Instamojo-success-story- Bio, facts, Net worth, Business, Income, Growth, Investments, Challenges Faced. Personal life.
Instamojo-success-story- Bio, facts, Net worth, Business, Income, Growth, Investments, Challenges Faced. Personal life.
Whether it's payment or shopping, the goal of this age and this period is to make things easier. It is now necessary to make things easy for service providers as well as consumers when it comes to making things easier for the former.
What Is Instamojo and How Does It Operate?
Since its founding in 2012, Instamojo has evolved into a reliable online payment gateway for small and medium-sized businesses. It began as a provider of digital payment solutions. in order for them to launch, run, and expand their internet enterprises.
Overall, Instamojo has evolved into a full-stack digital services platform over time, similar to the majority of fintech startups in the nation, with the primary goal of positively bridging the gap between MSMEs and developers. These businesses struggle to effectively leverage and use the appropriate technology and developers to reach out to the appropriate application users.
Instamojo's flagship products are:
MojoCapital
This Instamojo tool aids in the distribution of $2 million worth of bite-sized short-term credit loans. MojoCapital primarily serves its merchants on a monthly basis, with a predicted monthly growth rate of 25%.
MojoXpress
Often thought of as Instamojo's logistics division, MojoXpress assists MSMEs in getting their goods to the right clients. It should come as no surprise that there are about 1,000 shipments per month.
Instamojo - Cost
Additionally, Instagram allows you to set up a free online store that you can edit and add things to. Merchants can manage and sell their online stores using the built-in payment gateway in the online store builder.
Instamojo - Market Capacity
"Today, India's MSME sector contributes 37% of the country's GDP and employs over 117 million people." This sector has huge potential for expansion; nevertheless, the presence of various hurdles, particularly a lack of expertise on several business-specific factors, limits this.
One major obstacle we saw was that a number of MSMEs were unsure about where to find information. "By democratizing knowledge transfer through the mojoVersity platform, we hope to increase awareness of the subtleties needed to run and maintain a business among small business owners," stated Instamojo founder Sampad Swain.
Instamojo's creators and team
Aditya Sengupta, Akash Gehani, and Sampad Swain are the founders of Instamojo.
Sampad Swain: Since earning his degree from IBS Hyderabad, Swain has worked with a number of businesses. He co-founded WanaMo.com and DealsandYou prior to Instamojo.
Aditya Sengupta: Aditya co-founded Instamojo right away following her graduation from IIT Bombay.
Akash Gehani: Before co-founding Instamojo, Akash Gehani, a brilliant finance MBA graduate, was employed as a product manager at ICICI Lombard.
Instamojo - How did it all begin?
All of this started when Instamojo's owner, Sampad, introduced a private video newsletter on his own website, InStartup.com. He would go to various locations to speak with business owners about their ventures and experiences. Sampad quickly realized that he was not being paid for this incredibly challenging occupation.
He was nevertheless resolved to put up an amazing payment system for his side project, but he was dealt a harsh reality check. At this point, he started getting in touch with other companies that offered comparable services. That's when he realized that accepting payments via a gateway wasn't the only thing required to receive payments.
The next steps were registering the business with the authorities, building up a website, and linking it with a payment gateway. Sampad stated, "At the time, it didn't make sense to work so hard on a side project."
Due to this, he had to give up on the project. He then joined the founding team of DealsandYou and worked on the SMB mobile advertising network.
As it happens, the co-founders' initial plans for DealsandYou did not materialize in 2012. Sampad was able to talk with the creators about his side project concept, which actually came about by chance, thanks to this.
"My concept was to make it possible for people to collect money from their friends and family by creating a short link and sharing it with them." "It was simple, and you could do a lot of interesting things on top of it," Sampad remarked.
So, right now, a side project has grown into a full-fledged enterprise. As a result, Sampad Swain and his co-founders, Akash Gehani and Aditya Sengupta, established Instamojo in September 2012.
Name, tagline, and logo for Instamojo
The ideal definition of Instamojo is "instant magic." This was adapted from Instartup.com, Sampad's initial project. The magic, or mojo in this case, came from his unwavering love for Harry Potter, making it Instamojo.
Instamojo - Startup Promotion
The co-founders' genuine entrepreneurial journey has only just begun following the massive launch of Instamojo. While a simple and readily automated payment gateway is a terrific offering for startups, organizations, and tech firms,
However, India is a land of little enterprises that are not very technical and are averse to new technological improvements. Sampad, one of the co-founders of Instamojo, said, "Our eureka moment was when we realized that this could potentially be a game-changer for non-technical people who want to accept online payments without integration and website building."
Nevertheless, despite all of these achievements, Instamojo has worked to develop goods and services that provide businesses with a reliable and efficient payment system since the company's founding. MSMEs can also create online storefronts with Instamojo, allowing them to stay up to date with the latest developments in digital marketing and the digital era.
Competitors on Instamojo
One could argue that Indian firms are not particularly technical, but market rivalry is fierce. Because digital advances are collapsing into the startup ecosystem one after the other.
Fintech companies have always tried to set the standard higher and have frequently tried to alter the payment mechanism. Instamojo is in competition with a number of portals and payment gateway companies, including PayU, Amazon Pay, CC Avenue, Razorpay, and others.
Instamojo: How Do I Create an Online Store with Insta Mojo?
The procedures below should be followed in order to set up an online store in InstaMojo:
- Checking your dashboard after logging in to InstaMojo is the first step.
- On the left, there is a section labeled "Online Store." From there, you can design your business anyway you see fit.
- You can add a logo to your business, change your profile, and link to your social network profiles by selecting 'business Details' from the dropdown menu.
How to Add Products to an Instamojo Online Store?
To add products to the Instamojo Online Store, the following procedures must be taken:
- The first step is to select the 'Add Product' option.
- Then, from the section, select the type of goods you want to add to the store. Physical things, digital products, event tickets, and other items are included in this area. Choose one of these.
- The following step is to provide the title of your product.
- Give a summary of your product.
- Choose the appropriate category for your goods.
- Add the variant of your product that you are offering to your consumer.
- You must enter a redirection URL in the advanced settings area to allow your customers to make payments.
- You have the ability to verify the SEO choices in the advanced setting. You may improve your online store's search engine position by utilizing SEO components.
Instagram - Expansion
- At the moment, Instamojo serves over 3 lakh small and medium-sized enterprises with payment gateway services.
- built a solid reputation for being quick and simple to use
- Very well-liked by the tech-savvy public.
- With Instamojo's assistance, over 11,000 online stores have been launched to date.
- On its platform, Instamojo has seen a 25–30% growth since COVID 19.
- In India, over 20 lakh enterprises trust the platform.
