Instamojo, the full-stack solutions provider for MSMEs, recently crossed the 110 crore loan mark for their MSME-focused product – Sachet loans. The company has achieved this milestone in less than 10 months post the launch of Sachet Loans as of last year. With an aim to further empower nearly 7 crore Micro, Small & Medium Enterprises (MSMEs) in the country, it was in September last year that the company expanded its suite of products and services with the launch of mojo capital and mojoXpress. While mojo Capital addressed the capital needs of small business owners, mojoXpress offers shipping services to merchants.
MSMEs are a significant part of the Indian economy, contributing to 29% of the country’s GDP, despite a population of 63 million MSMEs in the country. Speaking on the milestone achievement, Sampad Swain, Co-Founder & CEO, Instamojo said, “The challenge of Cash Crunch has long been a growth hurdle for small businesses across the country. At Instamojo, our focus has always been towards empowering the growth of the MSME sector through our products and services. Through sachet loans, thousands of small businesses have benefitted, opening up several growth avenues. The tremendous response we have received since the launch of our lending arm is a witness to this positive development. This also indicates the progressive transition of the otherwise traditional MSME sector, towards digital methods which in turn also contributes to the larger purpose of Digital India.”
Sachet loans offerNext Day Payouts, Instant Payouts and Same Day Payouts which was recently introduced. Of theTier I markets, Bangalore, Mumbai, New Delhi and Chennai top the list with the maximum loans issued, while in Tier II, cities like Gurgaon, Ahmedabad and Lucknow saw maximum loan disbursals. Of the three segments, Next Day Payouts is the most-sought after payment option, followed by Instant Payouts.
Instamojo provides a host of services ranging from digital payments, logistics to lending. The company today works with and enables over 900,000MSMEs to build, manage and grow their business. As part of their upcoming plans this year, Instamojo aims to introduce promotional services, helping the MSME sector stay relevant in a competitive digital business landscape.
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