An entrepreneur doesn’t become successful in the blink of an eye. To become successful, an entrepreneur requires an idea, one which will set them apart. That is only the beginning. An idea can strike anyone but what comes after this idea is what makes or breaks the business. Passion is the first and foremost essential. It is followed by grit and a strong work ethic. Open-mindedness and the ability to bounce back from failure are important qualities; essentially coping and handling failure in a smart, strategic and optimistic way.
Instamojo was founded in 2012 by Harshad Sharma, Sampad Swain, Aditya Sengupta and Akash Gehani.Sampad Swain is now the CEO of the company while founder Harshad Sharma is no longer with the company. Instamojo is a Bangalore-based company. It targets the digital selling of goods and paying the fee online. Anyone with a bank account can enroll themselves at Instamojo and sell or buy goods on this digital platform. Instamojo handles the payment and delivery aspects of the process. It is simple to use:
- It offers a swift and simple setup. It does not demand any fee for an account and requires no paperwork.
- All kinds of payment facilities like credit or debit cards, net banking, etc. are accepted and transactions can be done through various mediums including email, SMS, Whatsapp, etc.
- There is a variety of businesses Instamojo caters to. A few examples would be Digital files, event tickets, services, subscriptions, physical goods and so on.
But all businesses go through their ups and downs. Instamojo has faced its fair share of problems. Although it had raised over 30 crores from investors and services 3 lakh businesses across India, the company almost shut down in 2017. This was attributed to the fact that it had last raised money in 2014 and was supposed to raise more in 2016 and failed to do so. The investors pulled out after the demonetization of Indian currency, claiming that they did not know the market anymore.
The company was broke and had to call Kalaari (Capital) to help them out with another $250,000 (Rs. 1.6 crore). This took them through the next six-to-eight months. But that ran out midway into 2017, and Instamojo was once again starved of funds. Within the company, Swain and his team tried to cut costs, the founders gave up their salaries. If they didn’t make a profit, they would be finished.
In August 2017, Instamojo received a fresh round of funding by Japanese payments firm AnyPay. The company had overcome its close call with the end and had bounced back. They are now planning to increase their reach and add many more features to their flourishing business.