Mahesh Shukla, CEO -; Founder, PayMe India

20 Jul 2022 , 10:03 AM

Share with us the business model of PayMe India

Founded in 2016, PayMe India has emerged as one of the leading financial players offering online lending services. In a short span of time, PayMe — a RBI-registered fintech — has garnered $ 2 million in funding. PayMe offers immediate short-term loans, debt management, and credit score repair services to almost 10,000 customers each month from all around India. The NBFC license of PayMe India from the Reserve Bank of India (RBI) makes it eligible to offer both secured and unsecured loans for customers across India. The company’s app and entire loan management system have been developed by an in-house team of tech experts, further enhancing and accelerating the on-boarding process.

What are the key strengths of the company?

Despite evident competition in the sector, PayMe India has designed a financial system to minimize the time and costs of acquiring short-term debts and business loans. The company stands out in the market from others because of its seamless online loans for corporate employees, instant approval for loans ranging from Rs. 5,000 to Rs. 2,00,000, lowest interest rates for short-term loans, corporate loans for start-ups and new businesses , in-house team of 150+ hard-working professionals, assured & responsive customer support and fast and simplified loan disbursal process.

Share with us the growth strategy of the company

PayMe India envisages rapid digital transformation among the masses, and their services are a testament to their commitment to encouraging paperless transactions. The company also intends to expand further to offer services like education loans and credit cards. The fin-tech start-up currently offers its services to over 20,000+ customers and is planning to further expand its market presence. With a seed capital of USD 2 million, the company was rated among the top 30 emerging FinTech start-ups by INC 42. Besides existing instant loans and corporate loans, the company also intends to reach out to salaried employees in diverse sectors and local businesses looking for a financial boost.

What are the company’s plans to raise funds?

The company is aggressive in raising funds and has received positive responses from current and prospective investors. We are very close to finalise some deals with venture capitalists and angel investors, who are pretty impressed with the company’s consistent growth. The funding will help PayMe India increase its team strength and digital infrastructure.

Is the company looking to come up with an IPO? If yes, by when?

Though it will be too early to quote on this at this point in time however the way the company is growing consistently and with stability, we may plan for IPO by the Q4 of FY 2022.

What are the key challenges faced by the company?

PayMe India is a very stable and strong organisation structure-wise but no institution is an exception to macroeconomic factors and regulatory policies. Besides, natural calamities such as Covid-19 resulted in market volatility and low liquidity.