MasterCard invests in Instamojo to help small businesses. Partnership to enable Indian MSMEs go digital and scale up their businesses.
MasterCard in its latest announcement informed about its strategic equity investment in Instamojo, a leading digital solutions provider for MSMEs. The motive behind this unrevealed investment is to empower MSMEs and gig workers by helping them set up online stores, accept digital payments and reach out to customers even in time of uncertainties.
Instamojo is basically a digital platform that avails small and micro merchants with a ready-to-use virtual platform on which they can set up an e-commerce business and accept digital payments. Choosing Instamojo’s platform would avail small merchants with an access to an online store with latest capabilities like in-built payments and shipping capabilities, marketing and business tools and other value-added services such as logistics and credit facilities
This investment would give a great boost to gig workers like electricians, personal trainers, tutors, and small F&B operators to digitize, grow and run their businesses smoothly amidst tech & trend changes and tough market conditions.
Rajeev Kumar, senior vice president, market development, South Asia, MasterCard, said that “MSMEs and gig workers are an important part of our Indian economy. MasterCard is committed to supporting them with the company’s strategic investment and partnerships to help them unlock the power and potential of digital commerce,” .Partnership and investment in Instamojo is a step in this direction and will enable millions of small businesses to grow by strengthening their digital footprint and payment acceptance capabilities,”.
Since a couple of years, MasterCard has helped several startups to have a strong foot hold and enhance in terms of growth & success across the country in various fields.
MasterCard had committed Rs 250 crores to support small businesses in India last year. It encouraged and started many initiatives to spread awareness about digital payments, provision of low-cost digital and physical payment solutions, allowing small merchants and local grocery stores access to credit, and empowering women entrepreneurs in different arenas.