring success is apparently due to the slew of products that the company had launched over the last few months.
This includes products like Sachet Loans via WhatsApp, Mojoplus, Instacash and Marketplace API.