Tuesday, 5 February 2019

Instamojo opens logistics, lending services to MSMEs

5/2/2019

PUNE: Instamojo, a full stack Fintech service provider for MSMEs, announced the launch of new services to its customers in Pune. Focused on empowering the Indian MSME sector, the company recently expanded its portfolio by providing logistics and lending services to small businesses. The launch of mojoXpress and mojoCapital will further empower 6.3 crore Micro, Small & Medium Enterprises (MSMEs) in the country, including close to a lakh in Pune.

India today boasts of having the second largest number of MSMEs in the world with 6.3 crore enterprises. However, a sector this large faces several basic challenges - the factor of cash crunch and the more recent digital wave. With e-commerce booming, it becomes essential for small businesses to digitally evolve in order to stay relevant in this competitive environment. Instamojo’s digital payment solutions and the newly introduced lending and logistics solutions help small businesses overcome these obstacles.

With mojoCapital, MSMEs on Instamojo’s platform can avail short term credit helping fulfil everyday business-related financial requirements through sachet loans, a byte-sized micro credit facility. Under sachet loans are the features Next Day Payout and Instant Payout, through which merchants receive their payments the next day or instantly. The company has partnered with banks and finance institutions to launch mojoCapital. mojoXpress is another unique offering catering to day-to-day logistics and delivery requirements of MSMEs. The company has partnered with leading logistics service providers to deliver reliable services to its registered merchant customers.

Instamojo has bolstered its technology platform to offer a seamless experience to their customers. Speaking on the new product entrants, Instamojo CEO Sampad Swain said, “MSMEs are the backbone of the Indian economy, contributing up to 45% of the country’s GDP. In a market like Pune which boasts of a dynamic entrepreneur sector, businesses are constantly looking at exploring alternative channels to supplement their growth and stay relevant in a fast evolving digital world. Through Instamojo’s lending & logistics solutions, we believe that there are tremendous opportunities for us to extend our services and also open several growth avenues for these small businesses. Instamojo will now be a one-stop growth platform for the MSMEs of Pune.”

The company recently announced the closing of its Series-B round of funding, with a total investment of Rs 50 Crore. Speaking on the way forward, Chief Operating Officer Akash Gehani said, “We are extremely positive and excited about the opportunities that lie ahead for us as an organization and how our efforts can help revolutionize the Indian MSME sector. In the days ahead, we plan to expand our presence across Pune, further empowering the entrepreneurs across the city.”

As part of their upcoming plans for 2019, the company aims to introduce promotional services, helping the MSME sector stay relevant in a competitive digital business landscape.


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