Mastercard invests in digital payments enabler for MSMEs Instamojo

Mastercard has made a strategic investment in Instamojo, a digital solutions provider for micro, small and medium enterprises (MSMEs). The investment is aimed at digitising and scaling MSMEs and gig workers by helping them set up online stores, accept digital payments and reach out to customers. Bengaluru-based Instamojo, which started out as a digital payment solutions provider for small businesses, recently forayed into online commerce after acquiring GetMeAShop, an e-commerce enablement firm. Instamojo raised funds from Japan's e-commerce platform Base and existing investors such as Singapore-based Gunosy Capital last November. The startup also counts Japanese payments firm AnyPay, Kalaari Capital, Blume Ventures and 500 Startups among its investors.