Every interesting startup has a story and so does Paymatrix. It all started when the Founder -Mukesh started working for Indian Oil Corporation Limited, Mumbai in 2010. When he first landed in Mumbai, he was taken back by two things; the buzzing crowd and the skyrocketed property rent prices in the city. While he quickly developed love with the first thing, the second one took quite a time for him to get accustomed. He saw his group of friends, with whom he stayed a while, paying as much as Rs. 35,000/- per month for a cramped apartment. The shocker came when his group of friends moved to a new location wherein the new landlord demanded a six months’ advance for the place. That was a heartburn for the group wherein they have to pool in such a money in short span of time.

It was this instance that stuck him to think if there was any way out to leverage his credit card for making the rent advance payment. Fortunately, he was holding three credit cards then and unfortunately, there was no way to leverage them to manage this huge payment. Somehow the group managed the payment to landlord through other means but the contemplation still remained in his mind – “When I have the option of paying my petty expenses and fees on credit, why don’t I have any for one of my regular mandatory expenditure -Monthly property rent?”.

This idea remained an idea for a while, wherein he moved on from the job at Indian Oil, completed his MBA from SPJAIN eventually and settled for a new job in Bangalore in 2015. At this point of time, interactions with his previous colleague and friend at Indian Oil Corporation Ltd.– Anusha Kurupathi, who then graduated from IIM-Ahmedabad and was working with Reliance Industries(Mumbai), brought back the idea back to life. The duo after due evaluation of the market decided to put in their papers by mid-2015 and get their hands dirty in solving the problems they once went through.

Starting from an apartment, the duo managed to bring a MVP live by Nov’15. It is at this point of time, they were joined by Muralidhar Nayak, a classmate of Mukesh at Birla Institute of Technology, Mesra. Murali was a technical lead at IGATE and was convinced of the potential of the idea he is going to get into. The trio since then built the platform into what is now the lone and leading rent management platform in the country, helping thousands to better manage and streamline their rent payments.