Hyderabad-based online property rent management platform Paymatrix has raised INR 70 lakhs ($100,000) in pre-Series A round of funding from SucSeed Venture Partners. The startup will use the freshly raised capital to improve its technology platform and boost its marketing efforts.
Founded by Mukesh Chandra Anchuri, Muralidhar Nayak and Anisha Kurupathi Parambil in 2016, the startup provides an analytics-driven platform for property rent management which connects various tenants and landlords in India. Paymatrix is owned and operated by Speckle Internet Solutions.
Talking about Paymatrix and its services, Mukesh Candra Anchuri, Co-Founder and CEO, Paymatrix, said, “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.”
Paymatrix provides services like drafting rent agreements, renters and landlord insurance, rent receipts, EMI free deposit loans, tenant screening and more which make all aspects of renting a property convenient and hassle-free.
Paymatrix claims to have more than 15,000 registered users across 18 cities in India and is planning to expand this number to 100,000 in the next one to one and a half years. The company is also planning to target a revenue run rate of $1 million by the end of 2020.