Mahesh Shukla, CEO and Founder, PayMe India
Tell us PayMe India business model
Founded in 2016, PayMe India has grown into one of the leading financial players offering online lending services. In a short period of time, PayMe – an RBI-registered fintech – has raised $2 million in funding. PayMe provides short-term instant loans, debt management and credit restoration services to nearly 10,000 customers from across India every month. PayMe India’s NBFC license from the Reserve Bank of India (RBI) makes it authorized to offer both secured and unsecured loans to customers across India. The company’s app and the entire credit management system were developed by an in-house team of technology experts, further improving and speeding up the onboarding process.
What are the main strengths of the company?
Despite obvious competition in the industry, PayMe India has developed a financial system to minimize the time and expense involved in acquiring short-term debt and business loans. The company stands out in the market with its seamless online corporate employee loans and instant approval of loans from Rs. 5,000 to Rs. 2,00,000, lowest interest rates on short-term loans, corporate loans for startups and new businesses, in-house team of 150+ hard-working professionals, secure and responsive customer support, and fast and simplified loan payout process.
Tell us about the company’s growth strategy
PayMe India envisions rapid digital transformation among the masses and their services are a testament to their commitment to promoting paperless transactions. The company also intends to continue expanding to offer services like student loans and credit cards. The fintech start-up currently offers its services to more than 20,000 customers and plans to further expand its market presence. With $2 million in seed capital, the company was ranked among the top 30 emerging FinTech startups by INC 42. In addition to existing instant loans and business loans, the company also wants to reach out to employees in various industries and local businesses looking for a financial boost.
What plans does the company have for fundraising?
The company is aggressive in raising funds and has received positive feedback from current and potential investors. We are on the verge of closing a number of deals with venture capitalists and angel investors who have been quite impressed with the company’s continued growth. The funding will help PayMe India grow its team strength and digital infrastructure.
Is the company planning an IPO? If yes, until when?
Although it is too early to comment on this at this point, given the way the company is growing steadily and steadily, we can plan for an IPO by Q4 FY2022.
What are the key challenges for the company?
PayMe India is structurally a very stable and strong organization but no institution is an exception to macroeconomic factors and regulatory policies. Also, natural disasters like Covid-19 led to market volatility and low liquidity.