RATING

RECOMMENDATION

Sell

  • ROFR Required
  • Available in Depository:

  • NSDL

  • CDSL

  • Available for Investment:

  • Primary

  • Secondary

RATING

RECOMMENDATION

Sell

Business Type

Emerging Leader

RATING

RECOMMENDATION

Sell

Business Type

Emerging Leader

In this research report, you will get a complete analysis of PayMate Pre IPO

- PayMate IPO Details
- PayMate Upcoming IPO Details
- Expected PayMate IPO Date
- Expected Price Band
- Management Details (Ownership)
- Business Model
- Key Ratios
- Peer Comparisons
- Complete financial reports (Profit and Loss Statements, Balance Sheets, Results, Growth, Valuations, Funding Rounds)
- Latest News (Articles and Videos)
- Upcoming and Past Events Details
- Rating and recommendations for the Company's shares (Whether to Buy/Sell/Hold)
- PayMate Share Price (Delay basis updated unlisted share price list)

Complete analysis of PayMate India Limited

ISIN

INE08J501021

Face Value

₹1.00

Total Share

34,756

Total Income

₹349.02 Cr

Profit After Tax

-₹28.11 Cr

Promoter Holding

33.88 %

EPS

-₹5.41

P/E

-112.75

P/B

0.08

Market Capitalisation

₹2.12 Cr

Enterprise Value

-₹0.01 Cr

Book Value

₹7,495.25

Intrinsic Value

-₹1,055.54

Earnings Yield

-0.89 %

Sector

Financials

Sub-sector

Payment Infrastructure

Category

Pre IPO

Cashflow - Operations

-₹1.28 Cr

Cashflow - Financing

-₹0.05 Cr

PayMate Growth

Compounded Sales Growth

  • 61.19%

    1 Year

  • 85.18%

    3 Year

  • 79.42%

    5 Year

Pro Only

Compounded Profit Growth

  • NA

    1 Year

  • NA

    5 Year

Pro Only

Return On Equity

  • -107.91%

    2021

  • 166.40%

    2019

  • 139.28%

    2017

Pro Only

About PayMate

  • PayMate India Limited is a leading B2B payments and services provider that digitizes, automates and streamlines B2B payments in supply chains. PayMate is a pioneer in the digital technology based B2B payment services market. PayMate offers enterprises a variety of avenues to automate and digitize B2B payments.
  • PayMate provides support and integration for use-cases such as tax, utility and vendor payments. In addition, PayMate also offers integration with ERPs through APIs and host-to-host based SFTP integrations. Given PayMate’s wide suite offerings to enterprises such as payment automation and dashboard support, PayMate drives superior engagement with businesses compared to other peers.
  • PayMate has achieved market leadership with a market share of 70-75% when compared to the TPV(Total purchase volumn) processed using commercial credit cards across leadingB2B payments platforms in India.
  • It has developed partnerships with banks and financial institutions like ICICI Bank Ltd, SBI Cards and Payment Services, and a leading private bank in India that account for 50% of all credit cards issued in India in Fiscal 2021.  
  • The company was originally incorporated on May 12, 2006, at Chennai, India as ‘PayMate India Private Limited.
  • The corporation owns 5,74,82,804 equity shares, 31,585 preference shares convertible into 4,72,49,780 equity shares, and 15,239 Esops convertible into 2,18,82,920 equity shares, for a total of 12.96 Cr. shares on a dilutive basis, convertible over a period of time.

  • PayMate IPO Details

  • Paymate India Limited launched its DRHP on May 28, 2022. Initial public offering of Equity Shares for cash aggregating up to ₹1500.00, crores. The Offer includes an Employee Reservation Portion, for subscription by Eligible Employees, which shall not exceed 5% of our post-Offer paid-up Equity Share capital. 
  • The company may, at its discretion, consider issuing Equity Shares on a private placement basis for cash consideration aggregating up to ₹225.00 crore, prior to filing of the Red Herring Prospectus with the RoC.

PayMate
Offer for Sale

₹ 375.00 Cr

PayMate
Fresh Issue

₹ 1125.00 Cr

PayMate
Total IPO Size

₹ 1500.00 Cr

  • PayMate Funding

Funded By Funding Amount Date of Investment Funding Round
Astor Management, Cxi Valley and 2 others $ 2.49 05 Mar 2022 Series D
Felicitas Global Partners, Cxi Valley and 1 others $ 4.03 24 Aug 2021 Series D
Visa, Recruit Co. Ltd., Brand Capital and Mayfair 101 $ 25 22 Jul 2019 Series D
- $ 1.50 06 May 2018 Series C
Lightbox, Mayfield Fund Undisclosed 26 Nov 2014 Venture
Mayfield Fund ₹ 9 01 Jun 2008 Series B
Kleiner Perkins, Sherpalo Ventures $ 5 10 Jul 2006 series A
  • PayMate Merger & Acquisition

Merger

  • On April 01, 2019, the Company has acquired the customer contracts, leased facilities, assets, and employees of Zaitech Technologies Private Limited, through a Business Transfer Agreement for a cash consideration of ₹ 73.67 million. In Fiscal 2021, Paymate India Ltd completed the merger with Zaitech, which enabled it to integrate the credit evaluation and scoring technology of Zaitech with its payments platform, thereby offering a full-stack payment and credit platform.
  • PayMate Subsidiaries

As on March'22, the company has two subsidiaries

  • PayMate, Inc. 
  • PayMate Payment Services Provider L.L.C.

PayMate Business Model

  • Paymate is a pioneer in the digital technology-based B2B payment services market. The company seek to improve the B2B supply chain payments process through the use of our platform across the entire value chain, which includes customers who have entered into contracts, registered or downloaded the application for usage of service offerings on company's ecosystem, platforms or mobile application (the“Customers”).
  • Users who have made or received payments using the platform for payments without any contracts or registration or downloaded the application (the “Users”) and financial institution partners that provide corporate credit cards and other financial products to company's customers to make payments to the vendors, suppliers, dealers and distributors of such customers and receive payments from the buyers of such Customers.
  • PayMate Revenue Segmentation

  • Transaction fees(local)
  • Transaction fees(international)
  • Others
  • PayMate Product & Services

  • Automated payable and receivables
  • Discounting
  • Procure 2 Pay
  • Vendor management
  • Detailed reporting online and offline
  • ERP integration ready
  • Configurable approval matrix
  • Statutory tax and utility payment 
  • PayMate Assets

As of 31st March'21 , the company has total assets of worth Rs.381lakhs


AssetsAmount in Rs.(Lakhs)
Computers and softwares 
79.8 
 Office equipments
2.8
Furniture and fittings
3.8
Patent rights
2.4 
Application
292.2


  • PayMate Industry Overview

Industry Statistics

  • India is one of the world’s fastest growing digital economies and enterprises in India are adopting, and growing with increased access to, software, technology and digitally enabled financial services. The move towards digital transformation in corporations can be seen from the robust IT spending in India. Overall spending on IT is set to accelerate in the coming years to reach USD120-130 billion by financial year 2026 as per RedSeer estimates.
  • The B2B payment technology offers several benefits such as reduced payment transaction charges and improvement of sales of the organization to domestic business owners, which drives the growth of the market. In addition, the rise in the adoption of cash in advance payment technology such as credit cards for purchasing products from domestic businesses propels the growth of the market in this segment.
  • B2B payments are made in return of goods and services a business provides another business. The payments can be made digitally via RTGS or NEFT, commercial credit cards, or using the traditional modes of payment like cash and cheque. 
  • B2B payments are a much larger market, usually a multiple of the country’s GDP. Enterprises has high cost of switching from one payment mode to another so they have greater stickiness as adoption of a payment solution or ERP requires adoption from various departments and change in processes to shift to digital vendor payments.
  • In 2021, India and GCC countries constitute 9% of the global B2B payments market and provides a huge market opportunity for B2B payment players. According to RedSeer, it is expected that the B2B payments market across these two geographies will grow to around USD17 trillion by 2025. Demonetization, government push for digitization and technological adoption are the key drivers for India’s B2B payments growth.
  • According to RedSeer, the total TPV for B2B online payments (including cross border) in India was ₹560 trillion (approximately USD 8 trillion) for Fiscal 2019, ₹490 trillion (approximately USD 7 trillion) for Fiscal 2021, and expected to grow to ₹735 trillion (approximately USD 10-11 trillion) by Fiscal 2026, representing a CAGR of 8% between Fiscals 2021 and 2026.1
  • B2B utility payments are an approximately USD 80 billion market in Fiscal 2022. The utility bills majorly are of 4 types, namely landline and mobile bills, electricity bills, water bills and broadband bills. 
  • By providing utility bill payment services, businesses can make payments via their commercial credit card or other digital modes.The commercial credit card payments would enable them to increase their account payable days and utilize that capital. As per RedSeer estimates, the overall B2B utility payments market is USD 80 billion in Fiscal 2022. In Fiscal 2022, 62% of B2B utility payments were online.
  • The major factor driving the need for B2B payments among businesses is rising export and import of products and services throughout the world. Furthermore, firms anticipate dealing with other nations in order to expand, which increases cross-border commercial transactions. Furthermore, the increased use of technology in B2B payments, as well as the fast expansion of local SMEs and medium-sized businesses engaged in large trades, function as important driving forces in the worldwide B2B payments market.


Future Prospects

  • As per RedSeer estimates, global B2B payments are expected to grow from USD130-135 trillion in 2021 to USD 165-170 trillion in 2025. Cross border transactions are expected to account for approximately 16% of total B2B transactions (by value) in 2025. Even now as economies are evolving digitally, approximately 51% of payments rely on cash and cheque, while card occupies only 3% as per RedSeer estimates. As companies digitize their payments, it is expected that cash and cheque component will decrease to 46% of the domestic B2B payments and the digital payment modes (ACH, cards, etc.) share will increase
  • According to RedSeer, the total global TPV for B2B payments, excluding cross-border, grew from about USD 101 trillion in 2018 to USD 114 trillion in 2021 and is expected to grow to approximately USD 142 trillion in 2025, which would represent a CAGR of 5.7% from 2020. 
  • It is expected that cards will be increasingly adopted as payment infrastructure increases and businesses adopt commercial credit cards for B2B payments rather than employee driven travel and entertainment expenses, According to RedSeer.
  • India’s B2B payments market is poised to grow from USD 7.6-8.0 trillion in Fiscal 2022 to USD 10-11 trillion in Fiscal 2026 as per RedSeer Estimates. In Fiscal 2022, cross-border payments contributed to 5% of the total B2B payments. In line with the global trends, India’s B2B transactions involve most cash and cheque contributing to 55% of domestic B2B payments in Fiscal 2022. According to RedSeer, it is expected that domestic B2B payments in India will increase from USD7.5-7.8 trillion in Fiscal 2022 to USD 9-10 trillion in Fiscal 2026 with commercial credit cards increasing their share to 0.6% in Fiscal 2026.


Government Initiatives

  • Along with RBI, the government of India has also taken initiatives to boost the growth of B2B fintech players. In May 2020, the government exempted businesses from mandatory use of e-payments facilities such as RuPay and UPI. Previously, businesses failing to comply were required to pay ₹5,000 per day as penalty.
  • To promote adoption of B2B payment, in September 2020, the UPI steering committee endorsed UPI B2B transactions as a separate category within the UPI ecosystem, which enables instant B2B transfer of money from one bank account to another via mobile phones. Government e-marketplace (GeM) is a one stop portal that helps facilitate procurement required by various government departments and helps government departments get products at best value and facilitates demand aggregation along with several other tools like e-bidding and reverse auction.
  • Electricity and landline bills form 80-85% of the market. Traditionally these utility bills were generally paid in cash or cheque at their respective offices or over the counter. To encourage digital adoption, in Nov 2014, RBI mandated Bharat Bill Payment System (BBPS), which was launched to offer integrated and interoperable payment services to customers. This indicates that the B2B utility bill payments provide a great opportunity for B2B payment providers in India.

PayMate Awards & Achievements


YearAwards and accreditations
2013
  • Excellence award for ‘Fastest Growing Solution’ by Knowledgefaber
  • Recognised as runners up for the Manthan Awards South Asia and Asia Pacific for Digital Inclusion for Development for using mobile money credit delivery system and direct cash transfer facilities that help farmers use their loan amounts in an efficient manner
2018
  • ‘Best B2B Payment Solution Provider of the Year’ award from KamiKaze B2B Media at their Payments & Cards Awards
  • ‘Fintech’ award at ET Now Leaders of Tomorrow Conclave & Awards 2018
  • ‘Best Online Payments Solution (Merchant)’ award by InkSpell Media during their Drivers of Digital Awards, 2018
2019
  • ‘Best B2B Payments Platform (South Asia)’ award by Wealth and Finance International at their 2019 FinTech Awards
2021
  • ‘BT-KPMG Best Bank and Fintech Jury Award’ for ‘Best Fintech (Payments)’ by Business Today.


PayMate Strengths

  • Paymate India Limited is one of the largest B2B payments players and one of the fastest growing providers of on-line, card-based payment-processing services in India, in terms of TPV processed in the nine months ended December 31, 2021, using commercial credit cards.
  • Paymate India Limited’s platform’s reach increased from 39,318 Users and 335 customers as on March 31, 2019, to 116,858 Users and 49,953 customers as on December 31, 2021
  • In order to service the needs of its customers, Paymate India Limited maintains relationships with the commercial credit card issuing banks in India. As of FY21 these financial institutions, with which the company has relationships, account for 50% of all credit cards issued in India. The key financial institutions it works with include SBI Cards and Payment Services, ICICI Bank, and another leading private bank in India.
  • Given the volume and value of transactions conducted on its platform, mitigating risks and security are core elements of the company's systems. The control, data collection, and data analysis capabilities of the company's network and technology platform have enabled it to develop a strong security infrastructure to retain its customers and financial institution partners and to attract prospective customers and financial institution partners.

PayMate Shortcomings

  • Its largest customer and its top five customers (other than its largest customer) contributed 20.68% and 43.50% of its revenue from operations for the nine months ended December 31, 2021. Any loss of business from one or more of them may adversely affect its profitability.
  • The company is reliant on its contracts and arrangements with Visa Inc. in respect of B2B digital payments solutions and any disruptions of its relationship with Visa or termination of its contracts and arrangements will have an adverse effect on its growth prospects
  • The company has a history of net losses and have experienced negative cash flows in previous Fiscals. It needs to generate and sustain increased revenues while managing its expenses to achieve profitability, and its inability to achieve these goals may have an adverse effect on its business
  • The success and growth of the company's business depends upon its ability to innovate and develop new products and services. Failure to innovate and develop its products and services could have an adverse effect on its prospects

PayMate Opportunities

  • Rise in trend of digitalized payments among businesses & increase in support & initiatives from governments of various countries to promote B2B payment are major factors anticipated to open new avenues for the global B2B payments market in the coming years.
  • Tax payments made by corporates in India can give rise to approximately $248 billion of payments opportunity and are increasingly digitalized, accelerated by a government push.
  • B2B utility payments are an approximately $80 billion market in Fiscal 2022. B2B payment market in India and GCC countries amount to approximately $12 trillion in 2021 and is expected to become approximately $17 trillion market by 2025.

PayMate Threats

  • The business losses & discontinuation in business operations and surge in fraud cases across business payment are some of the factors that limit the B2B payments market growth.
  • The company operates in a regulated industry and are subject to evolving laws and regulation governing its business. In particular, if the company is unable to obtain the authorization from the RBI pursuant to the Payment Aggregators Guidelines, its business may be adversely affected
  • A decline in the use of commercial credit cards as a payment mechanism for customers or adverse developments with respect to the payment processing industry in general could have a materially adverse effect on its business.
  • If the company is unable to maintain competitive pricing of its products and services or maintain low customer acquisition costs, it may not be able to attract and retain customers
PayMate Rating

  • RECOMMENDATION

    Sell

  • PayMate Detail Info

Industry Statistics

PUBLIC LIMITED

Registered In

India

last Updated

23/08/2022

Registered Date

12/05/2006

Planify Ticker

PMIL

Reg Office: 111-A, Sundervila, S V Road, Santacruz West Mumbai 400054

Visit Website

Frequently Ask Questions

Please find below the procedure for buying stock_name_auto Unlisted Shares at Planify.
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This new SEBI rule was introduced in the month of August-2021, wherein the SEBI has reduced the lock-in period previously from 1 year to 6 months to encourage more and more funds to be invested in startups which are going to public or IPO in near future. Reduction of lock-in is seen as big step and after that many PMS funds are advising their clients to invest in Pre-IPO shares to get the benefit of early stage investment.

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