Catalyst Incubates Chennai-based B2B Fintech Startup PayBee

CHENNAI, April 23, 2018 /PRNewswire/ --

Chennai-based B2B Fintech startup, PayBee has been selected in the first batch of Catalyst's 'Fintech for the Last Mile' incubation programme. Catalyst is an initiative that promotes last-mile digital payment solutions to help underserved communities of merchants and consumers access to broader financial services, and create opportunities vital to their future prosperity. PayBee from Onymy Infocomm (P) Ltd was chosen from over 50 qualified leads considered by Catalyst's team to join the programme.

"PayBee is a scalable and efficient solution for B2B payments and collections as it addresses unique pain points for distributors across fragmented, informal supply chains. As part of its ongoing work with Catalyst, it has on-boarded major distributors in FMCG, Pharma and Dairy sectors along with several retailers enabling digital payments in distribution value chain," said Badal Malick, Principal Innovation Officer at Catalyst.

PayBee is a simple, easy-to-use business collections solution that improves transparency and efficiency in B2B transactions by digitising invoice management and collection processes. The retail sector with 15+ million outlets across India and more than 300+ million invoices processed every month is one of the significant use cases for PayBee. About 92% of these retail outlets are unorganised and rely on cash for their day-to-day transactions.

"Irregular collections, pilferage, cash mishandling and float loss transpires to about 20% margin loss in distribution businesses. PayBee's plug-and-play platform, with instant payments and integrated credit offerings, provides complete transparency into the collection process also removing cumbersome post-collection reconciliation processes. My sales teams are not wasting time at each outlet in collections," said Nimit Kaslival, Director at Tara Medicos, one of the largest pharma distributors in Jaipur.

PayBee manages complex business workflows but makes it extremely easy for end users to make payments. PayBee, with its mobile-first approach, easy on-boarding, multi-lingual support, simplicity in making payments and easy reconciliation enables businesses to realise efficiency gains almost instantly.

"We are operating in Chennai and Jaipur where PayBee enables several distribution businesses to improve their cash flow significantly by reducing value leakage in inefficient collection processes. We have on-boarded close to 400 businesses and at the current rate, will be processing transactions worth about INR 60 Million this year. We have seen a 100% growth in payment value and volume over the past three months," highlighted Murali Krishnan, CEO of Onymy Infocomm Pvt Ltd, company that owns PayBee.

PayBee is the first UPI enabled B2B Payment app available on Google Play Store that can be downloaded for free by businesses to make and accept payments readily. PayBee's Retail Collect allows businesses to collect payments from any UPI app at the Point of Sale by merely generating a dynamic QR code for any payment amount. With PayBee's Remote Collect, businesses can also collect payments remotely from any UPI app by just sending a payment link to phone numbers. With no upfront costs, additional hardware requirements and subscription rental, PayBee is a perfect pay per use collection solution with low MDR for businesses.

"PayBee aids businesses to grow by offering credit against their invoices through leading NBFC's lending partners. The straightforward credit structure makes it incredibly easy for the retail business owners to expand their businesses and grow." 

"We believe that the opportunity in B2B is huge with recurring high-value transactions - significantly different from consumer payments. The vast majority of businesses, especially small and medium-sized enterprises are underserved. Benefits of digital payments can lead to better cash flows and in turn improve business margins. This is significant considering that a majority of businesses, especially in FMCG, Pharma, Dairy and Retail sectors operate at low margins," added Murali.

PayBee's team has raised its first round of angel funding and is actively looking to expand its services across geographies and verticals. The company was founded in the year 2013, and the founding team has broad experience in Banking, Payments, Information Security, Consulting and Enterprise Sales. The founders are alumni of ISB, IIM-A and Oxford Said Business School.

For more information please contact, Murali Krishnan, CEO & MD, Onymy Infocomm at [email protected]  

About Catalyst:

Catalyst promotes last-mile digital payment solutions to help underserved communities of merchants and consumers access broader financial services. Catalyst uses an ecosystem approach to build awareness, capacity, context-specific solutions, and behaviour change across critical stakeholders, including end users, government agencies, financial solution providers, and civil society organizations. With an operational focus grounded in its Digital Payments Lab in Jaipur, Catalyst plays the role of an ecosystem enabler, evidence generator, and product incubator in the fast-emerging landscape of digital financial services for the poor.

About Onymy Infocomm:

Onymy Infocomm broadly operates in the B2B payment process automation space. Onymy Infocomm focusses on automating B2B payments for SMEs using its payment platform called PayBee. PayBee seeks to digitize payments in fragmented markets where there is a massive problem of value leakage in the collection processes. While many players have been targeting consumer payments, Onymy Infocomm focusses on addressing the business payments space where there are very few players.  The company intends to expand to other areas of B2B process automation in the future.

For further information: visit paybee.onymy.com

Media Contact:
Murali Krishnan,
[email protected],
+91-8220206574,
Onymy Infocomm Pvt. Ltd