Visa & Lightbox Backed B2B Payment Solutions Firm PayMate Planning An IPO

• ByAyushi Ray     |    July 14, 2021

After Pine Labs & Mobikwik, now Visa & Lightbox backed B2B payment solutions firm PayMate planning an IPO. “The pandemic has accelerated digital adoption in the payments segment and Mumbai based PayMate has initiated preliminary discussions with investment banks for a potential listing and pitches are going on. These are early days and there is no clarity yet on the size of the proposed IPO,” said an official. “The IPO will unlock value for the firm, help to raise growth capital and also facilitate a partial exit for its multiple investors,” a second individual said. Beyond Visa & Lightbox, the firm’s other investors include Recruit Strategic LLC, Mayfair 101, BCCL, Mayfield Fund, Kleiner Perkins Caufield & Byers & Sherpalo Ventures. However no official statements have been received from any of the companies. 

A clutch of internet & tech firms are looking to make their debut on D-Street including Zomato, Paytm, Nykaa, Policybazaar, Mobikwik and others. The digital payments space is witnessing increased deal activity in the COVID-19 era.Digital payments peer Pine Labs which is backed by Mastercard is also eyeing a public listing, its CEO Amrish Rau told Moneycontrol in an interview in April. Recently, the firm raised $315 mn in a fundraise, valuing the firm at $3bn.

Mobikwik, another payments firm, also filed papers recently with market regulator Sebi to raise Rs 1,900 crores via an IPO. PayMate is a leader in B2B payments for Enterprise and SME across supply chains. The firm’s founder Ajay Adiseshann is a technology entrepreneur who founded and grew Coruscant Tec, a leader in mobile content that was sold to a listed media company. Earlier, Adiseshann also founded Webresource, a web development company.

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