Mastercard allocated $33.68m to support small businesses in India last year. Credit: TheDigitalWay from Pixabay.

Mastercard has made an undisclosed equity investment in Instamojo, a full-stack digital solutions provider for MSMEs in India.

Instamojo offers SME merchants a ready-made virtual platform upon which, they can set up an e-commerce business and accept digital payments to grow their digital footprint.

Its platform allows merchants to a fully functional online store with in-built payments, shipping capabilities, marketing tools, and credit facilities.

This investment is aimed at aiding MSMEs and gig workers by offering solutions that will enable them to digitise such as creating online stores, equip with digital payment acceptance abilities and reach out to customers even during pandemics.

Mastercard senior vice president for market development in South Asia Rajeev Kumar said: “MSMEs and gig workers are an important part of our Indian economy. 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.”

Instamojo CEO and co-founder Sampad Swain said: “While we started as a payments solution for the small business, we have broadened our purview since then and now we are focussed on the larger picture of providing the small businesses with a platform which helps them to start, manage and grow their business online. With players like Mastercard showing confidence in us, helps us broaden our horizon further.”

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The investment follows Mastercard’s decision to allocate $33.68m (INR2.5bn) to support small businesses in India last year.

The company also launched initiatives to grow digital payments awareness, provide low-cost digital and physical acceptance solutions, and empower women entrepreneurs by increasing their business acumen.

In April 2021, Mastercard committed $10m to address critical Covid-related needs in India.