Fintech start-up Instamojo on Wednesday said it has acquired GetMeAShop, a Gurugram-based start-up owned by Times Internet, in a deal that will see Times Internet further invest in the combined entity.
The value of the deal is $5 million, Instamojo founder and chief executive officer Sampad Swain said in an interview, without breaking down the value of the acquisition and fresh investment. Times Internet will now be part of Instamojo’s board, he added.
With this, GetMeAShop’s 30 member-odd team has joined Instamojo, to work as part of the company’s e-commerce business, MojoCommerce.
GetMeAShop was founded in 2013 by Pushkal Srivastava. It is a software-as-a-service offering for small businesses, comprising a website and online store builder, logistics service, order management and marketing system, and analytics platform. The venture, which was acquired by Times Internet in 2015, made Rs 4 crore in revenue in FY19.
“We found a lot of synergies between what we do and what they do,” said Swain. “Further, Times is the only investor in us that has operating experience, and we would learn a great deal from them as we build out our products.”
The transections also brings in about 1 million customers, mostly small and medium enterprises (SMEs), to Instamojo, taking its customer base to 2 million. “We plan to take the merchant base to 10 million in 3 years,” said Swain.
Instamojo is a leading digital commerce enabler for SMEs. It started as a digital payments provider in 2012 and has over the years expanded to allied service lines like digital store building, logistics and lending.
”With a common mission to enable MSMEs it's a partnership which will give us distribution specific to the target segment we've been going after for all these years. And with our full-stack SaaS offering for MSMEs with web/ commerce builder, CRM and analytics built-in we augment the existing offerings of Instamojo perfectly,” said Srivastava of GetMeAShop.
Times Internet’s vice president Abhishek Mitra Gupta said: “The combination of Instamojo and GetMeAShop is a potent combination and creates the solution that MSMEs in India always wanted. The combination will help Indian MSMEs to take their offerings online without any friction.”