Once upon a time, three friends sat brooding in a cafe over a need in the market – the need to collect payments. And Instamojo was born. About 4 years and two cities later, Instamojo has come a long way.
Today we’re celebrating a major milestone. Here are some numbers to crunch on:
1. We are adding 1000 daily small business merchants on our platform on an average.
2. At peak, post demonetization, we added 3000 SMEs.
3. That’s a 1500% hike in our daily average!
The numbers jumped significantly post demonetization. Today we have more than 200,000+ online SMEs who use Instamojo to collect payments over various platforms like Whatsapp, Email, SMS through Debit/Credit cards, Netbanking and other Digital Wallets.
These sellers are everyday guys from all over India, and surprisingly, a huge chunk (65%) of them hail from tier II, tier III and tier IV cities – proof that Instamojo is as easy as the alphabet and access to it is even easier.
Take it from our CEO, Sampad Swain:
So far, 1 out of 100 of all active Indian SMEs use Instamojo.
While retail stores, street vendors and technology enterprises like e-commerce etc. have found their payment solution in Point-of-Sale (POS) machines, Digital Wallets and Payment Gateways respectively but 47 Million small & micro SMEs haven’t. Instamojo is filling that big gap in the market with its offering across mobile & web.
The gap only widened after the demonetization move and we just hope to make life easier for our customers.
..with demonetization and broader push towards cashless economy, we will bridge that gap faster as more SMEs rapidly transition towards digital platforms like Instamojo, which requires only bank account & mobile phone to get started unlike other alternative which requires hardware installation (POS machines), artificial restrictions ideal for micro transactions (Wallets) or technical integration (Payment Gateways).
We are set to explore new waters in the coming year. Payments is just the tip of the iceberg, we are all set to go deeper. There are a ton of things we have done this year and there are a ton more things to do.
We want to join forces with several big-wigs in the e-commerce ecosystem to make other elements like logistics, lending, paperless accounting and digital marketing easily available to our customers.
“By FY2018, Instamojo will have 1 million SME merchants on its platform. So far, only offline Point-of-Sale (POS) companies have accomplished this feat with a total installed base of 1.2 Million that took 15 years; however it will take less than 5 years for Instamojo to breach the millionth mark,” Sampad adds.
We couldn’t have asked for a better way to end 2016. Thank you for all the love.
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