Digital payments firm Instamojo appoints former Tally exec as business head

Bengaluru-based Instamojo Technologies Pvt. Ltd, which runs online payments and commerce platform for small businesses, has hired former Tally Solutions Ltd executive Deepak Prakash as its first chief business officer (CBO), a company statement said.

In his new role, Prakash will focus on customer experience and will be responsible for enhancing the growth of Instamojo’s business and brand, the statement added.

A commerce graduate by qualification, Prakash had previously co-founded Scaffold Business Consulting, a business advisory and consultancy for technology startups and small and medium enterprises. Prior to that, he had a nearly 23-year stint at accounting and business software solutions company Tally Solutions, where he last served as vice president.

“It is heartening to see that the Indian MSME sector is today rapidly evolving and a host of opportunities ahead with several of these businesses going digital. I look forward to working with Instamojo and contributing to the growth and success of many MSMEs across the country,” Prakash said in the press note.

Instamojo was founded in 2012 by Swain, Aditya Sengupta, Akash Gehani and Harshad Sharma. The company offers an end-to-end payment gateway solutions for SMEs. Small businesses which sell products online can accept digital payments through multiple channels such as text messages, e-mail, WhatsApp, Facebook, web portals and more, using Intamojo’s payments platform.

The company, which hosts more than four lakh small businesses on its platform, recorded it first-ever profitable month in July last year.

In August last year, it had raised an undisclosed amount in a pre-Series B round from Japanese payments firm AnyPay.

The company had earlier raised over $5 million from Kalaari Capital, Blume Ventures and 500Startups, besides angel investors such as Google’s Rajan Anandan.

Another fintech startup that made a senior level appointment is digital lending firm InCred, which hired former Yes Bank executive Vivek Bansal as its first-ever chief financial officer (CFO).