Paymatrix is an online rent management platform. It streamlines the process of rent payment and collection between tenants, landlords and property managers. With their unique algorithm, they connect hundreds and thousands of landlords, tenants and property managers every day. Paymatrix offers unique rental analytics and host of other services such as rental agreements, screening services which ease the process of property management. Currently Paymatrix is rated as India’s largest rent management platform. It is currently based at T-HUB, a prestigious incubator set up by the Telangana Government.
An average Indian Household spends 20-30% of his income on housing rent with very little scope for postponing it. Property rent remains one such mandatory expenditure, which predominantly was transacted in cash in India. As much as 84% of the residential rent payments in India are being transacted in cash with little entrenchment of formal payment options. Property rent market thus, typically has been plagued with cash usage, tax under-reporting and no-option of credit. Paymatrix intend to make the property rent payment and collection system transparent enough and in the process generate interesting data insights for use of various stakeholders. While, team is propelling the usage of formal payment options for transacting rent, it is also ensuring that individuals have credit options for paying their vital expenditure -Property rent and rent deposits.
Mukesh teamed up with this colleague at Indian Oil – Anusha to work on this Idea. The duo started Paymatrix from a small apartment in March 2015. After extensive research on Indian Rent market, the duo launched Paymatrix in November 2015. They were joined by Muralidhar Nayak, who is a friend and classmate of Mukesh, at Birla Institute of Technology, Mesra in December 2015, after which the team grew to a size of more than fifteen.
The founding team carries with them the best of academic excellence and professional achievements.
1) Mukesh Chandra Anchuri (Founder and CMO, Paymatrix) is a chemical engineer from Birla Institute of Technology and an MBA from SPJAIN. He has more than 4.5 years of experience working with Indian Oil and Infiniti Research in the realms of Sales, Business Development and Consulting. Mukesh is the one who is a great believer in ‘value’ and is usually comfortable in dealing with the ‘uncomfortable’.
2) Anusha Kurupathi Parambil (Co-founder and CEO, Paymatrix) is a chemical engineer from IIT Madras and an MBA from IIM-Ahmedabad. She has more than 4 years of experience working in the realms of strategy management and product development with Fortune 500 firms such as Reliance Industries and Indian Oil Corporation Limited. Anusha is the one who drives strategy and is the spirit behind Paymatrix’s product development.
3) Muralidhar Nayak Guguloth (Co-founder and CTO, Paymatrix) is a graduate from Birla Institute of Technology, who is the technology-guru in the team. Murali worked as a lead developer in technology leaders such as IBM and IGATE for more than 5 years, before venturing with Paymatrix. He is the one who gets his hands dirty with the code and has a penchant for things in detail.
Paymatrix’s founding team together is what can be termed to be complete in terms of capabilities related to product development, marketing and technology.
Revenue growth/ traction
Eleven months in operation and Paymatrix already has 1800 registered tenants, landlords and property managers, out of which 350+ active users are actively transacting rent monthly using this platform. Their current transaction volume ranges in between Rs. 50 lakhs to Rs. 80 lakhs with an average ticket size of Rs 8,000. The total volume transacted through the platform till December 2016 has been 3.34 Cr out of which 2.61 Cr is as rental payments and 0.73 Cr as security deposit payments.
Being the first of its kind in India, Paymatrix doesn’t have any competitor in rental payment management space in India. What gives Paymatrix a side edge is their mechanism to empower the Credit Card holder to pay for the mandatory and recurrent rent expenditure which was not possible so far.
Paymatrix has been selected as one of the 5 companies of Axis Bank’s Thought Factory and is working with the bank to offer seamless credit products for rent management. Some of the new clients secured include Smart Live-in and GoFlytta, giving them access to 100+ properties for rent collections and rent agreements.
Paymatrix has raised their maiden equity investment of US$40,000 from Xseed Consulting in 2016. They are currently seeking US$ 300K to fund their geographical expansion in India and also enter the United Arab Emirates.
How it works
A tenant needs to sign up on the platform using his mobile number and email id. To validate their account, they have to enter the property details, landlord bank account details and undergo a Know your Customer (KYC) check. On successful validation, the tenant can start transacting for their Rental payments through the following payment options – Credit card, Debit card, Internet banking, Wallets, Short-term overdraft etc. Paymatrix then transfers the rent/deposit to the landlord. They retain a percentage of the convenience fee charged to the tenant and share a percentage with the bank that is facilitating the credit.
Paymatrix plans to extend its presence into all metros, tier-1 and tier-2 cities and also pivot the idea into other geographies such as Singapore, UAE and other Middle East growth nations. They also intend to traverse up the value chain by implementing Rent agreements on Block chain to minimize the transaction costs. Paymatrix is launching tax integration into Commercial space and workspace management and also improving Rental Analytics, and also to establish a robust screening and feedback system between tenants and landlords and Integrate Property management module (Vendor model) to derive better value.
The Idea of the founder is to achieve a payment turnover of 50 Cr in the coming 1 Year with prudent customer acquisition while continuously optimizing profit margins. Read more about Indian Startups.