ENTREPRENEUR/STARTUP SPECIAL...LESSON NO.12 FROM REAL EXAMPLES
AJAY ADISHESHANN
Co-founder, PayMate Money Transfer at Your Fingertips
Ajay Adiseshann and Probir Roy founded PayMate, a wireless transactions platform provider, in May 2006. PayMate allows consumers to use their mobile phones to pay for online and retail purchases, make utility bill payments, purchase travel and movie tickets or even book a leisure travel holiday via their bank account, credit card or a pre-paid account. “Everybody has mobile phone in their pockets, so why not use it to send money to each other?” asks Adiseshann, who is attempting to leverage the growth of mobile usage in India with Paymate. Prior to this, Adiseshann and Roy co-founded Coruscant Tec in 2003, under which the payment platform was developed and spun-off into PayMate. Filmmaker Subhash Ghai’s Mukta Arts acquired Coruscant Tec in 2008. In July 2006, Paymate received Series A funding of $5 million from Sherpalo Ventures and Kleiner Perkins. In early 2012, the company raised Series B funding worth $8 million. PayMate plans to raise the next round of funding and break even in the next 12 months. “Investors put money in people more than the idea,” says Adiseshann, who feels the process of fund raising is quite demanding. However, with the right set of people and passion such hurdles can be conquered, he adds. PayMate’s mobile app PayPOS allows merchants to accept credit and debit card payments on their mobile phone. The company in association with Tata Indicom and Corporation Bank launched Green Money Transfer - a person-to-person mobile money transfer facility. PayMate has tie-ups with over 30 banks including SBI, IDBI Bank, Standard Chartered Bank, Corporation Bank, Royal Bank of Scotland and has offices in India, USA, Sri Lanka, Nepal and UAE.
3 TIPS TO RAISE MONEY
Networking is important
Co-founder, PayMate Money Transfer at Your Fingertips
Ajay Adiseshann and Probir Roy founded PayMate, a wireless transactions platform provider, in May 2006. PayMate allows consumers to use their mobile phones to pay for online and retail purchases, make utility bill payments, purchase travel and movie tickets or even book a leisure travel holiday via their bank account, credit card or a pre-paid account. “Everybody has mobile phone in their pockets, so why not use it to send money to each other?” asks Adiseshann, who is attempting to leverage the growth of mobile usage in India with Paymate. Prior to this, Adiseshann and Roy co-founded Coruscant Tec in 2003, under which the payment platform was developed and spun-off into PayMate. Filmmaker Subhash Ghai’s Mukta Arts acquired Coruscant Tec in 2008. In July 2006, Paymate received Series A funding of $5 million from Sherpalo Ventures and Kleiner Perkins. In early 2012, the company raised Series B funding worth $8 million. PayMate plans to raise the next round of funding and break even in the next 12 months. “Investors put money in people more than the idea,” says Adiseshann, who feels the process of fund raising is quite demanding. However, with the right set of people and passion such hurdles can be conquered, he adds. PayMate’s mobile app PayPOS allows merchants to accept credit and debit card payments on their mobile phone. The company in association with Tata Indicom and Corporation Bank launched Green Money Transfer - a person-to-person mobile money transfer facility. PayMate has tie-ups with over 30 banks including SBI, IDBI Bank, Standard Chartered Bank, Corporation Bank, Royal Bank of Scotland and has offices in India, USA, Sri Lanka, Nepal and UAE.
3 TIPS TO RAISE MONEY
Networking is important
Get a co-founder as investors fund a team
Follow up on conversations and update the investors about
your progress
Sreejoni Nag ET120706
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