Rent management platform Paymatrix has raised $100K from SucSeed Venture Partners. This is part of its larger Pre-Series A round, where it is targeting $1 million and is in talks with several investors for the same. Its existing investors include Xseed Venture Partners, IIIT-H seed fund, IIIT-H Foundation and SucSeed Venture Partners.
Founded in Hyderabad in April 2016 by Mukesh Chandra Anchuri, Anusha Kurupathi Parambil and Muralidhar Naik, Paymatrix is an analytics-driven property Rent management platform that streamlines property rental payments and collections for tenants, landlords and property managers.
When it first started, Paymatrix had various offerings such as tenant profiling, rental documentation, rent payment management and risk mitigation for thousands of tenants, landlords and property managers across India. Over the past few months, it has combined all products into one offering, 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.
“We pivoted from selling it as a product to making it Software as a Service (SaaS) offering. And while our clients earlier were just tenants and landlords, our typical clients now are property managers, co-living spaces, PGs, hostels, etc. We give our offering to them on a subscription basis and we get the tenants as a package with that,” says Mukesh, founder and CEO of Paymatrix.
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
Since inception, it has currently grown to have over 13,000 registered tenants and landlords and Rental transaction turnover exceeding Rs 22 crore. It has a presence in over 18 Tier-1 and Tier-2 cities in India.
Paymatrix, which is a part of Hyderabad-based startup engine T-Hub is also one of the few startups to have made it to PayPal India’s accelerator program.
Its last round of investment came in December 2017, when it raised an undisclosed amount from IIIT-Hyderabad Seed fund.
Going forward, Paymatrix 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.