Hyderabad-headquarted Paymatrix, an end-to-end digital rent management platform, said in a statement that it has raised Rs 25 lakh ($4,000) from International Institute of Information Technology-Hyderabad's IIIT Seed Fund.
Paymatrix is owned and operated by Speckle Internet Solutions Pvt. Ltd. The firm was founded in November 2016 by Anusha Kurupathi Parambil, Muralidhar Nayak and Mukesh Chandra Anchuri, who currently serves as its chief executive officer.
The company provides an analytics-driven property rent management platform that streamlines property rental payments and collections for tenants, landlords and property managers.
It offers small-ticket loans to people to pay their rent deposits and monthly rent.
The company currently has a presence in 14 cities with more than 4,000 registered tenants and landlords on its platform. It has processed rental deals worth around Rs 12 crore.
Paymatrix, which was a portfolio company of Axis Bank’s accelerator programme, was among five fintech startups recently shortlisted for PayPal's India Incubator Challenge.
IIIT-H Seed Fund was created to invest in tech startups from the IIIT-Hyderabad incubator and startup ecosystem. It is a fund from a network of investors comprising tech professionals and entrepreneurs.
The fund'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.
"IIIT Seed Fund is keen to invest in startups improving efficiencies and democratising financial systems," said Viiveck Verma, co-founder and designated partner of IIIT Seed Fund.