Mastercard has made an undisclosed equity investment in Instamojo, a provider of e-commerce technology to Indian micro businesses and gig workers.
Using Instamojo’s platform, merchants have ready access to a fully functional online store with in-built payments and shipping capabilities, marketing tools and other value-added services such as logistics and credit facilities.
Rajeev Kumar, SVP, market development, South Asia, Mastercard says the investment and partnership strengthen both companies’ initiatives to support gig workers like electricians, personal trainers, tutors, and small food and beverage outlets to grow and run their businesses.
“MSMEs and gig workers are an important part of our Indian economy," he says. "Mastercard is committed to supporting them with the company’s strategic investment and partnerships to help them unlock the power and potential of digital commerce. Mastercard’s partnership and investment in Instamojo is a step in this direction and will enable millions of small businesses to grow by strengthening their digital footprint and payment acceptance capabilities.”