InstaMojo, a website that allows users to buy & sell digital files like reports, code, documents, photos, templates, tutorials, music, videos, and offer physical goods for free, has raised funding from DaveMcClure’s 500 Startups. The amount of the investment has not been disclosed. The investment was made public by Pankaj Jain on Twitter. Angel List also mentions Jain and Paul Singh of 500 Startups as investors.
— pjain (@pjain) October 16, 2012
InstaMojo co-founder Sampad Swain refused to comment, and said that 500 Startups and Instamojo will reveal more details at a forthcoming press event. He hinted that the company might announce the name of another investor, soon. Instamojo had earlier raised money from angel investors Rajan Anandan and Sunil Kalra.
Founded by a team of four (Swain, Aditya Sengupta, Akash Gehani, and Harshad Sharma), InstaMojo allows users to upload a digital file with a price and share the unique link. It allows them to accept payments from customers, charging a flat 10% fee on each transaction. The site handles hosting and serving of content, security, payment processing and delivery. The service is similar to international ventures such as Gumroad and e-junkie.
The funding announcement comes shortly after the appointment of Pankaj Jain as 500 Startup’s Venture Partner for India. 500 Startups, has already made more than 10 investments in Indian companies, including Teliport.me, MyGola, and CucumberTown.