PayMate India to refile DRHP after final nod from RBI

January 25, 2023

Fintech player PayMate India on Tuesday said it’ll refile the draft IPO papers with requests controller Sebi after entering final authorisation from the RBI to operate as an online payment aggregator (PA). It attained in- principal blessing from RBI for the payment aggregator authorisation in December.

PayMate India was asked by the Securities and Exchange Board of India (Sebi) to refile the documents for the original Public Offering (IPO) with certain updates. The move may delay the company’s original share trade. According to sources, the company was asked to modernize DRHP with final payment aggregator authorisation and other material updates if any.

” Following our damage of in- principal blessing from RBI for the Payment Aggregator (PA) authorisation lately. We’ll be in a position to submit the obligatory SAR (System Audit Report) by the first or alternate week of February,” the company said in a statement. SAR is a part of the standard operating protocol to get the final approved Dad authorisation from the Reserve Bank of India (RBI). ” We’re confident of a quick reversal by RBI, and later refiling DRHP with applicable updates along with the RBI final blessing,” PayMate India said.

PayMate India had filed the Draft Red Herring Prospectus (DRHP) for a Rs1,500 crore IPO with the Sebi in May 2022. The proposed IPO comprises a fresh issue of equity shares worth Rs1,125 crore and an Offer- For- trade (OFS) of Rs 375 crore by promoters, investors and other shareholders.

The company’s promoters– Ajay Adiseshan and Vishvanathan Subramanian and investors– as well as Lightbox gambles I, Mayfield FVCI Ltd, RSP India Fund LLC and IPO Wealth effects are to vend shares through the OFS. Besides, certain being shareholders are offering to discharge shares through this route. presently, the protagonist and protagonist group hold 66.70 per cent stake in the company and the rest is with public shareholders.


According to an update on Sebi’s website on Monday, the controller returned the company’s DRHP on January 17, 2023, with advice to refile it post applicable updates variations. PayMate is a multi-payment order platform that incorporates seller payments, statutory payments, and mileage payments, giving its guests a completely- integrated B2B payment mound.

The platform also allows consumers and their merchandisers, suppliers, buyers, dealers, and distributors to use marketable credit cards to make statutory payments of direct levies and GST as well as mileage payments. Visa has a cooperation with PayMate. It’s also a shareholder in PayMate, retaining2.94 per cent of the completely adulterated paid- up equity share capital. before this month, Sebi returned the draft IPO papers of home- grown mobile maker Lava International and Oravel Stays Ltd, the parent company of trip- tech establishment OYO, and asked them to refile the documents with certain updates.

About PayMate India

PayMate is a leading provider in B2B payments for Enterprise and SME across supply chains. The PayMate platform provides a comprehensive digital workflow tied to payments which enable greater control and transparency along with better cash flows and an end to end reconciliation for a superior experience for Enterprise and SME in closed-loop supply chains.

PayMate works with leading Visa commercial card-issuing banks to facilitate credit for both payables and receivables across supply chains moving traditional cash, cheque and EFT to card streams with several built-in risk-mitigating benefits for banks and extended days payables for buyers.

Platform features include Procure to Pay automation, credit evaluation, discount marketplace along with APIs for integration into existing accounts/ERP for minimal friction-based deployment. It is cloud-based and accessible across all form factors. PayMate has a presence in South Asia (India) and UAE and is actively expanding across CEMEA.