Payment service provider, Instamojo has secured an undisclsoed amount led by Kalaari capital with participation from Blume Ventures and US-based 500Startups. Post investment, Vani Kola, Managing Director of Kalaari Capital will join Instamojo board along with Karthik Reddy, Managing Partner of Blume Ventures.
The raised funds will be used for marketing, product development, expanding its current team across all functions as well as for setting up an office in Bangalore.
Mumbai-based, Instamojo was founded in 2012 by founders Sampad Swain, Akash Gehani and Harshad Sharma. It offers a link-based payments platform for individuals, micro-merchants, infopreneurs, freelancers and SMBs to collect payment instantly.
“We are soon going to launch our “Referral program” for everyone, so both buyers and sellers alike can earn by simply referring their friends to Instamojo and enabling them to collect payments online,” the company wrote in a Blog Post.
The company had also previous raised an investment of USD 500,000 in seed round and an undisclosed amount in angel funding.