This Hyderabad-based end-to-end digital rent management platform becomes the first start-upto be selected & supported by IIIT Seed Fund
Hyderabad, January 24, 201: Technology has brought with it efficiency and transparency into several businesses through innovative products and solutions. One such proposition in the domain of Property Rental management is Paymatrix , which streamlines rent and deposit payments & collections by facilitating credit.
This Hyderabad-based end-to-end digital rent management platform becomes the first start-upto be selected & supported by IIIT Seed Fund. Paymatrix enables tenant profiling, rental documentation, rent payment management and risk mitigation for thousands of tenants, landlords and property managers across India.
The start-up’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.
IIIT-H SeedFund’s focus is to nurture seed stage, early stage startups, and innovative technologies and support them with mentoring and coaching, Business guidance, market access, and any other growth stage support. "As mentors and key players in the startup ecosystem, we found that the lack of resources, mentoring, market reach and early stage funding seriously impedes and limits many startup 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 SeedFund is keen to invest in startups improving efficiencies &democratizing the financial systems" said Viiveck Verma, Cofounder &Designated Partner IIIT Seed Fund.
Speaking on the investment, Mukesh Chandra Anchuri, CEO and Co-founder of Paymatrix, said,“We are delighted to have a strategic investor such as IIIT-Hseed 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”
The start-up, established in November 2016 has since grown its customer presence into 14+ cities in India and has 4000+ registered tenants and landlords on its platform with more than Rs.12 Crores of rent processed till date. Paymatrix plans to strengthen its product proposition into complete property rental management for both individuals and businesses. The start-up believes in their offering to bring in much transparency in rent transactions and in the process open-up a market for interesting insurance and credit products for banks and NBFCs. Paymatrix, which was a portfolio company of Axis Bank’s Thought Factory has also been recently selected to the PayPal Accelerator.