Money & Banking

SucSEED Angel, IIIT-H fund exit Paymatrix

Our Bureau Hyderabad | Updated on June 22, 2021

The two entities were offered an exit by the founders and Muthoot group

SucSEED Angel Network and IIIT-Hyderabad’s seed fund have exited from Paymatrix, a fintech start-up established in 2016.

The two entities were offered an exit by the founders and Muthoot group that invested into the start-up.

The financial consideration for the two exits have not been revealed by the start-up.

The start-up lets users pay their rents, rental deposits and maintenance payments online using credit cards, giving them a window of credit-free period of 45-50 days.

The start-up, with a base of 82,000 users, processed ₹200 crore payment requests so far.

“Paymatrix was one of our very promising early-stage investments at IIIT-H Foundation. We believe that this partnership and investment from Muthoot group shall enable them to scale greater heights,” Ramesh Loganathan, COO at IIIT-H Foundation, said in a statement.

Published on June 22, 2021

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