Update: Instamojo CEO Sampad Swain has mentioned during his demo pitch in Mountain View (US), that it has a committed funding of $250,000 from Blume Ventures, 500 Startups, Google India MD Rajan Anandan and Indian Angel Network’s Sunil Kalra.
Earlier (February 4): Instamojo, a website which allows users to buy and sell their digital goods has raised undisclosed amount of funding from Blume Ventures, Karthik Reddy, Managing Partner at Blume Ventures confirmed to MediaNama, although he declined to reveal the exact amount invested by the firm. Instamojo allows users to sell reports, code, documents, photos, templates, tutorials, music, and videos, give out physical goods for free, or even time.
From what we’ve heard, other firms might also invested in this round of funding for Instamojo. Instamojo had previously raised funding from angel investors Rajan Anandan and Sunil Kalra in July 2012 and from DaveMcClure’s 500 Startups in October 2012. The company was also incubated into 500 Startups’ Fall 2012 batch of its accelerator program, which is expected to end later this week with Demo days scheduled to take place in Mountain View, San Francisco and NYC (New York City), where more investors might also participate.
Founded in late 2010, Instamojo allows users to sell a digital file for a specific price and claims to offer a 1-click checkout system for buyers & sellers by managing the hosting, security, payment processing and delivery of the digital goods and charging a flat 10% fee on each paid transaction in return. The service is currently similar to International ventures like Gumroad and e-junkie but it also looks like Instamojo is currently experimenting with donations on the site.
Investments from Blume Ventures
Over the past year, Blume Ventures has made some interesting investments. In December 2012, Bangalore-based MadRat Games had raised $500,000 from Blume Ventures and First Light Ventures. Prior to this, an e-commerce venture Unamia had raised $1.2 million in seed funding from AngelPrime and Blume Ventures in October 2012. Other investments by the firm include Framebench, Glamrs, IDfy, 23spaces, Reviews42, Exotel, Sporting Mindz, Cherish Maternity, Hashcube, Rolocule Games, Insieve, TaxiForSure, United Mobile Apps, Emo2 and Aurality (discontinued in December 2012).