IANS | 25 Feb, 2024
As the government rapidly adopts and moves forward in its digital
journey, D2C (direct-to-consumer) tech company Instamojo's co-founder
and CEO Sampad Swain on Sunday said that Aadhaar and Jan Dhan Yojana
have given a big push to the whole digital India ecosystem.
According to Swain, three different buckets of opportunities got created over the last three-four years.
"One
is the JAM Trinity (Jan Dhan, Aadhar and Mobile). Second is the
availability of affordable credit, and third is the rise of social
media, which has helped small business owners to reach an infinite
number of customers to sell their products and services," the CEO told
IANS during an interaction.
Instamojo is a platform that powers
independent e-commerce brands and startups with online stores, landing
pages and payment solutions.
The company made headlines last year
when the Reserve Bank of India (RBI) returned its application for a
license to operate in the payments market.
On that, Swain said
that their application got returned because of minor technical reasons,
and they have been given time to step up and reapply.
The company has been given time till September to reapply.
"Meanwhile,
our software is up to date to kind of help the customers from a data
localisation point of view, from a security point of view and on the
payment side, if at all we reapply, we have decided to work with the
other regulated entities of the regulator," Swain said.
In FY2023, the company has been vastly profitable and said that they have been incrementally growing the customer base.
Presently,
Instamojo has more than 3 million small business owners, also known as
merchants, on its platform. The company is adding a thousand merchants
on a monthly basis now, the CEO mentioned.
He further added that the company expects 2024 to be equally or more profitable compared to last year.
