Graduating from the Birla Institute of Technology, Mesra, Mukesh Chandra Anchuri and Muralidhar Nayak set out on a mission to enable tenants and landlords to better manage their property rentals payments and collections through Paymatrix. Equipped with an MBA from SP Jain, Mukesh currently looks after the marketing and business development at Paymatrix. The idea for the business germinated when they faced an issue of arranging a rent deposit for 10 months for a rented house in Mumbai, and wondered whether there can be a loan for paying a deposit amount of Rs 3,00,000. They thought, “Why pay a huge rent deposit from our savings, if a credit option was available for it?”
Since then, they have helped tenants to bill their monthly rent payments and deposit payments on credit cards and pay them back via easy EMIs. In case he or she doesn’t hold a credit card, EMI-free loans are available online from their lending partners. One of the biggest apprehensions they had before starting off on their own was about hiring the right team, since they believed that this can be the one factor that can make or break an idea. As entrepreneurs they avoid being too optimistic or taking too many steps at once. They primarily partner with employers, banks, NBFCs and credit card issuers on co-promotions that can reach their target audience at scale, and also advertise on social media.
While the duo looks for passion and honesty besides talent while hiring, they believe in employee motivation and providing learning and growing opportunities besides compensation to retain talent. They stress that a startup-journey is long and requires a great deal of perseverance. They recommend that aspiring entrepreneurs ask themselves the following before taking the plunge:
- Do you really know your customer and the problem you are solving?
- Do you have a team that believes in your idea and is as passionate as you are?
- Are you ready to undergo a financial and emotional grind for the next 3 to 5 years?
“The answers to these questions can aid your conviction,” they say.
Elevator pitch: Pay and collect property rent online through Paymatrix and save more.
Role model: Jack Ma (Mukesh), parents (Murali).
Passion: Reading (Mukesh).
Favourite part about being an entrepreneur: Co-creating with a focused team, building awesome products that bring a smile to a customer’s face. This is an exhilarating experience (Murali).
Favourite book: Zero to One by Peter Thiel (Mukesh).
One-word description of self: Motivated (Murali).