MEET SAMPAD SWAIN - INSTAMOJO FOUNDER
Instamojo Platform founded in 2012 loved by 1 million merchants is a full stack solution provider, digitally empowering the MSME.
In the array of interviews with Startups, entrepreneurs, market leaders, change-makers and innovators, we bring our insightful interview with a proficient innovator, Mr. Sampad Swain, Founder of Instamojo.
Instamojo is a full stack solutions provider, digitally empowering the MSME sector of India. Along with payments, Instamojo also offer a free online store which comes loaded with e-commerce features, allowing merchants to sell goods online.
Lending, logistics services, credit book and free online courses on business are some of the other services our platform offers. With more than 1 million merchants and counting, we are one of the fastest growing platforms for MSMEs and SMEs. Sampad, Akash and Aditya started Instamojo to solve one problem – make the internet a trustworthy place for a business to grow.
Sampad Swain says: There is no shortcut – confidence, gratitude and hope are the building blocks to successful leadership. Never be shaken by change, rather embrace and grow with it. Knowing when to react and not is what sets a leader apart from the rest.
Mr. Sampad Swain, founder Instamojo spoke about this Fintech Platform Instamojo in a exclusive interview with CLIQTAX.
CT: Brief about your Company/services & how did you get your idea or concept for this business?
SS: When we came up with the business idea, our first product or service which we wanted to focus on was digital payments. The Indian Fintech sector was then at the start of its journey, and consumers were gradually experiencing the offerings of a fast paced digital world. With this in mind, we came up with the name Instamojo, a name which can be related to speed.
CT: When did you "start" the business & what service(s) or product(s) you offer?
SS: Instamojo was founded by Akash Gehani, Aditya Sengupta and myself in 2012.
We began our journey as an on-demand payments platform, offering small business owners digital payment solutions powered by our payment links and took the next step forward with our product expansion - mojoXpress and mojoCapital. Our lending product helped address the Cash-Crunch challenge which several small business across the country tackle.
We launched mojoCommerce which provides an avenue for merchants to display their products and services. In January 2019, we closed our Series B funding with investors like AnyPay and Gunosy Capital, and the same year we also launched mojoVersity, an online knowledge platform for MSMEs which provides short video courses on the basics of business; and mojo Developers Platform (MDP), India’s first public API platform for developers and startups.
Today, we host 1 million+ merchants on our platform, and recently released introduced our new product ‘CreditBook’ to help digitize transaction records for 1 million SMEs.
Early this year, we acquired ‘GetMeAShop’ (GMAS) a digital commerce platform for MSMEs, and expanded our suite of offerings to enable business owners with web presence tools to start, manage and grow their business in the rapidly growing tech ecosystem.
CT: What’s your company’s goals & few names of your clientele?
SS: Our long term vision has been to digitally empower the MSMEs of India and contribute to the growth of the MSME sector through our products and services. Some of our notable clientele are: The Wire, LegalWiz, Quirksmith, Nisha Millet Swimming Academy, Insights IAS Academy, and a million merchants more.
CT: Your Start-up is bootstrap or funded?
SS: We are a funded company, we raised our Series A funding of $2.6 million in November 2014, and in January 2019, our Series B funding of $7 million.
CT: How do you connect to your customers & offer your services to them?
SS: Each minute, we keep adding a merchant on the platform. Our sales team is active in sourcing for prospective leads, and we have a few marketing initiatives that are on-going to amplify our presence. Apart from this, there is a lot of word-of-mouth referrals that come via merchant networks.
CT: Tell us something about your Management Team?
SS: Like mentioned earlier, Instamojo was founded by Akash Gehani, Aditya Segupta and myself in 2012. Back in 2010, I needed some monetary help from regular site visitors but discovered there was no quick and easy digital payment solution available for individuals or even MSMEs.
Two years later, I got together with Akash Gehani and Aditya Sengupta to start a company that would address the pain point.
CT: Do you work locally or nationally/Globally?
SS: We are based out of Bangalore have an office in Gurgaon too. On the services front, the platform is available for users across the globe.
CT: What is the USP of your business & how you do things differently?
SS: Though Instamojo started off as a payments company, our focus was always to empower the MSME sector in India. We have identified several pain points of small business owners which we have addressed via our products and services which also include lending and logistics. With over 1 million + merchants on our platform, we believe that Instamojo has today created a position for itself as a one-stack solutions provider for MSMEs.
CT: If you had one piece of advice to start-ups just starting out, what would it be?
SS: Confidence, positivity and patience are the first steps to success. It is vital to believe in yourself, even when nobody else does. There is no shortcut – confidence, gratitude and hope are the building blocks to successful leadership. Never be shaken by change, rather embrace and grow with it. Knowing when to react and not is what sets a leader apart from the rest.
CLIQTAX extends heartiest wishes to Mr Sampad Swain for his journey as a Founder and entrepreneur Instamojo. Kudos to him for such an amazing interview.