A study of product roadmap of Instamojo
Setting context: Through this document, i am going to walk you through the product road map of Instamojo (an on-demand payment platform). We will discuss what they have developed so far and how will the products unfold in near future.
About the company:
Founded in 2012 by Akash Gehani, Harshad Sharma, Sampad Swain, InstaMojo provides payment gateway services to 3+ Lakh SMEs (as on Oct, 2017 [1]), It creates payment links, that can be shared via SMS, WhatsApp, email and Facebook. Customers can then pay using a host of methods, including credit cards, debit cards, netbanking, UPI, wallets etc,. Instamojo has developed a reputation for being fast and easy to use, and is popular with the tech-savvy crowd to quickly begin accepting payments.
The company has raised about $10Mn in 5 rounds of investments with Japan based AnyPay, Blume ventures, Kalaari capital as the primary stakeholders. The company generates an annual revenue of $4 Mn and faces competition from Oxigen, JustPay, PayWorld
Generic idea about RoadMap at Instamojo
- built around its payment gateway model
- has evolved into providing multiple value streams for their customers (the merchants)
Over the years, product development process can be broadly bucketed into Payments, E-commerce, App-store, Support & customer service, data & automation.
From 2012–2014
Simple payment links to help small businesses or individuals sell for digital goods like eBooks, software, music etc. Business model was to receive a percentage cut for hosting these assets and enabling transactions.
- File hosting
- Payment links
- Feedback system
- Convenience features for merchants (Better editor, Archiving links, better URL schemes)
- More and easier login options
These clearly show the intent to Reach and Retain customers.
Features developed in 2014
Features developed in 2015
Features developed in 2016
SmartLinks:
allow customers to auto expire payment links, provide an option to buyers to edit the payment amount, collect GST details during payments, change the colour of the link and others.
Features developed in 2017
Features developed in 2018
What lies ahead — Features planned for 2019
In 2019 — The company will focus on
Launching MojoXpress and MojoCapital in industrial city — pune.
Launching advertising services, MojoAds
Creating a community for the merchants to discuss, share tips/ideas, creating contact among themselves.
Entering into a new geography of countries in Africa/SouthEast Asia
How can they improve their product — Tweaks in their roadmap (1 tweak in each bucket as said in earlier)
- Payments — tax filing for vendors
- E-commerce — Should introduce rating for vendors, Fulfillment centers
- Support & customer service- Language customization at digital touch-points like App, website, community for merchants etc.
- data & automation- Read user generated content in the community and promote 3rd party product and services.
Conclusion
InstaMojo is working towards becoming One-stop shop for all needs of MSMEs in India. There is a social value in it. I would like to bring in whole product development framework here to conclude about product roadmap at InstaMojo
Generic — Providing platform for sell goods, enable easy payments. Promoting their products using MojoAds, Lending to the MSME business and understanding their immediate needs to prevent them from looking for alternative platform.
Expected — Making the products immediately available through instant payouts, through multiple digital channels
Augmented — Increasing the number of touchpoints by providing supply-chain services, Customer care services, training the users.
Potential — Identifying areas which cause user segment defect from the product and work towards creating those value proposition in the product. Developing potential product is continuous process where there always room for improvement.
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