Refrens vs Instamojo: Which is Better in 2026?
By StackPicker editorial · · invoicing
Side-by-side comparison with INR pricing, GST and UPI considerations, integrations, pros and cons — written for Indian founders, marketers, and operators.
Quick verdict
Choose Refrens if
- Indian freelancers and consultants
- Solo agencies and small service businesses
- Side hustlers needing GST invoices
Choose Instamojo if
- Solopreneurs, coaches, and creators selling digital products
- Small businesses needing payment links without a website
- Sellers wanting a free hosted storefront fast
At a glance
| Attribute | Refrens | Instamojo |
|---|---|---|
| Founded | 2018 | 2012 |
| HQ | Bengaluru | Bengaluru |
| Target market | India | India |
| Pricing model | subscription | transaction |
| Free tier | Yes | Yes |
| Starts at | Free for unlimited invoices; Premium ₹1,500/year | 2% + ₹3 per transaction |
| Currency | INR | INR |
| INR billing | Yes | Yes |
| UPI support | Yes | Yes |
| IST support | Mon-Sat 10am-7pm IST | Mon-Sat 10am-7pm IST |
Refrens pricing
INRModel: subscription
Free tier: Yes
Starts at: Free for unlimited invoices; Premium ₹1,500/year
Free plan covers most freelancers. Premium adds team, advanced reports, custom branding.
Instamojo pricing
INRModel: transaction
Free tier: Yes
Starts at: 2% + ₹3 per transaction
No setup or AMC fees. International cards 5% + ₹3. Free online store on starter plan.
Pros & cons
Refrens — Pros
- +Genuinely free for invoicing — no surprise gates
- +Clean, modern UI
- +Quick setup, no training needed
- +Built-in payment collection
- +Business directory drives inbound leads
Refrens — Cons
- −Not full-stack accounting (no balance sheet automation)
- −Limited reporting and analytics
- −Multi-currency basic vs. Zoho Books
- −Premium feature unlocks behind paid plan
- −Less suited as you scale past freelancer/solo
Instamojo — Pros
- +Easiest setup — no developer needed
- +Free online store is a quick win for first-time sellers
- +Good for digital downloads and service businesses
- +Working capital product is unique
Instamojo — Cons
- −Higher per-transaction fees than competitors
- −API and developer experience are basic
- −Settlement delays reported by some merchants
- −Limited fit for scaled e-commerce operations
- −Subscription tooling is rudimentary
Refrens — Best for
- Indian freelancers and consultants
- Solo agencies and small service businesses
- Side hustlers needing GST invoices
- Anyone wanting free unlimited invoicing
Refrens — Not ideal for
- Mid-size businesses needing full accounting (Zoho Books fits)
- Inventory-heavy product businesses
- Teams needing multi-branch or warehouse features
- Companies needing audit-grade ledgers
Instamojo — Best for
- Solopreneurs, coaches, and creators selling digital products
- Small businesses needing payment links without a website
- Sellers wanting a free hosted storefront fast
- Freelancers collecting one-off client payments
Instamojo — Not ideal for
- High-volume D2C brands needing optimized checkout
- SaaS companies needing robust subscriptions and dunning
- Developers needing deep API customization
- Merchants needing instant settlements at scale
Indian context
Refrens
- INR billing: Yes
- UPI support: Yes
- GST: GST invoicing built in; e-invoicing on Premium
- IST support: Mon-Sat 10am-7pm IST
Instamojo
- INR billing: Yes
- UPI support: Yes
- GST: GST applied on fees; GSTIN-based invoicing in dashboard
- IST support: Mon-Sat 10am-7pm IST
Final recommendation
For most Indian buyers, the choice between Refrens and Instamojo comes down to pricing model, INR/GST support, and how it fits the rest of your stack. Use the verdict cards above to map your situation to the right pick — and try both free tiers before committing.