SucSEED investors exit from Paymatrix

Hyderabad: HYDERABAD-based early-stage investment firm SucSEED Angel Network and IIIT Seed fund have announced their successful exit from investment portfolio Hyderabad-based fintech startup Paymatrix.

Paymatrix has secured a strategic investment from Muthoot Pappachan Group (also known as Muthoot Blue), one of the largest financial conglomerates in India with interests in gold loans, MSME loans, vehicle loans, housing loans, microfinance, chits and precious metals . The investment marks the entry of Muthoot Pappachan Group that has picked up 54 per cent stake in the company with the exit provided to existing investors in the company, as part of its added focus on digital payments segment.

Started in 2016 by Mukesh Chandra Anchuri, Muralidhar Nayak Guguloth and Anusha KP, the startup enables individuals to pay their property rent, rent deposit and maintenance payments online using credit cards, thus enabling the card holders to take advantage of a credit-free period of 45-50 days.

Paymatrix has emerged to be one of the largest property rent payment and collection platforms in India, with a user base of over 82,000 and having processed Rs 200 cr till date. Speaking on this successful exit, Vikrant Varshney, Cofounder and managing partner of SucSEED Angels Network, said, "The transaction volume on Paymatrix expanded 30 times over the period 2019-21, with the startup displaying positive unit economics all throughout its journey. The team was able to consistently strengthen their value proposition and was able to stay ahead of peers in identifying and capturing the market opportunity.