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Sampad Swain, Founder, Instamojo

Instamojo, the full-stack technology solutions provider, has disbursed INR 1100 million loans for their MSME-focused product ‘Sachet Loans’ in less than 10 months of the launch. Instamojo provides a host of services ranging from digital payments, logistics to lending to MSMEs to build, manage and grow their business and also plans to introduce promotional services this year to help the sector stay relevant in a competitive digital business landscape.

The company had launched ‘Sachet Loans’ in September last year to empower nearly 70 million Micro, Small & Medium Enterprises (MSMEs) in the country that contributes to about 29% of the country’s GDP.

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 offer next day payouts, instant payouts and same-day payouts that the company launched recently. Of the Tier 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 are the most sought after payment option, followed by instant payouts.

Founded in 2012 by Sampad Swain, Akash Gehani and Aditya Sengupta, Instamojo early this year raised Series B funding from Gunosy Capital, AnyPay-a Japanese payments firm and the existing VCs. ​

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by Priyanka Pani
Senior Regional Correspondent, Middle East and Asia
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