Bengaluru based payment startup Instamojo has raised undisclosed amount of capital from Japanese payment firm AnyPay. This is Instamojo’s pre-Series B funding, with existing investor Kalaari Capital also participating in the latest funding. The funding also marks the AnyPay’s investment debut in India.
Instamojo had to wait for nearly three years for the latest capital infusion. The startup had raised Series A funding back in November 2014, when it raised funds from high profile investors such as Kalaari Capital, Blume Ventures, 500 Startups and others.
The company will use the fresh funds to expand its product portfolio and to introduce many new e- commerce enabling services. It will also seek to leverage AnyPay’s payment network for offering new products and services.
Instamojo was founded in 2012 by five co-founders with an aim to revolutionize payment services to SME’s. The company says that its products help small & medium companies to easily collect payment from vendors and also settle all the payment disputes. It claims to have nearly 300,000 small and medium businesses on its platform. It further claims to have covered nearly 10% of the digitally active SMEs in India.
The fintech startup has setup pretty ambitious goals for near future. The company aims to increase its wallet share to 70% by 2019 and its merchant base by whopping 400% in 2018.
Fintech is considered as one of the most promising segments and hence has garnered lot of interests from VC’s. The segment boosts big funded players such as Paytm, Freecharge, Vistaar Finance, Capital Float and MobiKwik.
