IIIT Hyderabad seed fund, created to invest in tech start-ups from IIIT-Hyderabad incubator and the start-up eco system, has made its first investment in T-Hubâ€™s property Rental management startup Paymatrix.
Paymatrix enables tenant profiling, rental documentation, rent payment management and risk mitigation for thousands of tenants, landlords and property managers across India.
According to a statement from IIIT-H, Paymatrixâ€™s value proposition starts with profiling the right tenant for a landlord using an algorithm designed to incorporate identity, social, credit and psychometric attributes. Tenants and landlords can then also get into a lease with digital rent/ lease agreements easily and ensure transparent documentation. The platform further helps the tenants to better manage their rent and deposits to landlord by extending the facility of credit both with and without a credit card.
"We are delighted to have a strategic investor such as IIIT-H 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,â€ť Mukesh Chandra Anchuri, CEO and Co-founder of Paymatrix said in a statement.
Founded in November 2015 by Mukesh, Anusha Kurupathi Parambil and Muralidhar Naik Paymatrix currently has a presence in over 14 cities across India with 4000+ registered tenants and landlords on its platform with more than Rs. 12 crore of rent processed till date.
IIIT Seed Fund's focus is to nurture seed stage, early stage start-ups, innovative technologies, support them with mentoring and coaching, business guidance, market access, and any other growth stage support.
"As mentors and key players in the start-up ecosystem, we found that the lack of resources, mentoring, market reach and early stage funding seriously impedes and limits many start-up founders with great ideas. As a group, we wanted to address this through the mentor-intensive fund we launched along with IIIT Hyderabad Foundation. IIIT Seed Fund is keen to invest in start-ups improving efficiencies and democratizing the financial systems," said Viiveck Verma, Cofounder and Designated Partner IIIT Seed Fund.
Paymatrix plans to strengthen its product proposition into complete property rental management for both individuals and businesses.
It last raised funds in November 2016, when Xseed Partners invested an undisclosed amount into the startup.
Paymatrix, which was a portfolio company of Axis Bank's Thought Factory has also been recently selected to the PayPal Accelerator.