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Instamojo raises Rs 50 crore in Series B funding from Japan's Gunosy Capital, others

Updated: Jan 17, 2019 05:39:49am
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Instamojo raises Rs 50 crore in Series B funding from Japan's Gunosy Capital, others

New Delhi, Jan 17 (KNN) Online payments company Instamojo Technologies Pvt. Ltd announced that it has raised Rs50 crore in a Series B funding round from Japan’s Gunosy Capital and other investors.

“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.

“2019 is a year of mobile for Micro, Small and Medium Enterprises (MSMEs),” said Sampad Swain, Instamojo CEO in an interview.

He added, “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.”

Focused on empowering the Indian MSME sector, the company recently expanded its portfolio by providing logistics and lending services to small businesses.

This is Gunosy’s first investment in India.

Instamojo, which currently has about 150 employees, is planning to increase its headcount to about 250.

“The Series-B funding comes as a boost to our business and we are grateful to our investors for believing in Instamojo’s vision. We are excited about the opportunities that lie ahead for us and how our efforts can help revolutionize the Indian MSME sector,” Swain said.

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