Instamojo sees 5X growth in monthly paid subscribers’ post-launch of the beta version in Feb’21
Bengaluru : Instamojo, a full-stack digital solutions provider for D2C businesses, recorded a 5x annual growth in enrolments of monthly paid subscribers since February’21. The company made its entry into the e-commerce enabler space early 2021 with its digital product suite, empowering D2C brands to launch their independent online stores. Since the launch of the beta version of the ecommerce platform in February last year, the company has seen active stores double and transacting stores grow by 3X, with maximum traction recorded from T2 & 3 cities. With small businesses owners now shifting to the digital store front, 20% of Instamojo’s annual revenue is contributed by revenue from the ecommerce online stores (versus 2% in January last year). The company currently has a merchant base of more than 2 million small business owners.
In a recent e-commerce outlook study conducted by Instamojo, the platform recorded a 23% rise in new users logging in via phones. The increase in internet penetration across the country has played a vital role in catalysing the digitisation of home grown D2C brands and their businesses. In fact, the platform recorded a 13.9% increase in female business owners in 2021 v/s 2020, with women now constituting 40% of the total online businesses on the Instamojo platform.
Commenting on the company’s growth, Sampad Swain, CEO & Co-founder, Instamojo said, “We are consistently working towards enabling as many entrepreneurs as possible across India, helping them find digital and financial independence. Post the launch of the beta version of our e-commerce solutions, we received an overwhelming response from merchants. Given the positive growth of the company over the past year, we look forward to further foster the growth of DTCs and entrepreneurs online, in India. We will continue to support SMEs and DTC entrepreneurs and facilitate accessibility to bring more aspiring businesses from grassroots to the online retail space, successfully driving ecommerce growth.”
He further added, “The pandemic continued to pose its set of challenges over the past year across verticals, however the shift in consumer behavior during this time compelling brands to rethink their business strategies to serve their customers better, had a significant impact on businesses moving online and into the DTC space. Ecommerce has been one of the fastest growing sectors and it is here to stay!”
Additionally, it is seen that 40% of the entrepreneurs that signed up on Instamojo in 2021 had a business profile on social media. As more entrepreneurs and small businesses learn the benefits of selling independently online, the DTC model can be expected to catalyze business growth in the new normal. Further, a recent poll conducted with the Instamojo seller communities found that 80% of them preferred selling sustainable products as compared to cheaper alternatives. This indicates that eCommerce is not only growing but also evolving beyond transactions.