Hyderabad: Hyderabad-based Paymatrix, which is into property rent management, has raised $1,00,000 (about Rs 70 lakh) from angel investment network SucSEED Venture Partners. The funds will be used for enhancing its marketing efforts as well as product development, said its co-founder Mukesh Chandra.
Paymatrix, which has have been a part of NASSCOM 10000 and Paypal India Incubators, enables tenants, landlords and property managers to manage their property rentals and collections transparently through its technology platform. It also offers property managers insights on improving their rental-yields and ROI.
“Heartiest Congratulations @Paymatrix_India : Online Rent management Platform from Hyderabad for raising $100K from @SucSEED_IN. We wish you success for all your future ventures,” read a tweet from Telangana State Innovation Cell.
Previously, its raised funding from Xseed Venture Partners, IIIT-H seed fund, IIIT-H Foundation and SucSEED.
Muralidhar Nayak, another co-founder, said “Our mentors from SucSEED have been able to provide a support structure for business guidance and market access”.
“Paymatrix’s real estate management solutions addresses many pain points. They also aids in compliance,” said Vikrant Varshney, Cofounder & Partner, SucSEED, which invests in the growth phase of startups that have revenues.
Paymatrix’s dashboards can facilitate tenant profiling, digital rent agreements, credit for rent deposits, monthly payments, tenant and landlord insurance, rental discounting and analytics. Started in April 2016, it has 13,000 plus + registered tenants and landlords in 18 cities in India. The rental transaction turnover is over Rs 22 crore.
“The idea for Paymatrix originated when one of us (founders) faced a problem arranging money for paying rental deposit in Mumbai. We were asked to deposit Rs three lakh (rent for 10 months) for a 2BHK flat). We had no avenues to arrange such money in a short span. We also did not have access to any creditline that can arrange this kind of money. Finally, we arranged the money for rent advance after pooling from friends and family and eventually paid it back with a personal loan availed in due time,” said Chandra.
“We have short term (credit cards) and long term (loans) credit options for travel, consumer appliances and food but not for accommodation rent and rental deposits,” he said adding that it paved a way for thinking on the rental segment and its potential and replacing cash with digital transactions was a way to organise the segment. “After much analysis, we have created a platform which can effectively address these pain points in this market,” he said.