Instamojo raises a round of funding led by Japan’s AnyPay
Summary
Instamojo had last raised a Series A funding round of $5 million back in 2014 from Kalaari Capital, Blume Ventures, 500Startups and others. Prior to this, Instamojo had raised around $500,000 from 500 Startups, Blume Ventures and angel investors like Rajan Anandan, Sunil Kalra, Dave McClure, Rob de Heus, Thijs Gitmans, Pankaj Jain, Shailesh Rao, Bharathram Thothadri, and Avlesh Singh among others. Instamojo will use the funding to expand its offerings and introduce e-commerce enabling services such as cataloguing, logistics, shipping and GST compliance assistance. CEO Sampad Swain told MediaNama that they have a revenue sharing agreement with the bank for every UPI transaction through their merchant base, but declined to give specifics. Storefronts: In January, it introduced an online store that will provide users with tools to build a page and sell products on them.
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