PayMate India files for IPO to raise USD 193.4 mln

Monday 30 May 2022 10:06 CET | News

India-based B2B payment service provider PayMate has filed its DHRP with the local market regulator to raise funds through an IPO.

The proceeds will be utilised for expanding business into new geographies, with USD 29 million for pursuing inorganic initiatives and USD 88 million for placing cash as collateral with its financial institution partners to improve its margins and general corporate purposes.

PayMate has developed from a consumer-facing company to a B2B payments platform since its inception in 2006. They deliver B2B payment services based on digital technologies, with a customer base that spans a range of industries, including IT distribution, FMCG, paints, financial services, cement, auto auxiliary, travel and airline, media, manufacturing, and logistics.

It is a multi-payment category platform that incorporates vendor payments, statutory payments, and utility payments, giving its customers a ‘fully-integrated’ B2B payment stack. The platform's utility comes from its flexibility to integrate with a variety of clients across their payment services spectrum. 

The platform also allows consumers and their vendors, suppliers, buyers, dealers, and distributors to use commercial credit cards to make statutory payments of direct taxes and GST, as well as utility payments. Visa also has a partnership with PayMate.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: B2B payments, Visa, funding, IPO, expansion
Categories: Payments & Commerce
Companies: PayMate
Countries: India
This article is part of category

Payments & Commerce


Discover all the Company news on PayMate and other articles related to PayMate in The Paypers News, Reports, and insights on the payments and fintech industry: