SucSEED secures exit from fintech startup Paymatrix
Muthoot Pappachan Group picks up 54 per cent stake in the startup as part of its plans to strengthen its presence in digital payments space
Hyderabad: Hyderabad-based early-stage investment firm SucSEED Angel Network and IIIT Seedfund have exited from their investment portfolio city-based fintech startup Paymatrix.
Paymatrix has secured a strategic investment from Muthoot Pappachan Group (also known as Muthoot Blue), picking 54 per cent stake into the company with exit provided to existing investors in the company, as part of its added focus on digital payments segment.
Started in 2016 by Mukesh Chandra Anchuri, Muralidhar Nayak Guguloth and Anusha KP, the startup enables individuals to pay their property rent, rent deposit and maintenance payments online using credit cards, thus enabling the card holders to take advantage of a credit-free period of 45-50 days.
Paymatrix has a user base of over 82,000 and has processed Rs 200 crore till date. The startup has key integrations with various coliving and coworking spaces in India besides platforms such as 99 Acres and Bajaj Finserv.
Speaking on this successful exit, Vikrant Varshney, co-founder, SucSEED Angels Network, said “The transaction volume on Paymatrix expanded 30x over the period FY 2019-21, with the startup displaying positive unit economics all throughout its journey. The team was able to consistently strengthen their value proposition and was able to stay ahead of peers in identifying and capturing the market opportunity.”
Paymatrix founder Mukesh Chandra Anchuri said, “At Paymatrix, we are working to facilitate seamless and quick access to short-term credit for individuals and businesses so that they can better manage their cash flows or unanticipated expenses. The investment from Muthoot Pappachan Group will help build capabilities and reach out to non-credit card holders, who share a similar pain point to that of credit card holders.”
Viiveck Verma, co-founder, IIIT-H Seedfund, said “We got an opportunity to work with Paymatrix and its founders closely over the past few years. The founders have shown great persistence and have successfully built a highly motivated team with great execution capabilities. This investment cum association shall enable Paymatrix to significantly strengthen the value proposition, while extending a jumpstart for Muthoot group to grow their digital presence.”
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