About PayMate
PayMate is a Financial Services company based in Mumbai (India) founded in 2006 by Ravi Vishvanathan, Vishvanathan Subramanian, Probir Roy, and Ajay Adiseshann. It operates as a b2B payment automation and supply chain finance solutions are provided. PayMate has raised $58.7 million across 11 funding rounds from investors including Visa, Kleiner Perkins and IPO Wealth. The company has 88 employees. PayMate has completed 1 acquisition, including Z2P. PayMate was last valued at $953.96 million in July 2024. Its chief executive is Ajay Adiseshann. Its Indian entity Paymate India Limited reported revenue of ₹1,344 Cr. Its focus areas include FinTech, Payments, Business Payments and Diversified. Its competitors include Stripe, Razorpay, Flutterwave, Xendit and PayU and 4 more; 8 of its 9 listed competitors have raised funding.
Company details
PayMate was founded in 2006 and is based in Mumbai, India, within the fintech sector focused on B2B payments. Automation tools for vendor payments and workflow configurations are offered by the company. Early payment programs, invoice discounting, and credit evaluation services are provided to support working capital and cash flow management. Operations include procure-to-pay processes and a credit engine, serving supply chain finance needs across businesses.
- Headquarters Mumbai, India
- Employees 88
- Founders Ravi Vishvanathan, Vishvanathan Subramanian, Probir Roy, Ajay Adiseshann
- Stage Soonicorn
- SectorsFinancial Services
- Email••••••••
- Phone•••• ••••
- Website paymate.in
- Social LinkedIn X Facebook
- Legal Name Paymate India Limited
- Date of Incorporation 12 May, 2006
- Jurisdiction Mumbai, Maharashtra, India
Associated legal entities of PayMate
PayMate operates through Paymate India Limited (active). Its filings, financials, charges and directors are on the company page.
| Legal entity | Status | Incorporated | Registered in | Revenue (FY 2024) | Employees | Directors | Company page |
|---|---|---|---|---|---|---|---|
| Paymate India Limited CIN U62090MH2006PLC205023 | Active | 12 May 2006 | Mumbai, Maharashtra | ₹1,344 Cr | 88 | 4 | View details |
Funding Insights of PayMate
PayMate has successfully raised a total of $58.7M across 11 strategic funding rounds. The most recent funding activity was a Series E round of $2.02 million completed in July 2024. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding $58.7M
- Total Rounds 11
- Last Round Series E — $2.02M
- First Round $5M
(Jul 2006)
- Investors Count 24
Latest 10 of 11 funding rounds of PayMate with amounts and investors; the two latest post-money valuations are shown, the rest are part of the premium plan.
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul 2024 | $2.02M | Series E | $953.96M | Anil Chandirani | |
| May 2024 | $864,216 | Angel Round | $950.41M | – | – |
| Feb 2023 | $2.78M | Series E | $••••• | – | |
| Mar 2022 | $2.49M | Series E | $••••• | Felicitas Global Partners | |
| Dec 2021 | $2.58M | Series D | $••••• | Brand Capital | – |
| Aug 2021 | $4.03M | Series D | $••••• | Felicitas Global Partners | |
| Apr 2019 | $25M | Series D | $••••• | Visa | |
| Oct 2017 | $2.49M | Series C | $••••• | IPO Wealth | – |
| Sep 2014 | $2.44M | Series B | $••••• | Lightbox | – |
| Jun 2008 | $9M | Series B | – | Mayfield, Anand Rajaraman |
| Date | Valuation | Stage |
|---|---|---|
| Jul 2024 | $953.96M | •••••••• |
| May 2024 | $950.41M | •••••••• |
| Feb 2023 | $••••• | •••••••• |
| Mar 2022 | $••••• | •••••••• |
| Dec 2021 | $••••• | •••••••• |
| Aug 2021 | $••••• | •••••••• |
| Apr 2019 | $••••• | •••••••• |
| Oct 2017 | $••••• | •••••••• |
Full valuation and stage history of PayMate
Every valuation point, the growth-stage changes (minicorn, soonicorn, unicorn) and the dates behind them require an active premium plan.
- All valuation points
- Stage changes
- Dates
- Exports
Verified entity values are shown only after access is granted.
Last known valuation $953.96M (Jul 2024). 24 investors in total: 18 institutional and 6 angel.
Investors in PayMate
PayMate has secured backing from 24 investors, including angel, institutional, and venture fund investors. Prominent investors backing the company include Visa, Kleiner Perkins and IPO Wealth.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
Private equity firm focused on multiple sectors | – | cxivalley.tcc.mode | New York, United States | |
Diversified investments are managed across multiple sectors by the firm. | – | felicitasgp.com | Pasadena, United States | |
Investments in early-stage startups are made by Brand Capital. | – | brandcapital.co.in | Mumbai, India | |
Corporate-backed venture capital firm focused on fintech, Edtech, and multiple sectors | – | recruitstrategicpartners.com | San Mateo, United States | |
Private equity firm focused on making growth equity investments in multiple sectors | – | mayfair101.com | Melbourne, Australia | |
Venture capital investments are directed toward India's consumption market businesses. | – | lightbox.vc | Mumbai, India | |
Early-stage investment in technology sectors is conducted by Sherpalo Ventures. | – | sherpalo.com | - | |
Mayfield is focused on AI innovation and venture capital investments. | – | mayfield.com | Menlo Park, United States | |
Venture capital firm investing in early-stage tech startups | 1972 | kleinerperkins.com | Menlo Park, United States | |
- | – | caressbeautycareproducts.tcc.mode | - |
Investor details for PayMate
The complete investor list, round-by-round participation and investor portfolios require an active premium plan.
- Complete investor list
- Round participation
- Investor portfolios
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Board of directors of Paymate India Limited (PayMate)
Paymate India Limited is the primary company behind PayMate. The board of Paymate India Limited currently have 3 directors; the longest-serving is Ajay Adiseshann, appointed in 2006. 10 earlier directors have ceased.
| Director | Designation | Appointed | Tenure | Entity |
|---|---|---|---|---|
| Ajay Adiseshann DIN 00099023 | Managing Director | 12 May 2006 | 20 yrs 5 mo | Paymate India Limited |
| Sandeep Murthy DIN 00591165 | Nominee Director | 16 Nov 2006 | 19 yrs 11 mo | Paymate India Limited |
| Vishvanathan Subramanian DIN 02153545 | Whole-time director | 08 Mar 2018 | 8 yrs 7 mo | Paymate India Limited |
People of PayMate
33 people are tracked at PayMate (16 in leadership, 17 in team); the tracked headcount is 88.
| Name | Role | Group |
|---|---|---|
Ravi Vishvanathan | Co-Founder & CFO | Leadership |
Anupam Mukerji | Head of Marketing | Leadership |
| Co-Founder | Leadership | |
| Co-Founder | Leadership | |
| Co-Founder & CEO | Leadership | |
Tushar Pant | Senior Vice President Of Engineering | Leadership |
Amirreza Sawal | General Manager, Head Of Asia Pacific | Leadership |
Ritish Mishra | Vice President Acquiring | Leadership |
Ashutosh Verma | Senior Vice President Product Management | Leadership |
Sushilkant S. | Assistant Vice President - Information Systems & Security | Leadership |
Mahesh Sharma | Senior Vice President - Information Systems & Security | Leadership |
Nilesh Dadpe | Sr. Vice President - South Asia Business | Leadership |
Rakesh Khanna | Chief Commercial Officer (cco) | Leadership |
Pooja Chauhan | Vice President Human Resources | Leadership |
Roopali Kagalwala | Vice President Marketing | Leadership |
Almas Ali | Assistant Vice President | Leadership |
Reshma Kapase | Software Engineer( Web/ui Developer) | Team |
Rahul Dubey | Module Lead | Team |
Nitesh Parihar | Ios Developer | Team |
Dheeraj Rai | AVP - Engineering | Team |
13 more people are available in the full profile.
Complete people profiles for PayMate
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- Full employee list
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- Board tenure
- Professional contacts
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Financials of PayMate
Figures of Paymate India Limited, the primary company behind PayMate, for FY 2024. Revenue was ₹1,344 Cr (-1% year on year). Net loss was -₹48.86 Cr (-4% margin). EBITDA was -₹46.50 Cr (-3% margin).
- ₹1,344 CrRevenue · FY 2024 · -1% YoY
- -₹48.86 CrNet loss · -4% margin
- -₹46.50 CrEBITDA · -3% margin
- ₹190 CrPaid-up capital
- 88Employees (provident fund records)
Balance sheet, profit and loss, cash flow and ratios of Paymate India Limited are on its company page.
Detailed financial statements for PayMate
Statement rows, ratios, five-year trends and downloadable financials of the group companies require an active premium plan.
- Statement rows
- Financial ratios
- Five-year trends
- Downloads
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Investments & Acquisitions by PayMate
PayMate has strategically engaged in corporate development activities, having acquired 1 company. Notable acquisitions include Z2P.
| Company Name | Description | Domain | Location | Founded | Acquired | Amount |
|---|---|---|---|---|---|---|
Microloans are facilitated via a P2P lending platform for consumers. | z2p.biz | Hyderabad, India | 2016 | May 2018 | •••• |
Complete acquisition details for PayMate
Acquired stakes, deal sources and the complete acquisition history require an active premium plan.
- Acquired stakes
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- Complete history
- Exports
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Timeline of PayMate
6 dated milestones of PayMate across 18 years, from founding to its latest funding, stage changes and deals.
- Founded PayMate is founded.
- Funding First funding round of $5.0M.
- Milestone Reaches Minicorn status.
- Acquisition Acquires Z2P.
- Milestone Reaches Soonicorn status.
- Funding Latest funding round, Series E, of $2.0M.
Competitors of PayMate
PayMate has 9 listed competitors in our database, 8 of them funded. They include Stripe, Razorpay, Flutterwave, Xendit and PayU, among others.
| Company Name | Domain | Founded | HQ Location | Total funding | Employees | Description |
|---|---|---|---|---|---|---|
| stripe.com | 2009 | San Francisco, United States | $9.81B | 5,904 | Payment processing and card issuance solutions are provided for businesses. | |
| razorpay.com | 2014 | Bengaluru, India | $741.62M | 2,641 | Payment and business banking solutions are provided for enterprises. | |
| flutterwave.com | 2016 | San Francisco, United States | $489.41M | – | Provider of payment processing solutions for businesses | |
| xendit.co | 2015 | Jakarta, Indonesia | $554.2M | – | Online payment and money transfer platform for businesses | |
| payu.com | 2002 | Amsterdam, Netherlands | $35.15M | 1,200 | Online payment processing and credit solutions are provided for businesses. | |
| mintoak.com | 2017 | Mumbai, India | $24.71M | 140 | Digital payments and engagement solutions are offered for MSMEs. | |
| network.ae | 1994 | Dubai, United Arab Emirates | $539M | 1,781 | Network International is recognized as a leading digital payment provider in the Middle East and Africa. | |
| aciworldwide.com | 1975 | Omaha, United States | – | 4,732 | Digital payments are processed and managed via specialized solutions. | |
| fomopay.com | 2015 | Singapore | $13M | – | Diversified payment processing solutions are provided to merchants. |
Detailed competitors of PayMate
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- Full competitor set
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Web traffic of PayMate
The website of PayMate (paymate.in) receives about 4K visits a month.
- Monthly visits4K
▲ 53% vs previous month
Websites whose visitors overlap most with PayMate. Affinity shows how closely the audiences match.
| Website | Domain | Audience affinity | Monthly visits | Global rank | Profile |
|---|---|---|---|---|---|
| beam.co.in | 100% | – | – | View details | |
| ibsintelligence.com | 97% | 84.9K | #478,100 | View details | |
portal.bsnl.in | portal.bsnl.in | 62% | – | – | – |
porcupine.cu.sk.ca | porcupine.cu.sk.ca | 60% | – | – | – |
billpayment.co.uk | billpayment.co.uk | 59% | – | – | – |
| •••••••••• | ••••••.com | ••% | •.•M | #••••• | – |
| •••••••••• | ••••••.com | ••% | •.•M | #••••• | – |
| •••••••••• | ••••••.com | ••% | •.•M | #••••• | – |
All 10 similar websites and full traffic analytics for PayMate
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- 10 similar websites
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Top companies in Payments & Remittance Platforms
10 companies that operate in the same segment as PayMate (Payments & Remittance Platforms), ranked by their profile score on The Company Check.
| Company | Description | Founded | Location | Total funding | Revenue | Employees |
|---|---|---|---|---|---|---|
Ride-hailing and on-demand delivery services are aggregated via mobile app. | 2012 | Singapore, Singapore, Singapore | USD 10.38 B | USD 3.37 B | 57,733 | |
Digital payments, financial services, and e-commerce platforms are provided. | 2000 | Noida, Uttar Pradesh, India | USD 2.81 B | USD 1.05 B | 39,368 | |
Payment, financial, investment, and lending services are provided digitally. | 2012 | Bengaluru, Karnataka, India | USD 1.71 B | USD 950.07 M | 12,265 | |
Payment processing and card issuance solutions are provided for businesses. | 2009 | San Francisco, California, United States | USD 9.81 B | – | 16,622 | |
Cloud-based accounts payable and receivable software for businesses | 2006 | Palo Alto, California, United States | USD 325.6 M | USD 1.65 B | 3,108 | |
Payment and business banking solutions are provided for enterprises. | 2014 | Bengaluru, Karnataka, India | USD 741.62 M | USD 302.19 M | 2,850 | |
Spend management and accounts payable solutions are delivered to businesses. | 2019 | New York, New York, United States | USD 5.07 B | – | 6,209 | |
Payment acceptance and processing solutions provider for businesses | 2018 | Gurugram, Haryana, India | USD 589.25 M | USD 179.52 M | 3,670 | |
Business spends, payments, and rewards are streamlined by automated workflows. | 2011 | Hyderabad, Telangana, India | USD 13.75 M | USD 149.43 M | 431 | |
Online payment processing and credit solutions are provided for businesses. | 2002 | Amsterdam, North Holland, Netherlands | USD 35.15 M | USD 5.47 B | 3,355 |
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Related news about Paymate
Complete news archive for PayMate
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Frequently Asked Questions about PayMate
PayMate was founded in 2006.
PayMate is headquartered in Mumbai, India. It is registered at Mumbai, Maharashtra, India.
Ajay Adiseshann is the current CEO of PayMate. They have also founded this company.
PayMate is a funded company, having raised a total of $58.7M across 11 funding rounds to date. The company's 1st funding round was a Series B of $9M, raised on Jul 2006.
PayMate has 88 employees.
The primary company behind PayMate, Paymate India Limited, reported revenue of ₹1,344 Cr for FY 2024, down 1% year on year.
PayMate was founded in 2006 and is based in Mumbai, India, within the fintech sector focused on B2B payments. Automation tools for vendor payments and workflow configurations are offered by the company. Early payment programs, invoice discounting, and credit evaluation services are provided to support working capital and cash flow management. Operations include procure-to-pay processes and a credit engine, serving supply chain finance needs across businesses.
PayMate has made 1 acquisition, including Z2P.
PayMate has 24 investors. Key investors include Visa, Kleiner Perkins, IPO Wealth, Anil Chandirani, and Manah Family Corpus.
The valuation of PayMate is $953.96M as of Jul 2024.
PayMate operates through Paymate India Limited.