Fiintech startup PayMate founded in 2006 has embarked on a plan to raise $100 Million in Pre-IPO round. PayMate had raised $25 Mn Series D in 2019. The startup recently forayed into the UAE and has a customer portfolio of 105,000 Indian businesses.
PayMate was founded by Ajay Adiseshann and Probir Roy in 2006. The fintech startup enables enterprise and small-medium enterprises (SMEs) businesses to automate and digitise their entire procurement to payment cycle (procure-to-pay). Its product features include vendor management, vendor payments, customer payments, invoicing, supply chain financing options, and more.
As per the regulatory filings, the startup is raising the fresh fund for “business purposes and to augment long term resources and capital base of the company.”
In 2019, PayMate had raised around $25 Mn in its Series D round from Recruit Strategic Partners, the venture capital arm of Japanese firm Recruit Co. Ltd., Brand Capital, Mayfair 101 and payments giant Visa in 2019. The startup which recently forayed into the UAE claims its services have been used by more than 105,000 Indian businesses. PayMate will be going for an initial public offering in the next year. The startup plans to list itself on the BSE.
PayMate now joins the bandwagon of Indian fintech startups such as Vijay Shekar Sharma’s Paytm, Delhi NCR based MobiKwik, Pine Labs, and Fino Payments who will be going for an initial public offering in the coming months.
Paytm has already filed its draft red herring prospectus and is eyeing for an INR 16,600 Cr IPO at a valuation close to $25 Bn – $30 Bn. Gurugram-based MobiKwik is going for an INR 1,900 Cr IPO where it will issue new shares worth INR 1,500 Cr and secondary shares worth INR 400 Cr.