Aadhaar, Jan Dhan giving big push to digital India ecosystem: Instamojo's CEO

NEW DELHI: As the government rapidly adopts and moves forward in its digital journey, D2C (direct-to-consumer) tech company Instamojo's co-founder and CEO Sampad Swain on Sunday said that Aadhaar and Jan Dhan Yojana have given a big push to the whole digital India ecosystem.

According to Swain, three different buckets of opportunities got created over the last three-four years.

"One is the JAM Trinity (Jan Dhan, Aadhar and Mobile). Second is the availability of affordable credit, and third is the rise of social media, which has helped small business owners to reach an infinite number of customers to sell their products and services," the CEO told IANS during an interaction.

Instamojo is a platform that powers independent e-commerce brands and startups with online stores, landing pages and payment solutions.

The company made headlines last year when the Reserve Bank of India (RBI) returned its application for a license to operate in the payments market.

On that, Swain said that their application got returned because of minor technical reasons, and they have been given time to step up and reapply.

The company has been given time till September to reapply.

"Meanwhile, our software is up to date to kind of help the customers from a data localisation point of view, from a security point of view and on the payment side, if at all we reapply, we have decided to work with the other regulated entities of the regulator," Swain said.

In FY2023, the company has been vastly profitable and said that they have been incrementally growing the customer base.

Presently, Instamojo has more than 3 million small business owners, also known as merchants, on its platform. The company is adding a thousand merchants on a monthly basis now, the CEO mentioned.

He further added that the company expects 2024 to be equally or more profitable compared to last year.

(Shrey Srivastava can be reached at shrey.s@ians.in)