<article>Online payment solution provider <a href="https://www.dealstreetasia.com/?s=Instamojo Technologies Pvt. Ltd" target="_blank" rel="noopener">Instamojo Technologies Pvt. Ltd</a> has raised Rs 50 crore in Series B funding round from Japan-based <a href="https://www.dealstreetasia.com/?s=Gunosy Capital" target="_blank" rel="noopener">Gunosy Capital </a>and other investors, the company said on Wednesday.
Existing investors including Japanese payments firm AnyPay, <a href="https://www.dealstreetasia.com/?s=Kalaari Capital" target="_blank" rel="noopener">Kalaari Capital</a>, Beenext Pte Ltd., and Rashmi Kwatra also participated in the round.</article>

Online payment solution provider <a href="https://www.dealstreetasia.com/?s=Instamojo Technologies Pvt. Ltd" target="_blank" rel="noopener">Instamojo Technologies Pvt. Ltd</a> has raised Rs 50 crore in Series B funding round from Japan-based <a href="https://www.dealstreetasia.com/?s=Gunosy Capital" target="_blank" rel="noopener">Gunosy Capital </a>and other investors, the company said on Wednesday.
Existing investors including Japanese payments firm AnyPay, <a href="https://www.dealstreetasia.com/?s=Kalaari Capital" target="_blank" rel="noopener">Kalaari Capital</a>, Beenext Pte Ltd., and Rashmi Kwatra also participated in the round.
Gunosy Capital is the investment arm of Japan-based corporate company Gunosy. This is the first Indian investment for the Japanese firm.
“We believe that digital and cashless economy has grown rapidly in India, and its e-commerce market is also expanding. From that background, Instamojo has been doing great business in the market and is expected to continue expanding. “, said Yuki Maniwa, director of Gunosy Capital, in the statement released by the company.
The investments will be used for developing the mobile app further and expanding the team. Currently, about 150 employees work for Instamojo. The company is planning to double the headcount to about 250 employees.
Till now, only the payment service was available on the Instamojo app but now the company is planning to integrate other services including MojoXpress, to provide companies with logistic services, and MojoCapital to provide small loans to companies, on the app.
“2019 is a year of mobile for MSMEs (micro, small and medium enterprises). The network is built on mobile and since we have always been a desktop-first platform we thought this was the year we will focus on our mobile application which will give easy access to our merchants,” said Sampad Swain, chief executive officer (CEO), Instamojo, in an interview.
The company was founded in 2012 by Swain, Akash Gehani and Aditya Sengupta, as a payment gateway for micro, small and medium enterprises (MSMEs). Over the years, it evolved into an e-commerce platform to help merchants sell their products.
Several start-ups have sprung up over the past few years that have focused on SME lending, including names like Aye Finance, Capital Float, Namaste Credit, and Lendingkart among others. Some of these firms manage their own loan books by borrowing from non-banking financial companies (NBFCs) and banks, while others aggregate loans offerings from private and public sector banks on their platform.
Also Read:
<a href="https://www.dealstreetasia.com/stories/kalaari-backed-sme-payments-platform-instamojo-targets-1b-in-transactions-by-2019-105707/">India: Kalaari-backed SME payments platform Instamojo targets $1b in transactions by 2019</a>
This article was first published on <a href="https://www.livemint.com/Companies/mVrz0nniN0KObLp1Asn5xK/Instamojo-raises-Rs-50-crore-in-Series-B-from-Gunosy-Kalaar.html">livemint.com</a>

India: Payments platform Instamojo bags $7m from Gunosy, Kalaari, others

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

India: Payments platform Instamojo bags $7m from Gunosy, Kalaari, others

Create an account to continue reading this premium story for free

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief