Share with us the business model of PayMe India
Founded in 2016, PayMe India has established itself as one of the leading financial players offering online lending services. In a short time, PayMe – an RBI-registered fintech – raised $2 million in funding. PayMe provides immediate short-term loans, debt management and credit score repair services to nearly 10,000 customers across India every month. PayMe India’s NBFC license from the Reserve Bank of India (RBI) enables it to offer secured and unsecured loans to customers across India. The company’s application and the entire loan management system were developed by an in-house team of technical experts, further improving and speeding up the onboarding process.
What are the strengths of the company?
Despite obvious competition in the industry, PayMe India has designed a financial system to minimize the time and cost of acquiring short term debt and business loans. The company stands out from others in the market because of its transparent online loans for corporate employees, instant approval of loans ranging from Rs. 5,000 to Rs. 2,00,000, interest rates lowest for short-term loans, business loans for start-ups and new businesses, an in-house team of over 150 hard-working professionals, assured and responsive customer support and a fast loan disbursement process and simplified.
Share with us the company’s growth strategy
PayMe India envisions rapid digital transformation among the masses, and their services demonstrate their commitment to encouraging paperless transactions. The company also intends to expand further to offer services such as 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 presence in the market. With a seed capital of $2 million, the company has been ranked among the top 30 emerging FinTech start-ups by INC 42. In addition to existing instant loans and business loans, the company also intends to reach out to salaried employees from various 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 potential investors. We are close to finalizing deals with venture capitalists and angel investors, who are quite impressed with the company’s steady growth. The funding will help PayMe India build its team strength and digital infrastructure.
Is the company looking to propose an IPO? If yes, by when?
Although it is too early to quote on this at this point, despite the company’s steady and stable growth, we can plan for an IPO by the fourth quarter of fiscal 2022.
What are the main challenges facing the company?
PayMe India is a very stable and solid organizational structure, but no institution is an exception to macroeconomic factors and regulatory policies. Additionally, natural calamities such as Covid-19 have led to market volatility and low liquidity.