As told to Moneycontrol by multiple industry sources familiar with the matter, Mumbai-based PayMate, backed by digital payment giants Visa and Lightbox is planning to launch a domestic IPO (Initial Public Offering) in FY22.
Recruit Strategic LLC, Mayfair 101, BCCL, Mayfield Fund, Kleiner Perkins Caufield & Byers, and Sherpalo Ventures have also invested in the business-to-business (B2B) payment solution provider.
One of the people cited above said the COVID-19 pandemic accelerated digital adaptation for payments and that PayMate had initiated preliminary discussions with investment banks for potential listing and pitches. However, there is no transparency on the size of the proposed IPO.
A second individual added, “The IPO will unlock value for the firm, help to raise growth capital, and also facilitate a partial exit for its multiple investors.”
Ajay Adiseshann, the founder and CEO of PayMate, is a technology entrepreneur who founded and developed Coruscant Tec as well. Nevertheless, Coruscant Tec, a leader in mobile content, was sold to a listed media company. A web development company called Webresource was founded by him too.
In the month of March, the firm’s full-stack payment automation platform more processed more than $130 million GST payments every month during 2020 through Visa commercial cards issued by banks.
Such transactions are expected to rise over $250 million being processed monthly in the upcoming fiscal year ending March 2022.
