Recruit teams with Visa to invest in Indian digital payment startup
NEW DELHI, NNA - Japan's Recruit Co., together with global financial services provider Visa Inc., has acquired a stake in an Indian digital payment platform operator through its investment arm as part of its strategy to tap Indian startups in the new technology field.
Recruit, a core company of Recruit Holdings Co. running a variety of businesses from recruitment to advertisement, injected an undisclosed amount into PayMate India Pvt. Ltd. via RSP India Fund, according to a statement released Wednesday.
The Japanese firm expects PayMate could become a “market leader” in the business with the potential of expanding into other fields in the financial market, Recruit Holdings spokesman Hiroki Hayamizu told NNA on Friday, adding that PayMate is planning to expand its business to Southeast Asia.
PayMate, established in Mumbai in 2006, provides a business-to-business digital payment platform that handles payment automation, invoice processing, delivery confirmation and other procedures, by consolidating and standardizing the accounting process, including cash flow management.
Recruit's investment is in line with PayMate's service expansion from India to Central Europe, the Middle East and Africa, which it announced in March with Visa as a partner.
Currently, over 35,000 businesses use the PayMate service to process some $5 billion worth of payments annually, according to a statement from PayMate back in July.
The investment marks the 13th by RSP India Fund since its establishment in 2015. Recruit sees the possibility of India's startup segment, becoming the largest in the world next to China, according to Hayamizu. (NNA/Kyodo)