Mastercard partners with Instamojo to empower millions of MSMEs and gig workersJune 28, 2021 | India
The partnership will help India's MSMEs to digitize and scale up their businesses through a suite of value-added services provided by Instamojo
Mastercard today announced a strategic equity investment in Instamojo, India’s largest full-stack digital solutions provider for MSMEs. This investment is aimed at empowering millions of MSMEs and gig workers by providing easy to use solutions that will help them to rapidly digitize such as setting up online stores, equip with digital payment acceptance capabilities and reach out to customers, even during the pandemic.
Instamojo is a platform that offers small and micro merchants a ready-made virtual platform upon which they can quickly set up an e-commerce business and accept digital payments, following a fast and easy onboarding process. Using Instamojo’s platform, merchants would have ready access to a fully functional online store with in-built payments and shipping capabilities, marketing tools and other value-added services such as logistics and credit facilities. This investment and partnership strengthen both companies’ initiative to support gig workers like electricians, personal trainers, tutors, and small F&B operators among others, to continue to grow and run their businesses.
Sampad Swain, CEO and Co-Founder of Instamojo, said “Since inception, Instamojo has focused on empowering the MSME sector, we have continued our efforts towards bringing small business online. While we started as a payments solution for the small business, we have broadened our purview since then and now we are focussed on the larger picture of providing the small businesses with a platform which helps them to start, manage and grow their business online. It is no longer restricted to just payment collection, but also about starting their own online store, collecting payments and shipping their products. Hence creating an entire ecosystem of conducting business with ease for the small businesses. With players like Mastercard showing confidence in us, helps us broaden our horizon further.”
Rajeev Kumar, Senior Vice President, Market Development, South Asia, Mastercard, said, “MSMEs and gig workers are an important part of our Indian economy. Mastercard is committed to supporting them with the company’s strategic investment and partnerships to help them unlock the power and potential of digital commerce. Mastercard’s partnership and investment in Instamojo is a step in this direction and will enable millions of small businesses to grow by strengthening their digital footprint and payment acceptance capabilities.”
Mastercard committed Rs 250 crores to support small businesses in India last year. As part of this commitment, the company launched several initiatives like growing digital payments awareness, providing low-cost digital and physical acceptance solutions, driving inclusive growth by enabling small merchants and Kirana stores with access to credit, and empowering women entrepreneurs by increasing their business acumen.
Mastercard also created a flagship initiative, Team Cashless India, to educate and upskill small merchants on the benefits and practicalities of accepting digital payments. Some of these solutions for MSMEs include Soft PoS and QR on Card in order to expedite their digitization. This investment and partnership in Instamojo are an extension of Mastercard’s global commitment to financial inclusion which pledges to bring one billion people and 50 million micro and small businesses into the digital economy by 2025. Udyam registration or MSME registration is a government registration that is provided along with a unique number and a recognition certificate. All small and medium enterprises can register themselves at https://udyamregistration.gov.in/.
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Instamojo is a full-stack e-commerce platform for DTC brands and Micro, Medium & Small Enterprises (MSME’s) that enables them to start, manage and grow their business online. It is a one-stop shop for an entrepreneur that caters to their diverse e-commerce business needs by leveraging technology, data and design. Founded in 2012 by Sampad Swain, Akash Gehani and Aditya Sengupta, Instamojo early this year raised Series B funding from Gunosy Capital, AnyPay-a Japanese payments firm and the existing VCs. In November 2014, the company raised USD 2.6 million in Series A funding from Kalaari Capital, Blume Ventures, 500Startups and others. Prior to this, it had raised approximately USD 500,000 from 500 Startups, Blume Ventures and angel investors Rajan Anandan, Sunil Kalra, Shailesh Rao, Rob de Heus among others. In 2012, Instamojo was one of the first startups from India to join the prestigious 500Startups Silicon Valley Accelerator Program. It has alsobeen featured as one of the hottest start-ups by EconomicTimes in 2015. Instamojo constantly works towards creating significant innovation in digital commerce, which is universally accessible to create newer opportunities & sustainable livelihoods for MSMEs.
About Mastercard (NYSE: MA), www.mastercard.com
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments, and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks Priceless™ possibilities for all.
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