'E-commerce platform Instamojo has purchased Times Internet's GetMeAShop'
In a significant move, e-commerce enabler and payment gateway startup Instamojo has announced the acquisition of GetMeAShop (GMAS) for $5 million. This marks the first acquisition for Instamojo, which is around eight years old.
The acquisition is expected to boost Instamojo's offerings, particularly its own website builder platform 'Instamojo Online Store'. With this move, Instamojo plans to provide software for MSMEs to build their own network and also build their online e-commerce store.
GMAS, a platform that helps small businesses build an online website and offers marketing, payments, and CRM tools, has already started working under Instamojo as part of the acquisition. The startup, with a team of around 25-30, based in Gurugram, has been absorbed by Instamojo and is now working under the parent company.
The revamped model will include Instamojo's free store and the added GMAS feature for a premium price. Merchants on Instamojo would now have the option to upgrade to the GMAS platform for additional features. These features include value-added products like Google Analytics, CRM, and digital marketing tools.
Sampad Swain, the founder of Instamojo, stated that the new acquisition ventures into the SaaS modelling. Swain, who entered the market through the acquisition of GetMeAShop in 2015 by Times Internet, a part of the Times Group, believes that this move will help Instamojo cater to the evolving needs of its 1.2 million merchant base.
Merchants on Instamojo were evolving to get a brand name, necessitating a change in Instamojo's layout and software. The acquisition of GMAS by Instamojo marks a transition from basic online store offerings to more premium and feature-rich products.
Instamojo's acquisition of GMAS includes the addition of GMAS as a premium product with extra features. The website builder platform includes features such as in-built payments, analytics, shopping cart, etc. This move is expected to provide added services to Instamojo's merchant base, helping them to establish their brand online and grow their business.
In conclusion, the acquisition of GMAS by Instamojo is a strategic step towards providing added services and value-added products to its merchant base. This move is expected to strengthen Instamojo's position in the e-commerce and payment gateway market.
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