The founders refused to comment more on the proceedings of the funding but hinted telling that there would be another investor joining the company soon. Instamojo had previously procured funding from few angel investors like Sunil Kalra and Rajan Anandan. The company earns a flat 10% on every transaction and is quite similar to international ventures like Gumroad and e-junkie.

Pankaj Jain was recently added to Dave McClure’s 500 startups and the announcement of this investment came behind his appointment with 500 startups. Teliport.me, MyGola and Cucumber Town are few companies that have received investment from Dave McClure’s 500 startups.

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