Instamojo launches ‘InstaCash’ to cater financial needs of MSMEs
New Delhi, Jun 26 (KNN) In a bid to cater financial needs of COVID hit Micro, Small and Medium Enterprises (MSMEs), Instamojo, has launched ‘InstaCash’ to enable merchants to gain access to working capital.
Merchants can avail loans for upto Rs 1 lakh, for a period of 7–14 days. Instamojo will instantly transfer the amount to the customer once the request has been placed, including convenience and processing fee charges.
Availing funds instantly will help manage immediate operational expenses until the next cycle of revenue is received.
Highlighting the battle of micro-businesses against the liquidity challenge, Sampad Swain, Co-Founder & CEO, Instamojo said, “The growth of MSMEs has long been hurdled because of two primary reasons which is cash-flow and access to loans owing to lack of sufficient data on credit worthiness.''
''The current situation has left micro-businesses reeling under pressure to source funds for day-to-day operations – procuring raw materials, production, pay wages etc, however, we identified that ‘instant funds’ were the need of the hour. Through InstaCash, we aim to not just empower micro-businesses through digitization, but act as an enabler by addressing key challenges and thus, facilitate smooth operations,” he added.
Instamojo has reported 25-30% of growth in their merchant-base, since the inception of lockdown. To requite the rising population of digitised MSMEs, the company has introduced mojoPlus, a one-of-its-kind reward program for Instamojo merchants. The program enables merchants to earn points on transactions and redeem the same to avail discounts on Instamojo fees.
“With our new online store going live the loyalty points will help merchants explore additional features too," said Akash Gehani, Co-Founder & COO, Instamojo, in a statement.
Instamojo provides a host of services ranging from digital payments, logistics to lending. The company today works with and enables over a million MSMEs to build, manage and grow their business.