According to chairman and managing director Ajay Adiseshan, PayMate intends to begin its Initial Public Offering (IPO) within the next six to nine months.
“Contractually, we’ve had some terrific victories. We are currently engaged in a significant amount of worldwide expansion implementation and execution. When all of this is taken into account, it really positions us for an IPO in the short- to medium-term, he said.
The company’s overall sales increased from Rs 1,209 crore to Rs 1,352 crore in 2022–23 (April–March). In 2022–23, the total payment value increased by 21% year over year (y-o-y) to Rs. 84,519 crore.
Only slightly better than the Rs 58 crore net loss in 2021–22, the company reported a net loss of Rs 56 crore in 2022–23. Going ahead, the company is aiming to break-even in the current financial year.
“If you look back to June 2022, we achieved financial parity with respect to India. But we also had to make investments in CEMEA’s international expansion. Additionally, Adiseshan remarked, “We have been investing in APAC expansion.
“Our business is already beginning to benefit from these regions. We’ll aim to break even in this fiscal year as the business develops in these areas, he continued.
PayMate enables supply chain payments between large and small, medium-sized businesses using its services.
In order to enable credit for both payables and receivables, the company also collaborates with commercial banks that issue VISA cards. Additionally, the business launched invoice discounting services as an add-on offering for some of its customers. In the coming months, it will also be able to facilitate cross-border transactions.
About 90% of the company’s sales come from account payables, with the remaining 10% coming from account receivables. The company generates 93% of its sales in India.
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