Instamojo, Mumbai-based payment solutions provider, has raised Series A funding from Bangalore-based VC firm Kalaari Capital. Previous investors like Blume Ventures, US-based 500Startups and others have also participated in this round. The deal amount was not disclosed.
Vani Kola, Managing Director, Kalaari Capital will join Instamojo board along with Karthik Reddy, Managing Partner of Blume Ventures.
Company plans to use the raised funding on marketing, product development, and expanding the current team across all functions. As part of the deal, company is also setting up new office in Bangalore.
Instamojo makes selling and collecting payments easier for small business owners. Company offers Instamojo Payment Button which can be embedded on users’ website to collect payments directly from their customers. Micro-merchants can also collect payments by simply sharing links over email, social media, messaging services like Whatsapp.
Instamojo was founded in 2012 by Sampad Swain, Akash Gehani, and Harshad Sharma. It was backed by prominent angel investors and venture capital firms like Blume Ventures and 500 Startups.
“To celebrate this, we are soon going to launch our “Referral Program” for everyone, so both buyers and sellers alike can earn by simply referring their friends to Instamojo and enabling them to collect payments online,” as appeared in the Instamojo Blog.