Paymate defers salaries amid cash crunch

Its operating revenue fell to $162 mn in FY24 from $163 mn a year earlier, after RBI's action hit its India business

- Mansi Verma & Anshika Kayastha

Business-to-business (B2B) payments firm PayMate India Ltd has delayed salaries for several employees since April due to cash flow issues, four persons in the know told Mint. The delays come amid delayed funding and as the company has ramped up investments in international markets following a Reserve Bank of India (RBI) directive last year that destabilised its India business.

According to three of the people with knowledge of the matter who did not want to be named, the 100 employees of the company have received incomplete salaries in the past four months. In April, employees across levels were impacted. While some junior staff were paid in the following months, many senior employees are still waiting for dues for at least two months. July salaries have not been disbursed so far, the persons confirmed.