Mumbai-based payment solution provider startup Instamojo has secured an undisclosed amount of series A funding from Kalaari Capital. Existing investors like Blume Ventures, 500 Startups, and others also participated in the funding. According to a blog post the funds will be used for marketing, product development and expansion of the current team.
Instamojo is a payment solution startup co-founded by Aditya Sengupta, Akash Gehani, Harshad Sharma and Sampad Swain in 2012. The portal helps small businesses, publishers and sellers to collect payment directly from their clients by sharing a simple link on their website, social media and mobile channels such as SMS or WhatsApp.
The startup had previously raised funding from angel investors like Rajan Anandan, Sunil Kalra, and Dave McClure. The company was selected in the fifth batch of 500 Startups in October 2012
As a consequent of the round of funding Vani Kola, managing director at Kalaari Capital, will join the Instamojo board.
To celebrate this moment the company has announced to launch a Referral Program where both buyers and sellers can earn money by simply referring their friends and enabling them to collect payments online through Instamojo.
The startup is expecting Rs 100 crore worth of transactions in the next few quarters, and targeting Rs 1,000 crore annualised sales in the next 24-36 months.