Online payments collection platform Instamojo cuts payout time cycle for sellers
Bangalore-based Instamojo Technologies Pvt Ltd., which runs an online payment collection platform Instamojo.com, will now enable payouts to the bank accounts of its clients on a daily basis instead of transferring money to their accounts once a week. "Earlier the payouts used to happen every Friday, however now it will be processed every business day, and users will receive payments within three days of any transaction," the company spokesperson told Techcircle.in.
For example, if a sellers sells something through Instamojo account on Monday, they will now receive a payout to their bank account by Thursday and so on.
Founded in 2012 by Sampad Swain, Aditya Sengupta, Akash Gehani and Harshad Sharma, Instamojo allows users to sell reports, code, documents, photos, templates, tutorials, music, and videos, for free by just sharing a link.
The user has to list the stuff he/she wants to give away and Instamojo, in turn, creates a page for the posting. The unique link of the page can be then shared with friends, fans and followers. When someone interested claims it, the owner gets an intimation e-mail and can give it away. The platform is available for users across the world.
One can upload an offer for free, be it a physical product or sharing one's skills via scheduling a time-based event.
The company raised an undisclosed sum in Series A funding from Kalaari Capital three months back. The round also saw participation from existing investors including Blume Ventures and 500Startups.
In February 2013 it had secured an undisclosed amount in funding from Blume Ventures.