Hyderabad: Two T-Hub incubatees that won the UKTI’s Tech Rocketship Award 2018, declared by Department of International Trade of UK to identify and connect India’s fast-rising tech stars with the UK’s ecosystem of VCs, advisors, customers and support networks, said they are keen on expanding their operations in overseas markets and raising additional funding.
One of them, PayMatrix is looking to raise $ 1 million funding even as it wants do pilots in Malaysia and UAE to start operations there. The other one , Ayasta, which is into IoT, says the win the competition will give it access to the UK market will help it accelerate in revenues as well as its product roadmap.
Paymatrix, which created a technology platform to streamline property rental payments and collections for tenants, landlords and property managers, now has about 8,000 clients and is seeing demand from about ten big cities. “We have plans to expand to overseas markets. While the win (on Tuesday) will allow us seek opportunities in the UK, Malaysia and UAE are on our radar. This will take some time as we want to raise about $1 million in funding to take up these,” said Mukesh Chandra Anchuri, founder and chief executive. Two others- Anusha Kurupathi Parambil and Muralidhar Nayak Guguloth are the other co-founders.
Paymatrix has in December raised an undisclosed investment from IIIT-H Seed fund, which invests in startups with deep technologies. It facilitates tenant profiling, digital rent agreements, credit facilitation for rent deposits, tenant and landlords insurance.
“Rental income in many cases is paid in cash, hence is not accounted. But since the transactions are recorded, that veil is removed both for the tenants and landlords. Since a credit card can be used for payments, larger sums can be broken into EMIs. We also through our partners provide loans,” he said adding that the receipts can be used to claim the applicable tax exemptions.
Ayasta, the other winner, is focused Internet of Things. The Tech Rocketship Award seek to find promising start-ups in AI, cyber security, fintech, Medtech, IOT, big data and cloud computing.
Ayasta works to digitise the electrical stack. “We help companies identify anomalies in electrical and prevent failures,” said Ravi Teja A, founder and director (Business).
Ayasta’s customers include Fortune 500 companies in oil and gas, pharma and manufacturing in India. “Winning the Tech Rocketship Awards provides us with an opportunity to globalise with the UK as a base. Gaining access to the UK market will help accelerate not only revenues but also our product roadmap. We specifically are looking at working with the large energy and utility companies present in the UK,” he said.
Founded in March 2017, Ayasta was incorporated, it struck partnerships with GE and PwC. In July 2017, the startup has raised Rs 30 lakh from friends and family. “We are looking to raise seed capital of $ 1million towards attaining product-market fit. We have plans of entering the North American market in June this year. Using machine learning to automate identification of anomalies is on agenda,” said Ravi.