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PayMate to raise $30 Mn from Crimson Ventures

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PayMate to raise $30 Mn from Crimson Ventures
Medial

Business-to-business digital payment solutions provider PayMate is raising Rs 261 crore (approximately $30 million) from Crimson Ventures. This is the firm's first equity round this year. The board at PayMate has passed a special resolution to issue 38,22,432 non-cumulative participating compulsorily convertible preference shares at an issue price of Rs 684 each to raise Rs 216 crore or $30 million, its regulatory filing accessed from the Registrar of Companies shows. The company will use these proceeds to strengthen its market presence, capitalize on emerging opportunities for business growth, and support general corporate purposes, as per filings. This could be part of a larger funding round, with the company potentially raising more capital during this phase. PayMate is a B2B digital payments platform that streamlines transactions through commercial credit cards and bank partnerships. It helps businesses automate accounts payable and receivable while offering short-term credit for better cash flow management. The company earns through transaction fees, subscriptions, and financial services. PayMate has raised over $80 million to date, with the likes of Lightbox Ventures, VISA International, Mayfield, IPO Wealth Holding, and others. PayMate had initially filed for an IPO in May 2022, planning to raise around Rs 1,500 crore, but did not proceed with the listing due to regulatory and market hurdles. In January 2023, the regulator (SEBI) advised them to update the documents, and its chairman, Ajay Adiseshan, indicated that they would proceed with the IPO within six to nine months. During the fiscal year ended March 2024, IPO bound PayMate recorded flat revenue of Rs 1,342 crore with a loss, which declined by 12.5% to Rs 49 crore in the same period.

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Exclusive: Pilgrim raises $9 Mn with 3X valuation surge

EntrackrEntrackr ยท 10m ago
Exclusive: Pilgrim raises $9 Mn with 3X valuation surge
Medial

Beauty and personal care D2C firm Pilgrim has raised Rs 75 crore (approximately $9 million) in its extended Series B round led by Fireside and Vertex Ventures. The board at Pilgrim has passed a special resolution to issue 854 Series B1 and B2 preference shares at an issue price of Rs 8,77 655 each to raise Rs 75 crore or $9 million, its regulatory filing accessed from the Registrar of Companies shows. Fireside and Vertex Ventures pumped in Rs 25 crore and Rs 23 crore, respectively. NSFO Ventures, Mirabilis Investment, and NABS Vriddhi cumulatively invested Rs 27 crore during the round. The company will use these proceeds for expansion and general corporate purposes as decided by the board, the filings further added. According to the startup data intelligence platform TheKredible, the companyโ€™s valuation has soared to approximately Rs 2,075 crore (around $250 million) post-allotment. This marks an over threefold increase from its last funding round, of $20 million where the company was valued at $75 million. The firm may raise more funds in this round. With the recent funding, Fireside Ventures remains the largest external stakeholder with a 23% stake, followed by Vertex Ventures, which holds 11.2%. NSFO Ventures and Mirabilis Investment command 5.57% and 2.81% stakes, respectively. Founded by Anurag Kedia in 2019, Pilgrim offers more than 90 SKUs across face care, haircare, and skincare products, and fragrances in over 25,000 pin codes. The company said that it offers a wide range of products curated with ingredients from France, Korea, Spain, Australia, the Amazon Rainforest, and Swiss glaciers. The five-year-old firm has raised around $35 million across rounds including its $20 million Series B led by Vertex Ventures in 2023. The company posted 4.47X growth in scale to Rs 76 crore in FY23 from Rs 17 crore in FY22. In pursuit of growth, its losses also jumped 3X to Rs 23 crore in FY23. Pilgrim is yet to file annual results for FY24.

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