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.
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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