Today we are celebrating our 7th foundation day. We started Instamojo 7 years ago with a singular mission of empowering millions of MSMEs to participate and thrive in the digital economy.
Today, I am excited to announce that we have crossed 1 million MSMEs on Instamojo. At the current growth rate, we will cross the 10-million milestone in the next 3-4 years.
Over the years, we have seen tremendous adoption from MSMEs in the services sector like educators, freelancers, accountants, caterers, health instructors, event organizers, travel operators, homestay owners, interior decorators, movers & packers, etc. Even those businesses that fall below the current GST limit have taken to Instamojo.
India is predominantly a services economy, contributing to 60% of the GDP worth $1.8 Trillion. Our customer base reflects this!
We are extremely proud of the way MSMEs have adopted Instamojo. The continuous demand for high quality, standardized offerings in one place that reduces costs and friction of doing business drives us to keep building for this sector.
This has helped us evolve from just a payments platform to a full-stack ecosystem of retail offerings like payments, lending, e-commerce and various value-added services (VAS) — anytime, anywhere across mobile & web.
We are super excited to announce the launch of “Mojo Developers Program (MDP)” — India’s 1st public APIs for developers to connect with over million MSMEs.
While we are currently working on various projects, we are most thrilled about MDP because of the potential it holds to become the catalyst of change for Indian MSMEs.
For long, the Indian MSME community lagged behind and could not leverage the power of new technological advancements. But, no more!
Today, we are unveiling the MDP platform publicly where developers & startups can build innovative tools & solutions for MSMEs.
We hope to see thousands of ideas flourish to create a thriving ecosystem of developers, startups, and businesses helping each other unlock value & potential.
What is Mojo Developers Program (MDP)?
Mojo Developers Program (MDP) is a set of simple APIs built on top of Instamojo platform. It enables developers & startups to gain programmatic access to our merchant data like their Profile (name, email etc), Payment (payment date, amount etc), Payout (date, type, amount etc), online store (inventory, sales etc), with the merchant’s permission, of course.
Developers & startups can now build apps on the Instamojo developer platform. Instamojo merchants will be able to view the app from Instamojo app store (android and web) and subscribe to the apps instantly.
By Developers, For Businesses
This is a unique, one-of-a-kind opportunity for a developer/solutions provider to work closely with Instamojo and get access to over 1 Million MSMEs on the platform and create a new revenue stream.
Why Programmatic Access?
We want to harness the power of imagination with MDP. As we open up the Instamojo platform to developers & startups, many opportunities will open up for every stakeholder in the ecosystem.
With MDP, we (along with the developers and startups that will build on the platform) hope to solve a cause that’s very close to our hearts. We want to provide simple access to cutting-edge technology at little to no cost to Indian small businesses.
This is our way to disrupt ourselves to an extent while giving our users the flexibility to not get tied down to a platform they are not able to scale with.
Control and Management
We have a developer console that allows one to develop, iterate and manage their app development. You can build as many apps as possible. A user may, at any point, pause or resume, or invalidate such access, and monitor all activity.
Why Develop on Instamojo?
- 1+ million merchants & 30+ million users — we are adding a merchant a minute on the platform today.
- In the last 12 months (LTM) new user reach was extended by 10 Million. That’s 346% CAGR growth in 7Y.
- A typical Instamojo merchant is a millennial internet user within the age group of 25-34 years old, 58% male, 1st gen entrepreneur or 2nd gen driving their family business into the 21st century.
- While males comprise 58% of overall merchant users, we have seen a 41% increase in female participation on our platform in the last 12 months.
- Mobile is now the only “standard” for Indian MSMEs. Now, 79% of engagement is coming directly from mobile users. In our 1st year of operations, the contribution from mobile was just 9%
- Referrals and word of mouth channels are leading to direct visits making them the highest traffic contributors leading to 425% CAGR growth in 7 years.
- Social is our 2nd best emerging distribution channel which has grown 493% CAGR growth in 7Y.
These data points don’t just allow us to make an informed decision about launching MDP but also allow us to understand who we want to build for and what we should be building for them.
With MDP, we aim to empower the next 50 million businesses in India.
Want to talk to us about MDP? Write to firstname.lastname@example.org