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.”
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