In a recent development, Instamojo, a full-stack digital solutions provider for MSMEs, announced the company’s entry into the e-commerce space with the launch of its new e-commerce platform enabling small businesses and DTC brands to come online.
With this initiative, Instamojo will now enable DTC brands to launch their own independent online stores, empowered by the existing digital solutions offered by the company. Merchants can now build an online profile along with running and managing their online businesses. The company currently offers merchants digital solutions which include online payments, logistics, credit services, free learning platform called mojoversity and more for business to gain visibility.
Early 2020, the company acquired GetMeAShop (GMAS), an e-commerce enablement firm backed by Times Internet, and closed its Pre-Series C round of funding in the later part of 2020.
Focused on empowering the MSME sector, Instamojo has long continued its efforts towards bringing small business online. Speaking about becoming India’s new e-commerce solutions provider for MSMEs, Sampad Swain, CEO & Co-founder, Instamojo said, “When we began Instamojo, the focus was on enabling digital payments through our pioneering product, the “payment link”. It was then in 2018 that we as a company came to the realisation that a model based on standalone payments will not survive, and that we need to look for new avenues of growth via a diversified commerce platform. We needed a sustainable model with characteristics like brand affinity, cascading network effects, higher margins, etc., and this we found in e-commerce.”
He further added, “We already had the free online store feature since inception, and in early 2020, we acquired the Times group backed company GET ME A Shop (GMAS), a SAAS based model of starting online stores for businesses which are home grown and aspirational in nature. Putting together the expertise of GMAS and our learning from serving millions of MSMEs, Instamojo is now venturing full-fledged into the space of e-commerce. We are aiming to redefine online store business, and possibly be one of the first to build a Do-It-Yourself (DIY) SaaS business for small businesses and DTC brands in India.”
The new e-commerce platform will help simplify the process of taking an offline business to the digital format. The platform is suitable for the smallest of businesses.