IIIT-H Seed Fund invests in Rental management platform PAYMATRIX
Hyderabad, January 24, 2018…..: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 theinvestment, Mukesh Chandra Anchuri, CEO and Co-founder of Paymatrix,said,“We aredelighted to have a strategic investor such as IIIT-Hseed fund on-board and aresure to derive key insights from them in our future product development, giventheir great knowledge of technology-intensive businesses” . Thestart-up, established in November 2016 has since grown its customer presenceinto 14+ cities in India and has 4000+ registered tenants and landlords on itsplatform with more than Rs.12 Crores of rent processed till date. Paymatrixplans to strengthen its product proposition into complete property rentalmanagement for both individuals and businesses. The start-up believes in theiroffering to bring in much transparency in rent transactions and in the processopen-up a market for interesting insurance and credit products for banks andNBFCs. Paymatrix, which was a portfolio company of Axis Bank’s Thought Factoryhas also been recently selected to the PayPal Accelerator.
About IIIT-H Seed Fund: IIIT-H Seed Fund has been created to invest intech startups from the IIIT-Hyderabad incubator and startup eco system. It is afund from a network of investors comprising of tech professionals andsuccessful entrepreneurs. Investment is primarily targeted at early stage techstartups involved in technologies like machine learning, computer vision,robotics, AR/VR, natural language processing and other sub-domains ofartificial intelligence among others.The seed fund network comprises ofprofessionals and entrepreneurs who extensively mentor the investee startups.The investors who are senior industry leaders with extensive domain knowledgeand peer networks assist in creating a structure to support start-ups andfurther enhance startup ecosystem.
Startups will get to leverage the expertise ofindividual investors who are part of initiative and share their expertise insales & marketing, finance, systems and technology, risk, legal &compliance, tax & legal, human resources & training. This furthersupplements the research mentoring already offered IIIT Hyderabad, where techstartups get guidance from the faculty and researchers at IIIT-Hyderabad’s labs. More info at https://cie.iiit.ac.in/iiitseed.html. About Paymatrix: Paymatrix is ananalytics-driven property Rent management platform that streamlines propertyrental payments and collections for tenants, landlords and propertymanagers. The platform facilitates Digital Rent management startingfrom Tenant profiling to Digital Rent agreements, Credit facilitation for Rentdeposits, Monthly payment facilitation, Tenant and Landlords Insurance andRental Analytics. The start-up is founded byAnushaKurupathiParambil,MukeshchandraAnchuri, and MuralidharNayakGuguloth in2015 with an idea to ease the pain-point of arranging large sums of money forRent deposits.