Instamojo acquires GetMeAShop from Times Internet in a $5 million deal
By MYBRANDBOOK
Instamojo, the fintech start-up has acquired GetMeAShop, a Gurugram-based start-up owned by Times Internet. The deal, which is valued at $5 million will see Times Internet further investing in the combined entity.
Instamojo founder and chief executive officer Sampad Swain said that Times Internet will now be part of Instamojo’s board.
Meanwhile, 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 was acquired by Times Internet in 2015 and it made revenue of Rs 4 crore 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 transaction 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.
”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.”
BREAKING NEWS
TECHNO TRENDS
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
Pinterest tracks users without consent, alleges complaint
A recent complaint alleges that Pinterest, the popular image-sharing platf...
E-Magazine
TECHNOTAINMENT
Netflix adds 'Moments' feature for saving, sharing scenes from
Netflix has introduced a new “Moments” feature on its mobile app, whic
Jacqueline Fernandez come together with YouTuber Mr. Beast for
Jacqueline Fernandez has partnered with American YouTuber Mr. Beast to b
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
Bolstering its commitment to help build a truly self-reliant B
CP PLUS is dedicated to spreading a sense of security to every corner of In
In India, 88% of Indian business leaders are planning to inves
As we move through 2024, it has become increasingly clear that AI is not ju
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
TP-LINK INDIA PVT. LTD.
BEETEL TELETECH LTD.
DATA SAFEGUARD INDIA PRIVATE LIMITED
HP INDIA SALES PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Icons Of India : Harsh Jain
Harsh Jain, the co-founder of Dream 11, the largest fantasy sports web...
Icons Of India : B.V.R. Subrahmanyam
A 1987 batch (Chhattisgarh cadre) Indian Administrative Service Office...
ICONS OF INDIA : SUNIL VACHANI
Sunil Vachani is the Chairman of Dixon Technologies (India) Ltd. Under...
PARTNER SPEAKERS
PSU
ECIL - Electronics Corporation of India Limited
ECIL is distinguished by its diverse technological capabilities and it...
UIDAI - Unique Identification Authority of India
UIDAI and the Aadhaar system represent a significant milestone in Indi...
C-DAC - Centre for Development of Advanced Computing
C-DAC is uniquely positioned in the field of advanced computing...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - Steve Sanghi, Executive Chair, Microchip
Steve Sanghi, the Executive Chair of Microchip Technology, has been a ...
Indian Tech Talent Excelling The Tech World - Vinod Dham, Founder & Executive Managing Partner, IndoUS Venture Partners
Vinod Dham, known as the “Father of the Pentium Chip,” has left an...
Indian Tech Talent Excelling The Tech World - Rajiv Ramaswami, President & CEO, Nutanix Technologies
Rajiv Ramaswami, President and CEO of Nutanix, brings over 30 years of...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
