News on Medial

PayMate to raise $30 Mn from Crimson Ventures

EntrackrEntrackr · 6m ago
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.

Related News

Exclusive: Stackbox to kick off Series A round at over $40 Mn valuation

EntrackrEntrackr · 15d ago
Exclusive: Stackbox to kick off Series A round at over $40 Mn valuation
Medial

Exclusive: Stackbox to kick off Series A round at over $40 Mn valuation Bengaluru-based logistics tech startup Stackbox is set to raise Rs 23.18 crore (around $2.63 million) from Enrission India Capital and White Whale Ventures in its Series A round. The Stackbox’s board is set to approve the allotment of 1,005 Series A compulsory convertible preference shares at an issue price of Rs 2,30,713 apiece to raise the aforementioned sum, as per its regulatory filing from the Registrar of Companies (RoC). The company has already received Rs 13.2 crore from Enrission India Capital, while funds from White Whale Ventures are expected shortly. According to Entrackr’s estimates, Stackbox’s valuation is expected to be increased by over 30% to Rs 375 crore or $42.6 million, post-money. Founded in 2019, StackBox provides cloud-based, enterprise-grade SaaS solutions to automate and optimize supply chain and distribution operations across sectors such as FMCG, retail, and e-commerce. Its core offerings include an integrated suite of products: Warehouse Management System (WMS), Transport Management System (TMS), Order Management System (OMS), and Route-to-Market (RTM) solutions. According to startup data intelligence platform TheKredible, StackBox has raised over $2 million, including a $1.2 million seed round led by Ecosystem Ventures in August 2021. For the fiscal year ended March 2024, the Bengaluru-based company posted a profit of Rs 6 crore on operating revenue of Rs 25.7 crore. Its FY25 numbers are yet to be disclosed.

Download the medial app to read full posts, comements and news.