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PayMate to raise $30 Mn from Crimson Ventures

EntrackrEntrackr · 4m 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.

Jindal Stainless invests $18 Mn in Amazon-backed M1xchange

EntrackrEntrackr · 4m ago
Jindal Stainless invests $18 Mn in Amazon-backed M1xchange
Medial

Jindal Stainless invests $18 Mn in Amazon-backed M1xchange Following this investment, M1xchange will provide working capital access to MSMEs and corporates, contributing to the growth of the digital supply chain financing ecosystem in India. Jindal Stainless, along with its wholly-owned subsidiary Jindal Stainless Steelway Limited, has acquired a 9.62% stake in M1xchange, a platform that facilitates digital invoicing and discounting for MSMEs, corporates, and financiers. The deal included primary capital and a secondary purchase of shares from existing shareholders, the company said in a press release. According to Jindal Stainless, the cost of acquiring a 5.03% stake is approximately Rs 102.7 crore ($12 million). The total cost for acquiring a 9.62% stake, including the stake acquired by JSSL, is around Rs 154 crore ($18 million). The partnership will help Jindal Stainless digitize financing operations, streamline payment processes, accelerate digitalization efforts, and reduce the working capital cycle. Founded in 2017, M1xchange is a digital invoicing and discounting platform that ensures working capital requirements are met without the need for extensive bank processes. The company generates revenue through professional fees for these services. Since its inception, M1xchange claims to have onboarded more than 65 banks, 2,000 corporates, and over 48,000 MSMEs and has facilitated the discounting of invoices worth more than Rs 160,000 crore. M1xchange has raised over $19 million to date from investors including SIDBI Venture, Amazon, IndiaMART, BEENEXT, and Mayfield. For the fiscal year ended in March 2024, M1xchange reported a 91% jump in its operating revenue to Rs 56.47 crore against Rs 29.52 crore in FY23. During the period, it managed to control its losses by nearly 50% to Rs 3.98 crore.

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