Indian payments firm PayMate is reportedly planning to file for a domestic initial public offering (IPO) in FY22.

The firm, which is backed by Visa and Lightbox, has started talks with investment banks for the potential listing, Moneycontrol reported citing multiple industry sources with knowledge of the matter.

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The development comes as several Indian payment firms, including Paytm, Pine Labs, and Mobikwik, readies to go public amid an increase in digital transactions following the pandemic.

“These are early days and there is no clarity yet on the size of the proposed IPO,” a source told the news website.

According to another person, the IPO will increase PayMate’s value and will help it to amass growth capital while also facilitating a partial exit for its several investors.

PayMate and Visa didn’t respond to Moneycontrol’s request for comment.

Mumbai-based PayMate facilitates B2B payments for Enterprise and SME across supply chains.

The firm works with Visa commercial card-issuing banks to enable credit for both payables and receivables across supply chains removing traditional cash, cheque and EFT to card streams.

In addition to Visa and Lightbox, the firm is also backed by Recruit Strategic, Mayfair 101, BCCL, Mayfield Fund, Kleiner Perkins Caufield & Byers, and Sherpalo Ventures.

In 2019, PayMate raised an undisclosed amount via Series D round that involved the participation of several investors including Visa to drive growth in the domestic and global markets.