Initial public offering-bound business-to-business payment solution provider, PayMate India has incorporated entities in Singapore and Sri Lanka in a bid to expand its services to more South Asian markets.
The company has also appointed Amirreza Sawal as its regional head for Asia-Pacific based out of Singapore. Sawal has an experience in B2B corporate payments and financial services spanning across the APAC and west Asian markets and has recently worked at Visa Middle East FZ-LLC.
The company said large enterprises and SMBs in Singapore and Sri Lanka who will adopt PayMate as a platform can use bank-issued commercial credit cards to make early payments towards supplier invoices, thus extending days payable. This will help CFOs and finance managers to improve their working capital.
“We have more than 166,811 customers and users in India and UAE as of December 2021. In line with our plans to grow our global footprint, we are now set up in the Singapore market. With Amirreza heading APAC and Nilesh Dadpe taking additional charge of South Asia markets, we are set to go full-steam ahead,” said Rakesh Khanna, chief commercial officer, PayMate.
Founded in 2006 by Ajay Adiseshan, PayMate has developed from a consumer-facing to a B2B payments platform based on digital technologies, with a customer base that spans across industries, including IT distribution, FMCG, paints, financial services, cement, auto auxiliary, travel and airline, media, manufacturing, and logistics.
In terms of transaction processing volume (TPV) processed, PayMate is said to be India’s largest B2B payments player of online, card-based payment-processing services, with a TPV of Rs 7,773.1 crore in December 2021.
“We are expanding into Singapore and Sri Lanka to offer B2B payments and working capital solutions for businesses. The PayMate platform provides an interface to simplify the payments and collection process for our customers and their suppliers, dealers/distributors and commercial credit cards enablement to make timely payments, manage cash flows and end-to-end reconciliation,” said Ajay Adiseshan, chairman and managing director, PayMate.
In May, PayMate filed its Draft Red Herring Prospectus to raise Rs 1,500 crore through an initial public offering (IPO). According to the DRHP, the IPO will include a fresh issue of Rs 1,125 crore and an offer for sale (OFS) of Rs 375 crore.
As part of the OFS, Lightbox Ventures - holding a 27.3% stake in the company and the largest institutional shareholder - will sell up to Rs 127.38 crore. Mayfield FVCI Ltd will exit up to Rs 15.66 crore ownership. RSP India Fund will divest up to Rs 2.74 crore and IPO Wealth Holdings Pvt. Ltd will be selling up to Rs 17.01 crore worth of shares in PayMate.
