Online rental management startup Paymatrix has raised Rs 25 lakh from IIIT-H Seed Fund. Paymatrix is said to be the first startup selected by Hyderabad’s IIIT Seed Fund for investment.
Focused on encouraging early-stage startups, their growth and other technologies support, IIIT-H Seed Fund is keen to invest in startups, improving their efficiencies and democratizing the financial systems.
The funding platform is a network of investors, including tech professionals and successful entrepreneurs.
Started in 2015, Paymatrix is an online rent and property management platform that eases out rent payment and collection process.
The company offers services where tenants can pay their rents through EMIs on credit card, create rental agreements online, while landlords can screen potential tenants and avail renters insurance.
The offerings ensure risk mitigation for thousands of tenants, landlords and property managers across India.
“The platform will keenly deliver its future product development with key ideas from strategic investor like IIIT Seed Fund,” said CEO and co-founder Paymatrix Mukesh Chandra Anchuri to The Times of India.
The online rental platform has presence in 14 cities across the country with 4000 tenants and landlords on its platform. It was selected among 12 finalists for the Village Capital Fintech 2016 program, funded by Paypal, Blackrock and DBS Foundation.
Paymatrix, which is a portfolio company of Axis Bank’s Thought Factory has also been recently selected to the PayPal Accelerator.
In 2016, the platform raised an undisclosed amount from Xseed Partners. Recently, the Gurgaon-based online rental startup ZiffyHomes too raised seed funding of Rs 2 crore from a clutch of individual investors.
Lending kart also raised Rs 162 crore between August and September last year in multiple tranches from IFMR Capital, Capital First, Tata Capital Financial Services (TCFSl) and Manappuram Finance.