Instamojo, a Bengaluru-based digital payment solutions provider for small businesses along with custom-tailored business tools helps a business grow on the internet. The platform offers end-to-end solutions to medium, small and micro enterprises with credit facilities, marketing tools, inventory tracking applications and logistics as part of its full-stack digital service.
In June, Mastercard made a strategic equity investment in payments and online selling platform Instamojo. The partnership aims to empower millions of MSMEs and gig workers in setting up online stores. The initiative also equips these small businesses with digital payment methods to reach out to their customers in a hassle-free manner.
The investment and partnership strengthen the company’s initiative to support gig workers like tutors, electricians, personal trainers and small F&B operators among the lot, to launch, scale and grow their businesses.
Why Did Mastercard Invest In Instamojo?
MSMEs and gig workers are an integral part of Indian economy. With this collaboration and investment, the company aims to digitise the MSME sector.
With the help of Instamojo’s full-stack e-commerce platform for D2C brands and MSMEs, Mastercard aims to extend the company’s evergreen commitment of bringing one billion people and 50 million micro and small businesses into the digital economy sphere by 2025.
MSMEs and gig workers are an integral part of Indian economy.
How Will Instamojo Help MSMEs Digitise With This Investment?
Instamojo, started as a digital payments solution for small businesses, has broadened their horizon to provide SMEs with a platform to launch, manage and scale their businesses. The startup is starting with their own e-commerce platform for collecting payments and shipping their products in a seamless manner.
With Instamojo’s quick and easy onboarding process, merchants have readymade access to a fully automated online store with in-built payments, shipping and marketing services. The collaboration with Mastercard aims to work towards providing solutions to enable MSMEs and gig workers to set up online stores and reach out to a larger customer base in an effortless manner.
Insights For Startups
In a few years, the Fintech startup ecosystem has seen some major investment from the Indian as well as Global financial majors. Mastercard invested around Rs 250 crore to support small businesses in India last year. This has opened a new window for the small merchants and payment ecosystem to flourish.