has raised Series A funding from Kalaari Capital to with participation from existing investors, i.e. Blume Ventures, 500Startups.  Post  funding,Vani Kola of Kalaari Capital will join Instamojo board along with Karthik Reddy, Managing Partner of Blume Ventures.

We plan to spend this money on marketing, product development & expanding the current team across all functions. Part of this involves setting up our new office in Bangalore too. [official blogpost]

Instamojo key competitors include Paytm and PayU, though the company also competes with event solution companies like Explara and MeraEvents.