Instamojo, an on-demand payments and e-commerce platform for SMEs, is targeting a six-fold increase in its gross merchandise value at Rs 6,000 crore by the end of this fiscal, co-founder Sampad Swain said.
"We have currently 4 lakh SMEs sellers on our platform. We can be profitable in the next 2-3 quarters. So, we are targeting gross merchandise value (GMV) of Rs 6,000 crore by end of 2018-19 from Rs 1,000 crore in the previous fiscal," Swain said in an interaction.
He said the company is currently focusing on growth metric rather than break even, which is seen achievable by the end of this fiscal.
Instamojo sees a lot of growth opportunities in facilitating small and medium enterprises (SMEs) since out of nearly 60 million small businesses in the country only 5 per cent are digitally active.
The company is also looking at raising about Rs 100-120 crore this fiscal from sources like venture capitals, private equity to fund the growth, Swain said.
Besides, the company is also planning to foray into business loans for which it is in talks with a few NBFCs and banks, he said.
Swain also said the number of merchants on Instamojo's platform is seen rising to 10 lakh from 4 lakh now by the end of 2018-19.
Instamojo said its insightful tools are poised to enable SMEs minimise cost and grow their business.
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