Muthoot Pappachan Group has picked up 54 Percent Stake
Hyderabad, India, June 22, 2021: Hyderabad-based early-stage investment firm SucSEED Angel Network & IIIT Seedfund have announced its successful exit from their investment portfolio Hyderabad based Fintech startup Paymatrix. 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 emerged to be one of the largest property rent payment & collection platforms in India, with a user base of 82,000+ and having processed INR 200 Cr till date. The start-up has some key integrations with various leading Coliving and Coworking spaces in India besides integrations with platforms such as 99 Acres, Bajaj Finserv etc.
Paymatrix has secured a strategic investment from Muthoot Pappachan Group (also known as Muthoot Blue), one of the largest financial conglomerates in India with interests in Gold loans, MSME loans, Vehicle loans, Housing Financing loans, Microfinance, Chits and Precious metals. The investment marks the entry of Muthoot Pappachan Group has picked up a 54 percent Stake into the company with exit provided to existing investors in the company, as part of its added focus on digital payments segment.
Speaking on this successful exit, Vikrant Varshney, Co-founder & Managing Partner of 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. We are glad to have played an instrumental role in the journey of Paymatrix till date”
The early investment from SucSEED Angel Network has helped Hyderabad-based Fintech firm to grow its presence into strengthening its value proposition beyond the target segment of credit cardholders. Further Paymatrix’s Founder & CEO, Mukesh Chandra Anchuri commenting on Muthoot’s investment 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 cardholders, who share a similar pain point to that of credit card holders. We look forward to leveraging the experience of Muthoot Blue in lending business to build Paymatrix into a one-stop digital platform for individuals and businesses, who are looking for quick access to short-term credit”
Muthoot Blue views Paymatrix as a key enabler to foster their digital presence and to unlock synergy between the startup’s value proposition and their lending capabilities.
Ramesh Loganathan, COO at IIIT-H Foundation said “Paymatrix was one of our very promising early-stage investments at IIIT-H Foundation. The team has shown remarkable understanding of their markets and constantly tweaked and pivoted to connect, onto becoming a category-creator in space management and credit card payments. We are also a very happy early customer. We believe that this partnership and investment from Muthoot group shall enable them to scale greater heights.”
Viiveck Verma, cofounder & Partner with IIIT-H Seed fund, 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. Their razor sharp focus on capturing the market and relentless product development to meet customer needs has been remarkable. 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. We are super excited to have mentored them on the way and wish them all the best in their journey ahead with Muthoot Group”.
