Instamojo journey so far
‘Instamojo Connect Marketplace’ which connects small business owners with sellers who offer services such as content development, logo and web designing, translations, digital marketing, SEO analytics etc.
Instamojo.com was released to public on 24th April, 2012.
Intamojo CEO sampad says, “Main idea was to release the product to an initial set of customers quickly ( around 3 week’s time); then start iterating vigorously based on that feedback. However, we never got distracted by others’ worldview of our product vision
Our initial estimate was, let’s build 80% of our core promise and iterate at a supersonic speed. Hence, lot of our core technology decisions was around this hypothesis like choosing Heroku over Amazon AWS for faster deployments & freeing engineering bandwidth However, we recently shifted over core infrastructure to AWS since at scale it works best, both economically & reliability point of view.”
Since beginning Instamojo kept on charting product road-map into 3 buckets:
Wherein initially Intsta mojo focused on reach and revenue based features and later also included retention based features
Instamojo initial RoadMAP was similar to following Roadmap
Gradually instamojo released 25+ big features in 9 months depending on each bucket’s impact on the business & customer-set.
Instamojo initially stated with selling of only digital goods, host the digital files, process the payments through credit cards, debit cards, net-banking facilities and then we securely deliver the digital goods once payment is successful.
In 2015, Instamojo restructured the payment processing by a lot localization and customization , started helping processes payments for businesses of all sizes apart from individuals, freelancers, SOHO.
Soon Instamojo provided “online store” without any extra costs. Shortly they expanded their product reach. Beyond digital goods, They have added functionalities to sell & collect payments for event tickets, services, membership, physical goods, subscription.
Consecutively, Instamojo added app store, Dispute Resolution Center, Instamojo dashboard.
Soon Instamojo will be extending lot of support to sellers in terms of financing, logistics, delivery, accounting etc. to create platform where sellers, buyers and developers can participate to derive value in equal parts
Instamojo, aims to expand its current merchant base of 250,000 to 1 million by next year. Instamojo has successfully increased the number of merchant registrations on the platform by 106% and has witnessed a 150% growth in new merchant activations in the last financial year. It’s digital payment solutions have witnessed a strong adoption by merchants and the number of transactions performed on Instamojo’s platform has grown by over 178% in the last year alone.