Mumbai, May 25 -- PayMate India Ltd, the B2B payments company backed by Visa Inc. and Lightbox Ventures, has been unable to pay employees their full salaries for as long as 12 months. The company said it cannot do so until a proposed acquisition deal with DigiAsia Corp closes and fresh capital flows in.

The Mumbai-based company, which once sought a Rs.1,500 crore public listing in India, told Mint that outstanding employee dues and settlements are expected to be cleared by 30 June, once its transaction with DigiAsia Corp. and a funding round it expects to follow are completed. What was announced in 2024 as a $400-million deal with a cash component of at least $25 million has since been reworked. According to PayMate, "The DigiAsia deal i...