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PayBee, a Chennai based B2B fintech startup, has been selected in the first batch of Catalyst’s ‘Fintech for the Last Mile’ incubation programme. Catalyst is an initiative that promotes last-mile digital payment solutions to help underserved communities of merchants and consumers access to broader financial services and create opportunities vital to their future prosperity.
PayBee, which was chosen from over 50 qualified leads considered by Catalyst's team to join the programme, is a simple, easy-to-use business collections solution that improves transparency and efficiency in B2B transactions.
PayBee is the first UPI enabled B2B Payment app available on Google Play Store that can be downloaded by businesses for free to make and accept payments readily. The company’s ‘Retail Collect’ allows businesses to collect payments from any UPI app at the Point of Sale by generating a dynamic QR code for any payment amount. With the ‘Remote Collect’ option, businesses can collect payments remotely from any UPI app by just sending a payment link to phone numbers.
“PayBee is a scalable and efficient solution for B2B payments and collections as it addresses unique pain points for distributors across fragmented, informal supply chains. As part of its ongoing work with Catalyst, it has on-boarded major distributors in FMCG, Pharma and Dairy sectors along with several retailers enabling digital payments in distribution value chain,” said Badal Malick, Principal Innovation Officer at Catalyst.
“We are operating in Chennai and Jaipur where PayBee enables several distribution businesses to improve their cash flow significantly by reducing value leakage in inefficient collection processes. We have onboard close to 400 businesses and at the current rate, will be processing transactions worth about ₹60 Million this year. We have seen a 100 per cent growth in payment value and volume over the past three months,” said Murali Krishnan, CEO of Onymy Infocomm Pvt Ltd, company that owns PayBee.
The company also helps businesses grow by helping with loans. “PayBee aids businesses to grow by offering credit against their invoices through leading NBFC’s lending partners. The straightforward credit structure makes it incredibly easy for the retail business owners to expand their businesses and grow,” he said.
The company has raised its first round of angel funding and is actively looking to expand its services across geographies and verticals.
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