Payment collection platform Instamojo is opening up its app store to allow startups and companies to list their services as a storefront and charge users in form of subscriptions, the company said in a blog post. Organizations providing service for business including logistics, accounting, payroll, compliances, tax filing, etc can list their services and use Instamojo’s credit billing system to charge subscriptions from users.
Instamojo has currently partnered with companies like Vakilsearch.com, Cleartax.com, Profitbooks.net, eCourierz.com and Loanzen.in among others to create ‘apps’ for services they provide and list them as a subscription pack costing anywhere between Rs 3,500 to Rs 13,000. For e.g. ClearTax has an app to help companies file-taxes online; companies and individuals can avail the service by paying a subscription fee of Rs 3,600.
What the App Store does: In 2014, Instamojo had launched an app store that provided users with a suite of apps to simplify online selling and collection of payments. Users need to subscribe to these apps, some of which are free and others paid, to use them. To purchase the paid apps users needs to buy credits from the Appstore.
“Appstore comes as a-la-carte offerings along with Instamojo payments and online stores which we provide as core offerings to help small & individual business owner to sell more, manage & grow their business,” a spokesperson from Instamojo told MediaNama
On monetization: The company said that monetization will be on the lines of revenue-share model and commissions based, although the company did not reveal the exact charge. Currently, the company is focusing on conversions for its partners, added the spokesperson. It is also looking to onboard more partners and open-up to new categories like marketing, advertising, banking solutions, inventory management etc.
Instapay launch: In May last year, Instamojo launched Instapay, a payment method that lets users collect payments using their Instamojo usernames. Essentially, the user’s username would act as a proxy for their bank account, enabling to pay directly.
Funding: In Novemner 2014, Instamojo had raised an undisclosed amount of investment in a Series A round of funding from Kalaari Capital and other investors like Blume Ventures, 500Startups and others Prior to this, it had raised around $500,000 from 500 Startups, Blume Ventures and angel investors like Rajan Anandan, Sunil Kalra, Dave McClure, Rob de Heus, Thijs Gitmans, Pankaj Jain, among others.
Founded in 2012 by Sampad Swain, Harshad Sharma and Akash Gehani, Instamojo allows users to collect online payments by simply creating a payment link, adding details like price, sharing the link on websites, through an email, and even on WhatsApp or through SMS, and receive payment.
App Store Image Credits: Instamojo