Instamojo Records 150% Y-o-Y Growth, Becomes EBITDA Profitable as of FY23 in its New Avatar
Thursday, 11 May 2023
· Since its pivot to becoming the #D2CTech platform for all business needs in 2021, the company has onboarded over 1 million business as on date
· To onboard an additional 400,000 businesses by FY24
Instamojo, India's simplest all-in-one #D2CTech platform for businesses has recorded a 150% Y-o-Y growth to become EBITDA profitable in 2023. The company turned profitable within just two years after announcing its pivot, from being a payment links company to an all-in-one platform that takes care of everything that a business owner needs when selling their products and services online. Instamojo currently offers merchants digital solutions which include online payments, logistics, credit services, a free learning platform called mojoversity and more for businesses and their owners to gain visibility online.
Commenting on achieving a key business milestone, *Sampad Swain, CEO & Co-founder, Instamojo* said, "We are living in a D2C 2.0 era where homegrown businesses are leveraging the power of the internet to acquire a global market for their products and services. However, when business owners decide to go online, they do not have access to a one-stop solution that can help with virtually everything - from setting up their website, to managing their customers on a regular basis. This is where Instamojo comes in. This has proven to be a lucrative market for us in the last two years. With our new avatar as the #D2CTech enablement platform, we are not only championing the cause for every Indian business to go online, but also we remain deeply involved in making the process so intuitive that it becomes second nature. This philosophy has helped our business clock rapid strides of growth while at the same time helping us chart the discourse of a reimagined D2C boom in India."
Other stats depicting growth on the platform:
· *Business enrolment numbers* recorded a spike with maximum traction from Mumbai amongst the metros which saw a 746% jump (versus FY22), and Kochi from non metros which recorded a 689% increase
· *The top 10 Tier II and III towns contributing to business enrolments include*: Indore, Guwahati, Ludhiana, Bhubaneswar, Surat, Coimbatore, Nagpur, Kochi, Bhopal, Siliguri
· On the other hand, the platform also saw a 15% growth in the number of consumers who have either bought products or availed services via Instamojo
· *Markets contributing highest revenue: *In order of ranking, Bengaluru stood first followed by Delhi/NCR and Mumbai
· *In terms of D2C category growth on the Instamojo platform*, Apparel & Footwear grew by 203%, Arts & Crafts grew by 148% while Food & Grocery grew by 275%
*About Instamojo*
It's 2023, we are not a payments' gateway company. Instamojo is the *one-stop #D2CTech company, *offering an enabling platform for MSMEs and D2C brands, empowering sellers to start, scale, and manage their businesses online. Since its inception in 2012, Instamojo has ably addressed and resolved the last mile needs of its customers, having enabled *million+ MSMEs' custodians*. Founded by Sampad Swain, Akash Gehani, and Aditya Sengupta, Instamojo fuels *India's entrepreneurial passion*with a continued commitment as a *one-stop-solution *for business owners. It has raised Series B (2020) and Series A (2014) funding from Kalaari Capital, Blume Ventures, 500 Startups, Gunosy Capital, and AnyPay - a Japanese payments firm. Instamojo is all set to reshape the future discourse in the D2C space by catering to diverse seller needs, powered by the collective force of technology, data and design.
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