Are you a landlord facing trouble for rent collection?? Are you tenant facing trouble in rent payment?? What if you have a solution to this problem?? Platform helping the tenants and the landlords for rent payment and rent collection transactions!
This was the idea which pondered the founder of paymatrix Mukesh Chandra Anchuri. When he was in Mumbai his landlord asked him to deposit an amount of Rs.3,00,000 which was the huge amount and it was difficult for him to pay. He had only two options to get the money either by approaching his friends or through a bank loan. He thought that why credit card which is being used for all the daily activities, why can’t it be used for property rent?? He had done a research on this along with his friends Anusha Kurupathi and Muralidhar Nayak.
They brought a solution for the Indian rental market property rent management platform called paymatrix. It is an analytics-driven platform that streamlines timely rent payments for tenants and timely rent collections for the landlords. The unique thing about Paymatrix is it facilitates credit to the monthly rental payments and rental deposits.
Mukesh Chandra the founder of PayMatrix currently is the CEO of Paymatrix. He has an alumnus of B.Tech from BIT Mesra and an MBA from the SP JAIN Global School of Management. Anusha Kurparthi the co-founder for paymatrix is the CMO of PayMatrix. She is an alumnus of MBA from IIM Ahmedabad. Murali is another co-founder of paymatrix.He is currently Chief Information Officer for Paymatrix. Murali is an alumnus of B.Tech from BIT Mesra.
They identified that 85% of the rental payments are through cash and to make access to credit payment. They bought the solution paymatrix, they enable the tenants to transact through a transparent tax-efficient manner and further the user can also avail credit for the rent payments and rental deposits as they require it. They also provide rental management services like rental agreements and rental screening services.
Tenants screening services are for landlords who stay away from their properties and they can use this unique algorithm to screen their tenant and then take a decision whether to give the property to him or not. You can also create your own rental agreement and create a legal document between the landlord and the tenant to avoid the legal disputes.
Paymatrix has the option of generating rent receipts. It has an option to pay rental deposits to your landlord through EMIS on credit card. It offers rent deposit through credit card and personal loan.
Renters insurance is an instrument for tenants to protect their personal property against unexpected damages and losses from natural calamities, fire accidents and burglary which assuring security and protection for the tenants. Landlord insurance is also another service, which is more affordable and typically covers the property owner against financial losses that are related to the owned property.
It has incubated at t-Hub and NASSCOM 1000 with a 14 member team and presently they are operating for 4500 tenants and landlords. To reach out the customers they target the tier1 and tier2 customers who are employed and earning likely around 20,000 rupees. They use a strategy of referral marketing and social networking to reach out the customers, the referral scheme is where you are a tenant and if you refer a tenant it would be intensified.
They have customers from 10 cities around Hyderabad, Bangalore, and Mumbai.The challenging task for them was to convince the banks and they approached them by presenting a plan where the bank can make money on this concept. Currently, they are operating with 4 banks and 2 NBFC’s at the platform. To give better value to its users it has partnered with washapp which is a laundry service startup in Hyderabad, where the users of washapp will get discount for the first order on paymatrix.
It has recently raised money for Rs.2,500,000 and is planning to expand their product development around other towns and cities.In 2017 it was awarded to the winner of early-stage consumer startup in HYSEA design summit awards 2017.
Now its time to manage your rental property through paymatrix!