The Hindu Business Line
Paymatrix gets seed funding, eyes $1-m pre-Series A round
Paymatrix, a transaction platform for landlords and tenants, is looking to expand its reach from the present 8,000 users to one lakh users. It is looking to raise pre-Series A funding of $1 million.
The start-up, incubated at THub here, has raised ₹25 lakh from IIIT Seed Fund. Earlier, it had raised a similar amount from another firm.
“We are planning to raise $1 million in three months to fund our expansion plans. We now have 4,000 tenants and landlords each on our platform. We would like to take it to one lakh users in a year,” Mukesh Chandra Anchuri, founder and CEO of Paymatrix, told BusinessLine.
Paymatrix offers services such as tenant profiling, rental documentation, rent payment management and risk mitigation. A portfolio company of Axis Bank’s Thought Factory, it was also recently selected to the PayPal Accelerator.
“Using the platform, they (users) can even sign Aadhaarbased digital rent or lease agreements easily and ensure transparent documentation,” said Anchuri.
Viiveck Verma, co-founder and Designated Partner at IIIT Seed Fund, said the fund nurtures seed- and early-stage start-ups. “We also offer mentorship, coaching, business guidance and market access,” he said.