Instamojo Records 150% Y-O-Y Growth, Turns Ebitda Profitable
The company currently offers merchants digital solutions which include online payments, logistics, credit services, free learning platform called mojoversity and more for business to gain visibility
Instamojo, a full-stack digital solutions provider for D2C businesses, recorded a 150 per cent year-on-year (y-o-y) growth to become EBITDA (earnings before interest, taxes, depreciation and amortisation), profitable in 2023.
With the company turning profitable two years after its pivot to a D2C platform. According to the company it's D2CTech suite is projected to grow two-fold in the coming year while the company looks forward to on-board 4,00,000 new merchants within this time period.
Early in 2021, the company entered the e-commerce market with its D2CTech solution suite that enabled nano businesses to open their own independent online stores. The company currently offers merchants digital solutions which include online payments, logistics, credit services, free learning platform called mojoversity and more for business to gain visibility.
Sampad Swain, CEO and Co-founder, Instamojo said, “We are living in a D2C 2.0 era where homegrown businesses are leveraging the power of the internet to acquire a global market for their products. However, when these businesses decide to go online, they are not able to find the right solution which is both affordable and savvy. And that is exactly where we come in. This has proven to be a lucrative market for us. With our #D2CTech offering, we are not only promoting every Indian household business to go online, but also we remain deeply involved in making the process so intuitive that it becomes second nature. This philosophy has helped our business clock rapid strides of growth while at the same time helping us chart the discourse of a reimagined D2C boom in India.”
In terms of D2C category growth on the Instamojo platform, the bath, beauty and fragrance sectors grew by 300 per cent, while the art and craft sector grew by 80 per cent.
Merchant enrolment numbers recorded a spike with maximum traction from Mumbai amongst the metros which saw a 746 per cent jump (compared to FY22), and Kochi from non metros which recorded a 689 per cent increase.
The platform, in a statement, shares that the top 10 Tier II and III towns contributing to merchant enrolments include: Indore, Guwahati, Ludhiana, Bhubaneswar, Surat, Coimbatore, Nagpur, Kochi, Bhopal, Siliguri.
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