Muthoot Pappachan Group has picked up 54 percent Stake into the company with exit provided to existing investors in the company, as part of its added focus on digital payments segment.
Hyderabad, India, June 22, 2021: Hyderabad based early-stage investment firm SucSEED Angel Network & IIIT seed fund have announced its successful exit from their investment portfolio Hyderabad based Fintech startup Paymatrix. Started in 2016 by Mukesh Chandra Anchuri, Muralidhar Nayak Guguloth and Anusha KP, the startup enables individuals to pay their Property rent, Rent deposit and maintenance payments online using Credit cards, thus enabling the card holders to take advantage of a credit-free period of 45-50 days.
Paymatrix has emerged to be one of the largest property rent payment & collection platforms in India, with a user base of 82,000+ and having processed INR 200 Cr till date. The start-up has some key integrations with various leading Co-living and Co-working spaces in India besides integrations with platforms such as 99 Acres, Bajaj Finserv etc.
Paymatrix has secured a strategic investment from Muthoot Pappachan Group (also known as Muthoot Blue), one of the largest financial conglomerates in India with interests in Gold loans, MSME loans, Vehicle loans, Housing Financing loans, Microfinance, Chits and Precious metals. The investment marks the entry of Muthoot Pappachan Group has picked up 54 percent Stake into the company with exit provided to existing investors in the company, as part of its added focus on digital payments segment.
Speaking on this successful exit, Vikrant Varshney, Cofounder & Managing Partner of SucSEED Angels Network, said --
Paymatrix has emerged to be one of the largest property rent payment & collection platforms in India, with a user base of 82,000+ and having processed INR 200 Cr till date. The start-up has some key integrations with various leading Co-living and Co-working spaces in India besides integrations with platforms such as 99 Acres, Bajaj Finserv etc.
Paymatrix has secured a strategic investment from Muthoot Pappachan Group (also known as Muthoot Blue), one of the largest financial conglomerates in India with interests in Gold loans, MSME loans, Vehicle loans, Housing Financing loans, Microfinance, Chits and Precious metals. The investment marks the entry of Muthoot Pappachan Group has picked up 54 percent Stake into the company with exit provided to existing investors in the company, as part of its added focus on digital payments segment.
Speaking on this successful exit, Vikrant Varshney, Cofounder & Managing Partner of SucSEED Angels Network, said --
The transaction volume on Paymatrix expanded 30x over the period FY 2019-21, with the startup displaying positive unit economics all throughout its journey. The team was able to consistently strengthen their value proposition and was able to stay ahead of peers in identifying and capturing the market opportunity. We are glad to have played an instrumental role in the journey of Paymatrix till dateThe early investment from SucSEED Angel Network has helped Hyderabad-based Fintech firm to grow its presence into strengthening its value proposition beyond the target segment of credit cardholders. Further Paymatrix’s Founder & CEO, Mukesh Chandra Anchuri commenting on Muthoot's investment said “At Paymatrix, we are working to facilitate seamless and quick access to short-term credit for individuals and businesses so that they can better manage their cash flows or unanticipated expenses.
The investment from Muthoot Pappachan Group will help build capabilities and reach out to non-credit card holders, who share a similar pain point to that of credit card holders. We look forward to leveraging the experience of Muthoot Blue in lending business to build Paymatrix into a one-stop digital platform for individuals and businesses, who are looking for quick access to short-term credit"
Muthoot Blue views Paymatrix as a key enabler to foster their digital presence and to unlock synergy between the startup’s value proposition and their lending capabilities.
Ramesh Loganathan, COO at IIIT-H Foundation said “Paymatrix was one of our very promising early-stage investments at IIIT-H Foundation. The team has shown remarkable understanding of their markets and constantly tweaked and pivoted to connect, onto becoming a category-creator in space management and credit card payments. We are also a very happy early customer. We believe that this partnership and investment from Muthoot group shall enable them to scale greater heights."
Viiveck Verma, cofounder & Partner with IIIT-H Seed fund, said “We got an opportunity to work with Paymatrix and its founders closely over the past few years. The founders have shown great persistence and have successfully built a highly motivated team with great execution capabilities. Their razor-sharp focus on capturing the market and relentless product development to meet customer needs has been remarkable. This investment cum association shall enable Paymatrix to significantly strengthen the value proposition, while extending a jumpstart for Muthoot group to grow their digital presence. We are super excited to have mentored them on the way and wish them all the best in their journey ahead with Muthoot Group"
About Paymatrix: The start-up was incubated at IIIT-Hyderabad and Paypal accelerator and had secured early-stage investments from investors including Xseed venture partners, IIIT-H seed fund, IIIT-H foundation, SucSEED Angel Network, and SmartCity Dubai.
Over the past two years, Paymatrix diversified into facilitating payments beyond Property Rental payments to turn itself into a full-stack payment player; the platform now enables individuals to pay for all their large ticket monthly expenses such as Rent, Tuition fees, Maintenance, Vendor payments, etc. on Credit cards without the need of Point-of-Sale at the recipient.
In 2020, the company had also expanded its proposition to facilitate start-ups and small businesses to use their corporate credit cards, purchase cards, and business cards to pay business expenses; businesses can thus effectively manage their working capital and timely honour the vendor expenses without having to rely upon short term credit/ working capital loans. The launch of the offering resulted in the expansion of the customer base to 82,000 and the Monthly Gross payment value expanded by 800% within 12 months.
The Paymatrix team stumbled upon this idea when they had to pay a Rental deposit to their landlord wherein, they looked for an option to pay the same using a Credit card in absence of ready liquidity.
About SucSEED Angel Network (SAN)
SucSEED Angel Network (SAN), founded in early 2017, is one of the fastest growing Angel Network, with a combination of CXO level Corporate Professionals, Technology Angels, Business Leaders and Serial Entrepreneurs, who have come together to fuel the growth of Indian Startup System at early stage, with provision of growth capital, organizing access to market and Business mentoring. SucSEED’s Investment focus is primarily targeted at Growth stage in post revenue startups involved with Use cases around real problem statements and solving them using emerging Technology.SucSEED has been investing in diverse domains as listed below, but also open to support wider innovation and businesses. SucSEED facilitates raising seed funding through Angel investments and provides support towards Venture Capital to such entities and teams.
About Paymatrix: The start-up was incubated at IIIT-Hyderabad and Paypal accelerator and had secured early-stage investments from investors including Xseed venture partners, IIIT-H seed fund, IIIT-H foundation, SucSEED Angel Network, and SmartCity Dubai.
Over the past two years, Paymatrix diversified into facilitating payments beyond Property Rental payments to turn itself into a full-stack payment player; the platform now enables individuals to pay for all their large ticket monthly expenses such as Rent, Tuition fees, Maintenance, Vendor payments, etc. on Credit cards without the need of Point-of-Sale at the recipient.
In 2020, the company had also expanded its proposition to facilitate start-ups and small businesses to use their corporate credit cards, purchase cards, and business cards to pay business expenses; businesses can thus effectively manage their working capital and timely honour the vendor expenses without having to rely upon short term credit/ working capital loans. The launch of the offering resulted in the expansion of the customer base to 82,000 and the Monthly Gross payment value expanded by 800% within 12 months.
The Paymatrix team stumbled upon this idea when they had to pay a Rental deposit to their landlord wherein they looked for an option to pay the same using a Credit card in absence of ready liquidity.
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