One doesn’t have to be a mathematician to have a thing for numbers. We are no different. In fact, numbers rule at Instamojo! Here’s a look at our performance by the numbers for the financial year 2016-17:
When we say we pioneered the “on-demand payments” space in India, we aren’t kidding. Today, 1 out of every 100 online SME uses Instamojo.
To put that into perspective, we were the first and perhaps the largest player in the market with more than 250,000 registered merchants who can now accept all modes of digital payments and sell online directly to consumers in 2 minutes with just a phone and bank account.
Post demonetisation, we are literally enjoying a front-row seat experience of how Indian merchants, especially micro, small & medium enterprises (MSMEs), are adopting digital payments & transacting in several ways on the internet.
We have always believed that every business idea deserves to be on the Internet to grow. But very few are able to make it even today. At Instamojo, we want to make that a possibility with technology, data, design and little bit of Mojo (magic).
Mission: Simplify Going Online
Our mission is to enable businesses of all sizes to start, manage and grow on the internet across mobile & web. We are excited about the fact that India can now aspire to be a domestic, consumption-driven economy, fueled by small businesses across every nook & corner of the country than being an export-driven market.
Last year (2016) was one of our best years. While we do publish a year-in-review every calendar year, this is our 1st annual performance report (FY 2017) which is a testament of how fast Indian MSMEs are adopting digital tools and solutions.
We are also closer to profitability (cashflow break-even). We are at a stage where we can think profitability without making trade-offs between business growth and our burn rate. In simple words, we will continue posting strong growth numbers Q/Q without compromises.
Unlike many other businesses, Instamojo’s growth is not hinged on advertising & marketing to acquire users. We depend on WoM (word-of-mouth) and referrals which is purely derived from the inherent network effects which our platform enjoys.
As we add more merchants to our platform, we expect our CAC to go close to Rs 0 (currently at low double digits) which is a huge competitive advantage and perhaps our absolute economic moat.
My team and I would like to thank each & every customer and individual that believed is us and rooted for our success. Your confidence in us has helped keep our heads down and execute ruthlessly against all odds. We will continue to do so.