PayMate India Ltd
Visa-backed B2B payments platform that filed a ₹1,500 Cr IPO in 2022, was told to refile, and has since fought a cash squeeze.
Market cap
₹2,744 Cr
5.60 Cr shares
P/E ratio
Loss making
Sector average 40
Book value
₹2.61
P/B 187.74
1-year return
-12.52%
52w ₹325 – ₹575
Currently 66% of the way through its 52-week range.
Indicative price history
1Y change
-12.95% ₹563 → ₹490
52-week band in this window: ₹442.95 – ₹562.92. Weekly indicative marks, not exchange-traded prices.
Key highlights
- B2B payments platform with Visa as strategic investor; operations in India and the UAE.
- ₹1,500 Cr IPO filed in May 2022; SEBI returned the DRHP in January 2023 asking for a refiling.
- Loss-making with a reported 2024 cash squeeze; unlisted quotes ranged ₹325–575 over the past year.
About PayMate
PayMate India Ltd, founded in 2006 by Ajay Adiseshann and headquartered in Mumbai, runs a B2B payments platform that lets enterprises and SMEs pay vendors, taxes, utilities and rent using commercial credit cards, and offers invoice discounting and working-capital credit across supply chains. Visa is a strategic investor and partner, and the company has expanded to the UAE and other CEMEA markets. Its CIN is U62090MH2006PLC205023 and the shares carry a face value of ₹1.
PayMate filed a draft red herring prospectus with SEBI on 30 May 2022 for an IPO of up to ₹1,500 Cr (₹1,125 Cr fresh issue and ₹375 Cr offer for sale). In January 2023 SEBI returned the draft and asked the company to refile; no fresh DRHP has been made public since. Revenue is large because card-payment volumes pass through the books — over ₹500 Cr in FY24 per registry data and above ₹1,300 Cr in FY23 — but take rates are thin and the company has reported losses every year, with accumulated losses of roughly ₹265 Cr by FY23.
Press reports in late 2024 described difficulties paying staff amid a cash-flow crisis, and dealer quotes have ranged from ₹325 to ₹575 over the past year. Investors include Lightbox, Mayfield, RSP India Fund and Visa alongside the founders.
FY24 and FY25 figures, share count and balance-sheet line items are reconstructed around registry ranges and DRHP-era disclosures; treat them as approximate. Shareholding is a coarse estimate.
Where the revenue comes from
- Card-based vendor & statutory payments85%
Commercial-card payments for vendors, taxes and utilities; pass-through volumes inflate revenue
- Working-capital & invoice discounting10%
Credit products with partner lenders
- Platform & subscription fees5%
SaaS fees, cross-border and marketplace services
Products & services
Vendor & statutory payments
Pay suppliers, GST, customs, utilities and rent by commercial credit card with automated reconciliation.
Working-capital credit
Invoice discounting and credit lines through partner banks and NBFCs.
Cross-border & marketplace
Payments for importers/exporters and a B2B marketplace with embedded credit.
What works
- • Established B2B card-payments platform with Visa as investor and distribution partner across India and CEMEA.
- • Large enterprise client base and processed volumes in the tens of thousands of crore, giving scale for credit and cross-border products.
- • IPO-ready governance and disclosures from the 2022 DRHP process.
What to watch
- • Persistent losses and a reported cash squeeze; survival depends on fresh funding or a sharp cost reset.
- • SEBI returned the DRHP in 2023 and no refiling is visible, so the IPO exit is uncertain.
- • Thin take rates and dependence on card-network economics; RBI's 2024 curbs on card-based business payments hit volumes.