Bengaluru based fintech startup Instamojo has announced the launch of ‘InstaCash’a working capital product for merchants selling on its platform.
In a statement issued, Instamojo said, “It will enable the merchants to avail the loans of up to Rs 1 lakh for a period of 7 to 14 days.”
“Once the merchant places a request for the credit, the company will transfer the funds including convenience and processing fee charges,” the statement added.
Speaking on the launch, Sampad Swaim, Co-founder & CEO of Instamojo in his statement said, “The coronavirus pandemic has left micro-business reeling under the pressure to source fund for procuring raw materials, production, pay wages, etc. Through InstaCash we aim to empower micro-businesses through digitization.”
Adding to the statement, Akash Gehani, Co-founder & COO of Instamojo said, “With our new online store going live the loyalty points will help merchants explore additional features too.”
