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IIIT-H Seed Fund Invests in Rental Management Platform
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(Attn.editors: The following press release comes to you under an arrangement with PRNewswire. PTI takes no editorial responsibility for the same).
IIIT-H Seed Fund Invests in Rental Management Platform Paymatrix
HYDERABAD, India, January 23, 2018/PRNewswire/-- 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 and collections by facilitating credit. This Hyderabad-based end- to-end digital rent management platform becomes the first start-up to be selected and 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.
(Logo: http://mma.prnewswire.com/media/600789/IIIT_Hyderabad_Logo.jpg )
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 Seed Fund's focus is to nurture seed stage, early stage start-ups, innovative technologies, support them with mentoring and coaching, business guidance, market access, and any other growth stage support. "As mentors and key players in the start-up ecosystem, we found that the lack of resources, mentoring, market reach and early stage funding seriously impedes and limits many start-up 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 Seed Fund is keen to invest in start-ups improving efficiencies and democratizing the financial systems," said Viiveck Verma, Cofounder & Designated Partner IIIT Seed Fund.
Speaking on the investment, Mukesh Chandra Anchuri, CEO and Co-founder of Paymatrix, said, "We are delighted to have a strategic investor such as IIIT-H seed fund on-board and are sure to derive key insights from them in our future product development, given their great knowledge of technology- intensive businesses."
The start-up, established in November 2016 has since grown its customer presence into 14+ cities in India and has 4000+ registered tenants and landlords on its platform with more than Rs. 12 crores of rent processed till date. Paymatrix plans to strengthen its product proposition into complete property rental management for both individuals and businesses. The start-up believes in their offering to bring in much transparency in rent transactions and in the process open-up a market for interesting insurance and credit products for banks and NBFCs. Paymatrix, which was a portfolio company of Axis Bank's Thought Factory has also been recently selected to the PayPal Accelerator.
About IIIT-H Seed Fund:
IIIT-H Seed Fund has been created to invest in tech start- ups from the IIIT-Hyderabad incubator and start-up eco system. It is a fund from a network of investors comprising of tech professionals and successful entrepreneurs.
Investment is primarily targeted at early stage tech start -ups involved in technologies like machine learning, computer vision, robotics, AR/VR, natural language processing and other sub-domains of artificial intelligence among others. The seed fund network comprises of professionals and entrepreneurs who extensively mentor the investee start-ups. The investors who are senior industry leaders with extensive domain knowledge and peer networks assist in creating a structure to support start-ups and further enhance start-up ecosystem.
Start-ups will get to leverage the expertise of individual investors who are part of initiative and share their expertise in sales and marketing, finance, systems and technology, risk, legal and compliance, tax and legal, human resources and training. These further supplements the research mentoring already offered IIIT Hyderabad, where tech start-ups get guidance from the faculty and researchers at IIIT-Hyderabad's labs. For more information, visit https://cie.iiit.ac.in/iiitseed.html
Paymatrix is an analytics-driven property Rent management platform that streamlines property rental payments and collections for tenants, landlords and property managers. The platform facilitates Digital Rent management starting from Tenant profiling to Digital Rent agreements, Credit facilitation for Rent deposits, Monthly payment facilitation, Tenant and Landlords Insurance and Rental Analytics. The start-up is founded by Anusha Kurupathi Parambil, Mukesh Chandra Anchuri, and Muralidhar Nayak Guguloth in 2015 with an idea to ease the pain-point of arranging large sums of money for Rent deposits. For more information, visit https://paymatrix.in/
Media Contact: Sunory Dutt [email protected] +91-9676999540 Head of Communications, IIIT-Hyderabad
Source: IIIT-H Seed Fund PRNewswire OSS
Disclaimer: This story has not been edited by BW staff and is auto-generated from a syndicated feed.