Instamojo crosses Rs 110 crores milestone of sachet loans disbursal for small businesses

Bangalore, India, August 27, 2019: Instamojo, the full-stack solutions provider for MSMEs, recently crossed the 110 crore loan mark for their MSME-focused product - Sachet loans. The company has achieved this milestone in less than 10 months post the launch of Sachet Loans as of last year. With an aim to further empower nearly 7 crore Micro, Small & Medium Enterprises (MSMEs) in the country, it was in September last year that the company expanded its suite of products and services with the launch of mojoCapital and mojoXpress. While mojoCapital addressed the capital needs of small business owners, mojoXpress offers shipping services to merchants.

Instamojo crosses Rs 110 crores milestone of sachet loans disbursal for small businesses

MSMEs are a significant part of the Indian economy, contributing to 29% of the country’s GDP, despite a population of 63 million MSMEs in the country. Speaking on the milestone achievement, Sampad Swain, Co-Founder & CEO, Instamojo said, “The challenge of Cash Crunch has long been a growth hurdle for small businesses across the country. At Instamojo, our focus has always been towards empowering the growth of the MSME sector through our products and services. Through sachet loans, thousands of small businesses have benefitted, opening up several growth avenues. The tremendous response we have received since the launch of our lending arm is a witness to this positive development. This also indicates the progressive transition of the otherwise traditional MSME sector, towards digital methods which in turn also contributes to the larger purpose of Digital India.”

Sachet loans offer Next Day Payouts, Instant Payouts and Same Day Payouts which was recently introduced. Of the Tier I markets, Bangalore, Mumbai, New Delhi and Chennai top the list with the maximum loans issued, while in Tier II, cities like Gurgaon, Ahmedabad and Lucknow saw maximum loan disbursals. Of the three segments, Next Day Payouts is the most-sought after payment option, followed by Instant Payouts.

Instamojo provides a host of services ranging from digital payments, logistics to lending. The company today works with and enables over 900,000 MSMEs to build, manage and grow their business. As part of their upcoming plans this year, Instamojo aims to introduce promotional services, helping the MSME sector stay relevant in a competitive digital business landscape.

About Instamojo:

Instamojo is a growth gateway platform for Micro, Medium & Small Enterprises (MSME’s) that enables them to build, manage and grow their business online. It is a one-stop shop for an entrepreneur that caters to their diverse business needs by leveraging technology,​ data​​ and ​​design. Founded in 2012 by Sampad Swain, Akash Gehani and Aditya Sengupta, Instamojo early this year raised Series B funding from Gunosy Capital, AnyPay-a Japanese payments firm and the existing VCs. ​In November 2014, the company raised USD 2.6 million in Series A funding from Kalaari Capital, Blume Ventures, 500Startups and others. Prior to this, it had raised approximately USD 500,000 from 500 Startups, Blume Ventures and angel investors Rajan Anandan, Sunil Kalra,​​ Shailesh Rao, ​​Rob ​​de ​​Heus​​ among​​ others. In 2012, Instamojo was one of the first startups from India to join the prestigious 500Startups Silicon Valley Accelerator​​ Program. ​​It ​​has ​​also ​​been​​ featured​ ​as ​​one ​​of ​​the ​​hottest ​​start-ups ​​by ​​Economic ​​Times​​ in ​​2015. Instamojo constantly works towards creating significant innovation in digital commerce, which is universally accessible to create newer opportunities & sustainable livelihoods for MSMEs.

Recent Posts