Hyderabad-based online rent management platform, Paymatrix has raised $1,00,000 (~ ₹70.5 lakhs) as part of its Pre-Series A round targetted at $1 million, from SucSeed Venture Partners, a Hyderabad-based investment firm. Its existing investors include Xseed Venture Partners, Indian Institute of Information Technology (IIIT), Hyderabad seed fund and IIIT-H Foundation.
The startup had earlier raised an undisclosed amount from IIIT-Hyderabad Seed fund, in December 2017, and has been a part of India’s largest startup accelerator T-Hub and had also made to PayPal India’s accelerator program in 2017.
Founded in April 2016 by Mukesh Chandra Anchuri and Muralidhar Naik Guguloth, Paymatrix is an analytics-driven interface which streamlines the property rent management process for tenants, landlords and property managers. Additionally, the platform also facilitate digital rent documentation, tenant screening services and Renter’s insurance all of which enable hassle-free renting or leasing.
Since its inception the startup has evolved by combining all its offerings into one SaaS-based product, which is an end-to-end rent management platform that helps tenants and landlords with compliance, risk management and financial management. The platform also helps property managers unique insights on improving their rental-yields and RoI.
The platform manages the entire lifecycle of the tenant-landlord relationship. Under compliance management, it handles tenant profiling and benchmarking and creates digital rent agreements. Under financial management, it lets tenants make rent deposit payment on credit card, offers EMI-free loan for rent deposit and offers features such as rent in advance and rent discounting. Under risk management, it offers renters insurance, landlords’ insurance, rental management for PGs/hostels and property managers.
Apart from tenants and landlords, Paymatrix clients include property managers, co-living spaces, PGs, hostels, etc, which get the company’s offering on a subscription basis and in return the startup gets the tenants as a package.
With presence in over 18 Tier-1 and Tier-2 cities in India, Paymatrix claims to have over 13,000 registered tenants and landlords, and over ₹ 22 crore of rental transaction turnover.
Paymatrix, which is an incubatee company of Axis Bank’s Thought Factory, is targeting an annual revenue run rate of $1 million by 2020, which it hopes to achieve by growing 7X and reaching out to 100,000 customers.
The co-founders of the startup are alumni of Birla Institute of Technology (BIT). Anchuri (Founder and CEO, Paymatrix) is a chemical engineer from BIT and an MBA from SPJAIN and has more than 4.5 years of experience working with Indian Oil and Infiniti Research in the realms of Sales, Business Development and Consulting. Guguloth (Co-founder and CTO, Paymatrix) which currently handles product design and development, has earlier worked as a lead developer with IBM and IGATE for more than 5 years, before venturing with Paymatrix.
About SucSEED Venture Partners, it is one of the fastest growing Angel Network, with a combination of Corporate
Professionals, Technology Angels, Business Leaders and Serial Entreprenuers, who have come together to fuel the growth of Indian Startup System at early stage, with provision of growth capital, organizing access to market and
Business mentoring. SucSEED’s Investment is primarily targeted at Growth stage in post revenue tech startups involved in use cases which are impactful to society using emerging technologies. SucSEED network comprises of
professionals and entrepreneurs who extensively mentor the investee startups and investors who are senior industry leaders with extensive domain
SucSEED has so far made three investments including one in September this year where it has contributed in the funding round of SRJNA, a Jaipur based startup helping schools to integrate hands on, affordable and turnkey STEM solutions in their regular curriculum by setting up and facilitating Innovation and Tinkering Labs.
Source – The News Minute