PayMate is planning to launch its Initial Public Offering (IPO) in the next six to nine months, says chairman and managing director Ajay Adiseshan.
“We have some great wins contractually. We have lots of global expansion activity, implementation, and execution underway. Combining all of this, it really sets us up for an IPO in the short-to-medium term,” he said.
Gross margin rose to 0.8% in 2022-23 from 0.12% in 2021-22.
The company posted a net loss of Rs 56 crore in 2022-23, which is only a marginal improvement from the Rs 58 crore net loss in 2021-22. Going ahead, the company is aiming to break-even in the current financial year.
“If you go back into June 2022, we broke even from an India standpoint. But, we also had to invest in overseas expansion, in CEMEA. We have also been investing in APAC expansion,” Adiseshan said.
“These regions are already starting to contribute to our business. As the business in these regions build up, we will look to break-even in this financial year,” he added.
PayMate facilitates business-to-business payments for enterprise and small and medium-sized enterprises across supply chains.
The company also works with commercial VISA card-issuing banks to facilitate credit for both payables and receivables. Additionally, the company rolled out invoice discounting facilities as an adjacent product for some of its clients. It is also working on enabling cross-border transactions in the next few months.
Account payables contribute around 90% of company’s revenues, whereas account receivables comprise the remaining 10%. India contributes 93% to the company’s revenues.