The acquisition will help Instamojo strengthen its product and research team
BENGALURU : Payment provider to small and medium enterprises, Instamojo, on Thursday announced that it has acqui-hired Bengaluru-based virtual theatre and vernacular content platform, Showman.
The acquisition will help Instamojo strengthen its product and research team. With the acquihire, founders of Showman -Kshitij Bhatawdekar and Rutveez Roopam Rout will join the Instamojo team.
“The acqu-ihire of Showman is a first for Instamojo and comes at a time when we as a company are evolving to move to the next level. This acquihire will help Instamojo strengthen its product and tech prowess as we continue to innovate across multiple categories and achieve our vision of being the most trusted platform for MSMEs to start their business online," said Akash Gehani, co-founder and chief operating officer, Instamojo.
In February 2020, Instamojo also acquired GetMeAShop (GMAS), an e-commerce enablement firm backed by Times Internet, to enhance its digital offerings and online tools, which it provides to small-and-medium enterprises.
Over the past year, through the pandemic, the company also claims to have introduced several products to address the need of small businesses that were grappling to survive and recorded a 25% growth in merchant base.
Two-year-old Showman operates a virtual theatre that enables users to buy movie tickets online and watch it from the comfort of their homes.
“As an entertainment-focused platform, we have deep insights into the users of India. When we spoke to Instamojo, we realized our insights can drive real impact for the MSME space of India. Both Rutveez and I are excited and looking forward to beginning this new phase of our journey with Instamojo," said Kshitij Bhatawdekar, co-founder, Showman.
In November, last year, Instamojo had raised an undisclosed amount as a part of its pre-Series C bridge round from Japanese investors Base and Gunosy Capital. Prior to that the company had closed its Series B funding round of ₹50 crore ($7 million) led by Japanese payments firm AnyPay, back in 2019.