Instamojo, a micro product & services sales platform has raised undisclosed amount in Series A funding from Kalaari Capital. Its previous investors Blume Ventures, US-based 500Startups and others have also participated in this round.
Instamojo plans to use the raised money on marketing, product development & expanding the current team across all functions. Part of the investment will be used to build its office in Bangalore.
“We hope that with our new technology & fresh approach, we are able to create a frictionless payments ecosystem that fosters product innovation. Thus, creating a level playing ground for micro-merchants to leverage internet, mobile & payments together to create newer opportunities and livelihoods,” said the company.
Related: Lessons In Building Instamojo
Instamojo will soon be launching its “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.
Recently, Instamojo has launched a suite of apps that aims to simplify the selling and payment collection experience for its customers. In February 2014, it had introduced a Social Pay feature that allowed consumers to purchase products for free by either sending a tweet or posting an update on their Facebook profile