Companies

Paymatrix gets seed fund; to raise $ 1m in Pre-Series A

KV Kurmanath Hyderabad | Updated on January 24, 2018 Published on January 24, 2018

Viiveck Verma, co-founder and Designated Partner at IIIT Seed Fund

Paymatrix, a platform that helps landlords and tenants to transact, is looking to expand its reach from the present 8,000 users to one lakh users as it plans to go for a Pre Series-A funding to raise Rs 6 crore.

The start-up, incubated at T-Hub, has raised Rs 25 lakh from IIIT Seed Fund. It raised a similar amount from earlier 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, told BusinessLine after raising the seed money from IIIT Seed Fund.

Paymatrix makes it easy for tenants and landlords by providing services like tenant profiling, rental documentation, rent payment management and risk mitigation on the technology platform.

Paymatrix, which was a portfolio company of Axis Bank’s Thought Factory has also been recently selected to the PayPal Accelerator.

“Using the platform, they can even sign Aadhaar-based digital rent or lease agreements easily and ensure transparent documentation,” he said.

Viiveck Verma, Co-Founder and Designated Partner at IIIT Seed Fund, said that the fund nurtures seed stage and early stage startups. “We also offer mentorship, coaching, business guidance and market access,” he said.

Published on January 24, 2018
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