PayMate—the Mumbai-based digital payments platform—is stepping up its game in the B2B payments space. The company is set to raise INR 261 crore (~USD 30 million) in fresh capital from Crimson Ventures. That’s its first equity funding round of the year—and potentially part of a broader fundraising effort.
According to PayMate’s regulatory filings, its board approved a special resolution to issue 38.22 lakh compulsorily convertible preference shares (CCPS) at INR 684 per share. That raised a total of INR 216 crore from Crimson Ventures. The remaining amount is likely to come from associated capital instruments or optional convertible components—common features of pre-IPO growth rounds.
The new capital will be used to expand PayMate’s market presence, pursue emerging growth opportunities and support general corporate purposes, the filings say.
Building On Momentum With Mastercard
PayMate’s just received a major boost in the form of capital infusion. This follows a string of key developments for the company. In November 2024, PayMate entered a multi-year partnership with Mastercard. The aim is to transform business payment infrastructure across Eastern Europe, the Middle East and Africa (EEMEA).
B2B payments in that region are projected to exceed USD 3 trillion (~INR 256.67 lakh crore) in revenue by 2027 (according to McKinsey). PayMate and Mastercard are working together to solve long-standing challenges like manual invoice processing, limited payment methods and liquidity constraints. Businesses can use PayMate’s platform to streamline workflows, automate processes and offer up to 55 days of interest-free credit through Mastercard’s commercial cards—even when paying vendors who traditionally don’t accept cards.
Financial Snapshot and IPO Plans
PayMate recorded flat revenues of INR 1,342 crore for FY2024, with losses narrowing by 12.5% to INR 49 crore, highlighting a cautious yet improving bottom line as it eyes profitability.
The company had initially filed for an IPO in May 2022, targeting a raise of around INR 1,500 crore, but paused the plan due to market and regulatory headwinds. In January 2023, SEBI advised the firm to update its draft red herring prospectus, following which Chairman Ajay Adiseshan indicated intentions to proceed with the IPO within 6–9 months—a timeline that has since been pushed forward.
To date, PayMate has raised over USD 80 million (~INR 684.46 crore) from investors including Lightbox Ventures, VISA International, Mayfield, and IPO Wealth Holding. The latest round from Crimson Ventures pushes its cumulative fundraising well past the USD 100 million mark, giving the company a strong runway ahead of its anticipated public offering.
Final Word
With a growing global footprint, robust enterprise offerings, and renewed investor confidence, PayMate is poised to ride the wave of digitization sweeping across B2B commerce. The Crimson Ventures infusion, layered atop its Mastercard alliance and international expansion, could be the catalyst that propels the company toward a long-awaited IPO and a more prominent role in global fintech.
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