Bengaluru: Instamojo launched two new flagship products — MojoXpress and MojoCapital — at MojoCon 2018 event in Bengaluru on Tuesday, August 28. At the launch event held at The Oberoi, Bengaluru, Instamojo founder and CEO Sampad Swain, COO Akash Gehani, CTO Aditya Sengupta also unveiled the company’s first industry report. The new products will address the logistics and lending needs of small businesses and will define the company as a full stack service provider for the MSME (Micro, Small and Medium Enterprise) sector.
MojoXpress and MojoCapital will essentially provide logistics and credit services to Instamojo’s merchants. MojoXpress, essentially a shipping service, is an effort to simplify the logistics for MSMEs and multiple the business growth. It is being provided in partnership with multiple service providers.
MojoCapital is effort to simplify loans and capital availability for small businesses of the country, so that they can use them to grow their businesses. MojoCapital, which is basically a byte-sized micro credit that will be given to MSMEs for regularising their cash flow and sustaining their day-to-day operations, will help in fulfilling growth-related financial requirements of the MSMEs. The company will be charging customers an interest rate of 25 basis points for loans.
Earlier, merchants had to rely on multiple vendors to provide services to its customers but now with the extended product portfolio, Instamojo merchants will be able to use lending and logistics under a single roof. The company has even partnered with leading lending and logistics service providers like Yes Bank, FedEx along with few others to deliver high-quality and reliable services to its registered merchants.
At the launch event, Instamojo CEO Sampad Swain said, “Moving forward we believe that these two products will help us to acquire more and more new merchants on the platform. Today we have half a million merchants, we hope to increase those numbers with these two products we have launched. With these two launches we are moving forward from just being a payment gateway to also a payments platform and we will be known as a growth gateway for MSMEs. We will usher a new revolution in adopting and helping MSMEs to adopt digital as a way to build and grow their business”.
“In the last 18 months, demonetisation and Goods and Services Tax (GST) definately helped us grow and make a massive base of half a million in short period of time”, he added.
Instamojo, founded in 2012 by Sampad Swain, Akash Gehani and Aditya Sengupta, caters to over 5 lakh MSMEs. With demonetisation, the company has added 3000 SMEs daily to the platform. Instamojo has acquired nearly ten per cent of the digitally active SMEs and aims to extend its wallet share to 70 per cent by 2019.