- Bangalore-based Instamojo announced it is buying GetMeAShop from Times Internet for $5 million. And Times Internet is investing in Instamojo.
Instamojo is a Bangalore-based company that enables merchants to accept digital payments. Recently, Instamojo announced it is buying Gurgaon-based GetMeAShop from Times Internet. And as part of the deal, Instamojo co-founder and CEO Sampad Swain told TechCrunch that Times Internet is making an investment in his company.
There are millions of smaller corner shops, pharmacies, and grocery stores spread across India. And many of them do not have an online presence. However, many of the shop owners have access to lower-cost Android devices so this presents a major opportunity for Instamojo.
GetMeAShop’s platform enables businesses to set up websites and build online stores. Plus GetMeAShop makes it easier for customers to sell products through apps like WhatsApp and Facebook.
Instamojo had originally started out as a payments provider for small businesses. Then Instamojo branched out into lending operations. And a couple of years ago, Instamojo started offering access to logistics service.
“This acquisition will allow us to become a full-fledged operating system for businesses,” said Swain via TechCrunch.
Currently, Instamojo has 1.2 million merchants on its platform. And now the company is adding 2,000 per day so the company is on track to hit 2 million merchants by the end of the year.
GetMeAShop founder and CEO Pushkal Srivastava pointed out that the acquisition will give his company access to distribution that is specific to the target segment that is has been going after for years. “With our full-stack SaaS offering for MSMEs with web and commerce builder, CRM and analytics built-in we augment the existing offerings of Instamojo perfectly,” stated Srivastava via TechCrunch.