What does PayMate India Limited do?

PayMate India Limited provides B2B payment solutions and supply chain finance services, enabling businesses to digitise accounts payable, accounts receivable, and working capital financing through its mobile and web-based platform.

Who are PayMate's key investors?

PayMate has received investment from Visa Inc., which is a strategic partner, as well as other institutional investors. The Visa partnership is particularly significant as it provides global network access and distribution.

Is PayMate India Limited listed on a stock exchange?

No, PayMate India Limited is currently an unlisted public limited company. The company had filed draft red herring prospectus (DRHP) for an IPO but the listing had not been completed as of 2025.

What markets does PayMate operate in?

PayMate operates primarily in India and has expanded into the Middle East, particularly UAE, serving businesses in both regions with its B2B payment and supply chain finance solutions.

How does PayMate generate revenue?

PayMate generates revenue through transaction fees on payments processed, interest income and fees from supply chain financing products, and subscription or SaaS fees from its enterprise payment management platform.

How do I buy PayMate India unlisted shares here?

Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.

Who am I actually transacting with?

You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.

How do I pay, and is there a payment gateway?

Payment is by direct bank transfer to Prospire Network Private Limited's published account (CIN U82300UP2025PTC233622), shown to you in-app at the payment step. There is no card gateway and no escrow. Never pay to a personal account or to any account shared over phone, WhatsApp or email — even if the person claims to be from our team.

How long does settlement take?

After you accept an allocation, you have a short window to pay (typically 2 days). Once payment is verified, shares are usually credited to your demat within 2–3 business days, subject to depository timelines and any company-level restrictions. Timeframes are typical, not guaranteed.

There are no separate platform fee lines and no GST on the transfer — the desk's margin is built into the buy/sell price you're quoted. The only statutory add-on on a purchase is stamp duty on the consideration, shown transparently in your cost breakdown.

Is there a minimum ticket size for PayMate India?

Minimums vary by company and depend on the lot the desk can source. Raise an enquiry and the desk will confirm the available quantity and the minimum for that name.

What KYC do I need, and do I need a demat account?

You'll share your demat details when you enquire so we can settle directly. Full KYC — PAN and a client-master / demat statement — is required before the transfer step, when shares actually change hands. Yes, you need an active demat account to hold unlisted shares.

Are there lock-ins on unlisted or pre-IPO shares?

Some shares carry statutory or company-imposed lock-ins — for example, a post-listing lock-in on pre-IPO stock — and transfers can be subject to the company's articles or approvals. Where a lock-in applies, we'll flag it before you commit.

How do I sell PayMate India shares I already hold?

Raise a sell enquiry with the company, quantity and your target price. The desk confirms a buying price, you transfer your shares into the desk's demat, and once the credit is verified we pay you out by bank transfer to your registered account. The desk never pays out before your shares are received.

Unlisted shares are illiquid, may be hard or impossible to sell, and are not covered by exchange settlement guarantees or investor-protection funds. Pricing is indicative, not live. Read the full Risk Disclosure before you enquire, and invest only what you can afford to lock away.

PayMate India Unlisted Share Price | Buy PayMate India Pre-IPO Shares — wisefolio

Investment Thesis

PayMate India Limited is one of India's leading B2B payment and supply chain finance platforms with Visa backing, 100,000+ business clients, and international operations. While the current unlisted status limits liquidity, the company's strong business model, institutional backing, and planned IPO make it a compelling unlisted investment candidate for pre-IPO investors seeking fintech exposure.

Pros

Established B2B payments platform with 100,000+ business customers providing strong network effects and a defensible market position
Visa-backed company with strategic partnership providing global credibility, distribution reach, and access to Visa's enterprise client network across India and the Middle East
Operates in the high-growth B2B payments digitisation space — a segment where India still processes significant transaction volumes through cheques and manual processes
PayMate's supply chain finance offering addresses a significant credit gap for SMEs in India, providing a differentiated revenue stream beyond payments processing
Strong presence in UAE and broader Middle East markets, providing geographic diversification beyond the highly competitive Indian fintech market

Cons

Unlisted status limits liquidity despite strong business fundamentals; the company had filed for a BSE/NSE IPO but the listing has been delayed
B2B payments is a competitive space with deep-pocketed rivals including Razorpay, Cashfree, and banks' own digital payment infrastructure
Revenue dependent on transaction volumes which can be affected by macro slowdowns, payment system regulatory changes, or bank partnerships
Supply chain finance carries credit risk particularly during economic downturns when SME default rates rise
High technology development and compliance costs in the regulated payments and NBFC-adjacent space compress margins

Business Segments

B2B Payments

Digital payment solutions for business-to-business transactions including accounts payable automation and mobile payment acceptance for enterprises and SMEs

Supply Chain Finance

Working capital and invoice financing solutions for SMEs embedded within the payment flow, enabling early payment to vendors and extended payment terms to buyers

Platform / SaaS Services

Subscription-based access to PayMate's enterprise payment management and ERP integration platform

Revenue Model

PayMate generates revenue through multiple streams: transaction fees charged as a percentage or fixed fee on B2B payments processed through its platform; net interest margin on supply chain finance products; and subscription/SaaS fees for enterprise platform access. The company targets large corporate anchor buyers and their SME supplier ecosystems as primary clients.

Detailed Analysis

Growth outlookExpansion plans, industry tailwinds & headwinds11

Growth Plans

Successful IPO listing providing capital for growth and investor liquidity

RBI's push for digital payments in B2B and government procurement segments

Growing adoption of GST-compliant digital invoicing and e-Way bill systems driving B2B payment digitalisation

Expansion of Visa partnership to additional geographies beyond UAE

Industry Tailwinds

Recent Developments

IPO Process Update

PayMate had filed its draft IPO prospectus and the company was in the process of finalising its public listing on Indian stock exchanges, though the timeline was subject to market conditions.

2024-09

Middle East Expansion

PayMate continued to deepen its footprint in UAE and Gulf Cooperation Council (GCC) markets through its Visa partnership, targeting cross-border B2B payment flows.

2024-06

Supply Chain Finance Scale-Up

The company expanded its supply chain finance product offerings, targeting corporate anchor buyers in retail, manufacturing, and FMCG sectors to onboard their SME vendor networks.

2023-12

Comparable Companies

CompanyTypeTickerMkt Cap

RazorpayListedUnlisted~$7.5B (last private valuation)

Cashfree PaymentsListedUnlistedNot publicly disclosed

RazorpayListed

Unlisted · ~$7.5B (last private valuation)

Cashfree PaymentsListed

Unlisted · Not publicly disclosed

Frequently Asked Questions

About PayMate India

PayMate India Limited is a leading Mumbai-based B2B payments and financial services company, founded in May 2006 and incorporated with CIN U62090MH2006PLC205023. Originally launched as India's first mobile payments provider, PayMate has evolved into a full-stack supply chain payments automation and credit platform focused on transforming B2B financial flows across Indian and emerging market supply chains. The company digitizes, automates, and streamlines B2B payments across supply chains, connecting large enterprises with their SME vendors and distributors through a unified digital platform. PayMate's platform integrates with commercial credit card networks (primarily Visa), enabling buyers to extend payment terms to suppliers while suppliers receive early payment through credit card-backed financing. As India's largest B2B payment player, PayMate had 49,953 customers as of December 31, 2021, including marquee clients like SBI Cards and Kansai Nerolac Paints. The company operates a comprehensive digital workflow covering procure-to-pay automation, credit evaluation, discount marketplace, and API integrations for ERP and accounting systems. PayMate achieved operating revenue exceeding ₹500 Crore in FY2024 — a remarkable scale for an unlisted fintech. The company filed a DRHP with SEBI for an IPO of ₹1,330 Crore (comprising ₹330 Crore fresh issue and ₹1,000 Crore OFS), though the IPO was subsequently withdrawn citing market conditions. This reflects the company's readiness for public markets at the right time. With presence in India, UAE, and expansion plans across CEMEA and APAC regions, PayMate is building a cross-border B2B payments infrastructure play. The company has raised $58.7 million across 11 funding rounds from 44 investors, demonstrating strong institutional confidence. Founders include Ajay Adiseshann (CEO), Probir Roy, Vishvanathan Subramanian, Ravi Vishvanathan, and Anupam Mukerji. PayMate's differentiation lies in its proprietary credit card-based B2B payment rails that allow SMEs to access working capital without collateral, while large enterprises gain extended payment terms — a win-win mechanism for supply chain health.

Key Milestones

Common questions about unlisted shares

How do I buy PayMate India unlisted shares here?
Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.
Who am I actually transacting with?
You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.
How do I pay, and is there a payment gateway?

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