A decade ago, Debit and Credit Cards were for the rich and educated, UPI was just a typo for a coalition of political parties and cash was easily available. A lot of that has changed over the years – so has Instamojo.
The Journey So Far
When we started off, we were just a simple payments platform. We allowed anyone on the internet to collect payments by just sharing a link.
Today, we are more than just a payment platform. We offer several online business services and tools like a forever-free online store, sales reports and trackers, customer insights through data and even add-on services like a “Business-card maker.”
Today, we are a payments and online business enabler to several underserved small businesses in the country.
Data-Backed
Currently, there are about 50 million MSMEs in India of which only 30% have gone digital in some form. To funnel that down further, only about 5% of the entire MSME population uses computers or smartphones to trade a total turnover of $60Bn.
Instamojo has acquired 10% of the MSMEs that are digitally active.
That has given us great insights into the money-making patterns of a digitally-active MSME.
A quick data-dive showed an online MSME’s annual turnover is around $25,000. Today, Instamojo enables about 30% of this turnover through its payments and online store offerings.
“We still have a long way to go.”
The opportunities here are immense. Going forward, Instamojo aims to enable around 75% of their annual turnover by not only improving our flagship payments but also creating an ecosystem of interdependent services that can help a MSME take their first digital step and assist them throughout their business journey.
Instamojo is all set to become a complete business solution with a vertically integrated approach of providing various core services like
- Payments
- e-commerce enabling services
- Compliance
- Lending
- Other services like logistics, promotions etc.
We plan to make this a possibility with not just in-house data-backed research and resources, but also through strategic partnerships.
We are committed to building a simple platform that can be used by anybody who has a phone number and a bank account, across mobile & web in just a few clicks making it convenient & affordable for everyone.
Five years and two cities later, Instamojo is several hands strong today and we will continue to grow as Indian MSMEs prosper.
We are excited to be at the forefront of India’s digital revolution and hope to help every little business idea, no matter which nook of the country it bodes from, grow into something meaningful.
While things have changed and are going to change in the future, one thing will remain forever constant – YOU. Thank you for traversing this journey with us and teaching us valuable lessons, which we imbibe to build better for you.
At Instamojo, we believe no business is a small business and that shall always remain.
1 comment
Going to join you this weekend.