Paymatrix is a Hyderabad-based startup which provides small-ticket loans to people to pay their rent deposits and monthly rent. The startup announced yesterday (24/01/2018) that it has secured a seed fund of Rs. 25 lakhs from International Institute of Information Technology-Hyderabad (IIIT-H). With this investment, Paymatrix has become the first startup in which IIIT Seed Fund, the investment arm of IIIT, has invested in. Paymatrix provides features like tenant profiling, rental documentation, rent payment management and risk mitigation for tenants, landlords and property managers across India.
“We are delighted to have a strategic investor such as IIIT Seed Fund on board and are sure to derive key insights from them in our future product development given their great knowledge of technology-intensive businesses”, Mukesh Chandra Anchuri, CEO and co-founder of Paymatrix said.
Paymatrix was founded in November 2016 by Mukesh Chandra Anchuri (Co-Founder & CEO of Paymatrix), Anusha Kurupathi Parambil (Co-Founder & CMO of Paymatrix) and Muralidhar Nayak (Co-Founder & CIO of Paymatrix). According to The Times of India, Paymatrix now has a presence in 14 cities of India, has over 4,000 registered tenants and landlords on its platform and has so far processed rental deals worth around Rs. 12 crores. IIIT Seed Fund had been instituted to seed fund innovative and technical startups in India. Its core team comprises of IT professionals and established entrepreneurs in India. Apart from providing seed fund to early-stage startups, IIIT Seed Fund also mentors, coaches and provides business and market guidance to early-stage startups in India.
Among the main reasons for the failure of startups in India are lack of funding and lack of proper mentoring and guidance. It is heartening to see a reputed institute like IIIT funding and mentoring early-stage startups in India. If the Government of India launches more schemes to fund, incubate, mentor and promote the startups in India, very few startups in India will fail and the startups in India will grow to become MNCs in the near future and make India proud on the global stage because India has maximum amount of youth population in the world.