Full-stack solutions provider Instamojo digitises 2 lakh MSMEs amid COVID-19
Once a fintech platform and now a full-stack solutions provider for the micro, small and medium enterprises (MSMEs), Instamojo claims to have digitised more than two lakh small and medium businesses (SMBs) in the last two quarters, according to a statement by the company. Data from the platform further revealed that 70 percent of these enterprises did not have a digital presence before the coronavirus pandemic that broke out in India in the month of March this year.
The platform onboarded several MSMEs across different sectors including retail, travel, food, toys, gifts etc. Moreover, the maximum percentage of sign-ups came from the 'Education & Jobs' category, followed by the services sector.
The report shared by the company also highlighted that in terms of region, Tier I cities largely chose to go digital. The maximum sign-ups came from Delhi, followed by Pune, Hyderabad, Bengaluru, and Mumbai. In addition, merchants from Tier II cities such as Patna, Lucknow, Ahmedabad, Bhopal, Raipur, Meerut, and several others decided to go digital during the pandemic.
Commenting on the trends observed, Akash Gehani, Co-founder and COO, Instamojo said, "Though the digital way of life was not new in urban areas, an interesting trend we observed was the traction gained from Tier II cities like Jaipur, Ahmedabad, Indore, and Patna – digital adoption in these cities have picked up well, compared to pre-COVID-19 times."
The coronavirus pandemic has forced MSMEs to re-think and reboot when it comes to running their businesses. One of the major learnings it has brought for MSMEs is that they need to go digital in order to survive and thrive.
Akash added that the pandemic has been a great accelerator for small businesses in these markets to establish an online presence for the first time.
Instamojo was founded in 2012 by Akash Gehani, Sampad Swain, and Aditya Sengupta. The business provides a host of solutions for MSMEs to go online by helping and assisting them in finding and leveraging the right kind of technology.
Edited by Kanishk Singh