Digital payment adoption highest during the pandemic: Pune comes second in the list -Instamojo report
More than 70% of small merchants who signed up on the Instamojo platform lacked digital presence
Pune, 10th December, 2020:Instamojo, a full-stack solutions provider for MSMEs, has enabled the digitization of more than 2 lakh small businesses across the country, across the last two quarters. In fact, data from the platform showed that more than 70% of the merchants on-boarded did not have any form of online or digital presence before. With the pandemic bringing about a 360-degree digital shift, businesses are today taking to online solutions in order to survive and cater to an evolving customer segment. Instamojo offers merchants a host of digital products and solutions ranging from online payments, credit services, logistics, e-commerce, and marketing.
Post the early days of the pandemic, the Instamojo platform onboarded businesses across various categories ranging from education to IT, food and retail, entertainment, travel religion, and toys and gifts. The platform witnessed maximum sign-ups in the category of Education & Jobs which contributed close to 20% of the merchant pool, followed by the services sector at15%. Sectors such as Not for Profit, and financial services and products saw a contribution of 4% and 2.61% respectively. Below is a representation of some of the sectors and the percentage contribution.
% OF MERCHANTS ON-BOARDED
|Education & Jobs||20|
|Books & Magazines||9.58|
|Clothing & Accessories||6.56|
|Not for Profit||4|
Financial Services & Products
|Religion & Spirituality||0.42|
|Pets and animals||0.30|
Small businesses from Tier 1 cities contributed to maximum merchant signups with Delhi topping the list followed by Pune, Hyderabad, Bengaluru, and Mumbai.
|RANK||REGION||% OF SIGN-UPS|
Tier 2 cities also witnessed several merchants taking the digital path. The cities of Patna, Lucknow, Jaipur, Ahmedabad, Bhubaneshwar, Bhopal, and Guwahatitopped the charts. The platform also had merchants from Ludhiana, Raipur, Meerut, and the North-Eastern city of Imphal signup on the platform.
Sharing his views, Akash Gehani, Co-Founder & COO, Instamojo said, “The current times are a true testament of growth amidst challenges. Along with the several obstacles that the pandemic introduced, it was also instrumental in bringing about a digital wave which is a small way that paved the way towards digital progress for MSMEs across the country. For most traditional businesses who showed great resistance towards making the digital shift, this is a start point that also contributing to the larger agenda of Digital India.
He further added, “Though the digital way of life was not new in urban areas, an interesting trend we observed was the traction gained from Tier-II cities like Jaipur, Ahmedabad, Indore, and Patna – digital adoption in these cities have picked up well, compared to Pre-Covid times. The pandemic has been a great accelerator for small businesses in these markets to establish an online presence for the first time. Through our unique digital solutions ranging from payments to setting up an online shop, we at Instamojo aim to empower and support micro-businesses across the country with the right growth enabling digital solutions.”
Instamojo is a growth gateway platform for Micro, Medium & Small Enterprises (MSMEs) that enables them to build, manage, and grow their business online. It is a one-stop-shop for an entrepreneur that caters to their diverse business needs by leveraging technology, data , and design. 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. In November 2014, the company raised USD 2.6 million in Series A funding from Kalaari Capital, Blume Ventures, 500Startups, and others. Prior to this, it had raised approximately USD 500,000 from 500 Startups, Blume Ventures, and angel investors Rajan Anandan, Sunil Kalra, Shailesh Rao, Rob de Heus among others. In 2012, Instamojo was one of the first startups from India to join the prestigious 500Startups Silicon Valley Accelerator Program. It has also been featured as one of the hottest start-ups by Economic Times in 2015. Instamojo constantly works towards creating significant innovation in digital commerce, which is universally accessible to create newer opportunities & sustainable livelihoods for MSMEs.
For more information, please contact:
< Chayanika Goswami | 9663219944 | [email protected]>
<Amrutha Moorthy | 9739961873 | [email protected]>