Lightbox commits fresh money to PayMate’s planned $30M funding round
Summary
Adiseshann said that the existing solutions are inefficient and time consuming, whereas PayMate Express offers real-time information on the cash being moved. The company claimed that it is on its way to get on board 20,000 SMBs by the end of the current fiscal, and is already trending towards processing $1 billion (Rs 6,000 crore) transaction value. Prior to setting up PayMate, Adiseshann founded Coruscant Tec, a mobile content solution firm which was sold to Mukta Arts. Earlier it had raised funding from Kleiner Perkins Caufield Byers and Sherpalo but with bulk of their Indian portfolio moving under Lightbox, it now has just two VC investors. PayMate is now in talks with multiple institutional as well as strategic investors to raise $25-30 million in fresh funding, and has already received commitment from Lightbox, according to Adiseshann.
