 "paymate")
PayMate India, the digital business-to-business (B2B) payments company, as a group, achieved a total payment volume (TPV) of Rs 84,519 crore for the financial year ending March 31, 2023. This is a robust 21 per cent year-on-year growth compared to FY22 and a 282 per cent increase compared to TPV in FY21. The group's revenue from operations has reached Rs 1,351 crore, reflecting a substantial 12 per cent year-on-year increase from FY22. The company has also seen an 84.53 per cent surge in PayMate adoption among customers and users when compared to the previous financial year (FY22), propelling the total count of customers and user base beyond the 390,000 milestone. The company said it witnessed an 8X increase in gross profit from Rs 1.41 crore in FY22 to Rs 11.15 crore in FY23.
“During the last financial year, we focused on operational efficiency and driving growth,” said Ajay Adiseshan, founder and CEO of PayMate.
Over the past three financial years, PayMate has experienced significant customer growth. In FY21, PayMate had 218 enterprises, 3,221 SMEs (small and medium enterprises) and 89,652 users. Fast forward to FY23, and the numbers have surged substantially with 1,496 enterprises, 189,419 SMEs, and 200,701 users.
“As we move forward, we remain committed to maintaining this trend, ensuring the sustainability and success of our company,” said Adiseshan. “We are also preparing to expand our existing product offering by introducing services such as commercial card program management and cross-border payments.”
PayMate offers a full-stack B2B payment solutions suite tailored for large enterprises, SMEs, fintechs and financial institutions. The platform features include the digitisation and automation of payables and receivables, invoice discounting marketplace, and its newest embedded payments offering, API-as-a-service. The API suite enables financial institutions of all sizes and fintech companies to seamlessly add a layer of payments to their solutions. The company is now strongly focusing on forging new partnerships to reach small, medium and large enterprises across India. It is offering them B2B payment solutions to enhance operational efficiency, accelerate growth and improve financial management.
