“Winning isn’t everything, but wanting to win is.”
Instamojo is one of the trending tech startups in the country. Whether you are a photographer, a freelance software programmer, an event manager or a musician, selling your product and collecting money is just a click away with Instamojo!
Instamojo is a website that provides a platform for its users to buy and sell digital goods like ebooks, reports, comic books, music, software, templates, photos, tutorials etc. It provides a simple solution to selling digital files, where people can share or paste a link with friends, fans and followers.
All a user needs to do is upload details about the offer including price tag and get a unique link which can be shared with friends, followers and fans. A user doesn’t have to go through a confusing checkout system as hosting of checkout page, security, payment processing and delivery are handled by Instamojo itself.
Instamojo was launched on 24th April 2012 by a team of four (Sampad Swain, Aditya Sengupta, Akash Gehani, and Harshad Sharma). The idea struck Sampad when he was running dealsandyou.com. At that point of time he used to travel a lot where he met many entrepreneurs and interviewed them. After some time he had collected a bunch of interview videos and started a YouTube Channel.
While doing this he felt that there should be a platform where such products could be sold. He worked on the idea for a few weeks and suggested it to his Urban Portion team. Urban Potion was a business focused on Mobile Advertising. His team liked the idea and started working on it and thus Instamojo was born. They chose the name Instamojo to reflect what they stand for – Insta (instant) + mojo (magic) for online commerce.
Instamojo pays the seller 90% of every successful transaction. It doesn’t charge an extra fee for setup, hosting, serving the content or delivery. The minimum price of each offer should be USD 0.49, or INR 9 but a person can also give away stuffs for free! The payout happens on the 2nd and 4th Friday of each month. All sales on or prior to 1st Friday are paid on 2nd Friday, and all sales on or prior to 3rd Friday are paid on 4th Friday. One of the greatest advantages of Instamojo is that it can used by anyone in the world who has a Paypal account.
Right now Instamojo is targeting the Indian market and has over 5,000 sellers but the company has also witnessed interest from other markets. It is used by different kinds of people to sell their creations. Publishers use Instamojo to sell ebooks, comic strips, research report etc whereas software companies use it to sell their softwares to clients. It is also used by photographers who wish to sell their mesmerizing photos online and some even use it to raise donations.
The company is funded and advised by renowned venture capitalists and angel investors like Rajan Anandan, Sunil Kalra, 500 Startups, Blume Ventures, Dave McClure, Rob de Heus, Thijs Gitmans, Pankaj Jain, Shailesh Rao, Bharathram Thothadri, Avlesh Singh who are associated with Juggernauts like Google, Twitter, American Express and DHG Communications.
Sampad Swain advises entrepreneurs to identify a problem you are facing and look for other people who are probably facing the same problem. Entrepreneurs invest their time, money and emotion into an idea and so should not be stubborn and test whether the idea is executed effectively or not. Last but not the least, choosing like-minded and passionate team mates is an integral part of any startup as they are the most valuable asset an entrepreneur has.