IppoPay, a Chennai-based fintech startup, has raised an undisclosed sum of angel funding from Mithun Sacheti, founder of CaratLane, and Siddhartha Sacheti, CEO of Jaipur Gems.
Founded in 2020 by Mohan Karuppiah and Jaikumar R, IppoPay facilitates digital payments for small-scale merchants, especially in tier II and III cities and rural areas. The company wants to expand beyond Tamil Nadu into Andhra Pradesh and Telangana, and later Karnataka and Kerala.
Besides enabling small merchants and micro, small and medium enterprises (MSME) to accept UPI payments via QR code, the company helps them open current accounts and transfer funds. IppoPay also recently obtained third-party application provider (TPAP) licence from the National Payments Corporation of India (NPCI).
“Mithun and Siddhartha’s track record as successful entrepreneurs will undoubtedly enrich our strategic direction and add substantial value to IppoPay. They have been instrumental in providing invaluable guidance for the growth of the company,“ Karuppiah, the CEO of IppoPay, said.
Mithun Sacheti said, “We are excited to join forces with IppoPay. Mohan’s vision and commitment to improve the way the MSME households bank, transact, and invest, helped us build conviction on IppoPay’s ability to build a sustainable fintech platform for MSMEs in India.“
A vertical of IppoPay, Fin Meadows, operates Tech Fini, a payment infrastructure solution provider offering products like UPI switch, card switch and card management tools. Tech Fini recently completed certification for UPI with NPCI. In addition, an AI-based fraud detection and prevention tool called Tutelar is used for onboarding, transaction monitoring and ensuring AML compliance. Tutelar was conceptualised in-house at IppoPay.