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Instamojo

Instamojo - About and How It Works?
Back when incepted in 2012, Instamojo started as a solution provider of digital payments which now has progressively grown into a robust online payment gateway for enterprises like micro, small, and medium. So that they start, manage, and grow their businesses online. All in all, like most fintech startups in the country, Instamojo has turned into a full-stack digital services platform overtime with the sole vision of constructively bridging the gap between MSMEs business, who find it hard to leverage and optimally use the right technology and developers in reaching out to the relevant application users.

Instamojo has two flagship products:

MojoCapital
This product from Instamojo helps disperse bite-sized short-term credit loans which are worth in and around $2 million. MojoCapital caters primarily to its merchants on a monthly basis, and it has shown a projected growth of 25% on the month on monthly basis.

MojoXpress
MojoXpress is often regarded as the logistics arm of Instamojo, and helps MSMEs deliver its products to their respective customers. Not very surprisingly, It is touching close to 1,000 shipments per month.
the Mojo Journey It is said that an entrepreneur sees a solution where a common man sees a problem. This can be held true when it comes to the case of Instamojo. The company was founded by Harshad Sharma, along with his three other friends Sampas Swain, Akash Gehani and Aditya Sengupta in 2012. The main motivation behind the concept was to make the payment gateway more simple and readily accessible to the small business owners of the nation.

Sampad Swain stumbled upon the idea when he tried to raise money through his blogging website InStartup.com. He found the process very tedious and cumbersome, which made him realize how difficult it would be for the common vendors to carry out their processes. This sparkled to the birth of Instamojo.

Estimated Revenue & Valuation

Instamojo's estimated annual revenue is currently $24.8M per year.
Instamojo's estimated revenue per employee is $155,875.
Instamojo's total funding is $8.4M.

Employee Data

Instamojo has 159 Employees.
Instamojo grew their employee count by 12% last year.

Challenges:
Speaking of the challenges that the company faces in terms of analytics, Ankur explains how the primary challenge remains to inculcate data-driven thinking throughout the organisation. “When there is no analytics, people tend to take primarily assumption/hypothesis-driven decisions and we had to work extra hard to convince people in various functions to start appreciating the insights data brings and think objectively about everything from a new release to the performance of a marketing campaign,” he said.
The second challenge is to simplify complex analyses in a way that everyone in the team (whether or not they are data or tech savvy) can understand and give feedback on it. Aa Ankur explained, many analyses are, by design, complicated (due to nature of the problem at hand) and they need to be communicated in a story-like fashion, bringing out the complexity in a lucid manner so that people spend less time understanding how an analysis is done and more time in what the analysis actually wants to tell them.

Instamojo - Target Market Size
“Today, the MSME sector in India contributes to 37 per cent of the country’s GDP and employs over 117 million people. The scope of growth for this sector is enormous; however, the presence of several challenges, especially the lack of knowledge on several business-specific elements, prevents this. A major roadblock we identified was that several MSMEs did not know where to source information from. Through the mojoVersity platform, we aim to democratize knowledge transfer by making available course content that will help small business owners learn and be more aware of the nuances required to run and sustain a business.” said Sampad Swain, the founder of Instamojo.

Instamojo - Founders and
The founders of Instamojo are Sampad Swain, Akash Gehani and Aditya Sengupta.
Founders pic Instamojo Founders - Aditya Sengupta (Left), Sampad Swain, Akash Gehani (Right)

Sampad Swain - Graduated from IBS Hyderabad, Swain has had his hands on quite a few startups. Before Instamojo, he has co-founded DealsandYou and WanaMo.com.

Aditya Sengupta - After graduating from IIT Bombay, Aditya straight went into co-founding Instamojo.

Akash Gehani - With a dazzling MBA in Finance, before co-founding Instamojo, Akash was working as a product manager at ICICI Lombard