Total amount raised
$4.7 Millions
Latest funding date
08/01/2024
Location
IppoPay has successfully raised funds through multiple rounds, with its most recent being an Angel round. The company operates as a payment aggregator, providing small businesses with efficient tools to collect and distribute payments.
Keep reading to explore the intricacies of IppoPay's fundraising journey and the investors backing this innovative platform.
What Is IppoPay?
IppoPay, founded in November 2020, operates in the Financial Services, FinTech, and Payments industries. The company is based in Chennai, Tamil Nadu, India, and was established by Jai Kumar, Mohan Karuppiah, and Thangaraj Sofiya.
With a workforce of 251-500 employees, IppoPay specializes in helping small businesses efficiently collect and distribute payments. The company offers a range of services, including payment gateways, point-of-sale systems, and merchant accounts, catering to sectors like retail, e-commerce, and education.
How Much Funding Has IppoPay Raised?
- Pre-Seed Round
- Amount Raised: $250K
- Date: September 2021
- Lead Investors: Better Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop initial product offerings and establish a market presence.
- Seed Round
- Amount Raised: $2.1M
- Date: January 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand service offerings and enhance technology infrastructure.
- Angel Round
- Amount Raised: ₹200M (approximately $2.7M)
- Date: August 2024
- Lead Investors: Mithun Sacheti, Siddhartha Sacheti
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand geographical footprint and enhance product offerings, including advanced payment infrastructure and banking solutions for MSMEs.
Total Amount Raised: $5.05M
Current Valuation: Not publicly disclosed
Key Investors
- Mithun Sacheti
- Details: Mithun Sacheti is the founder of CaratLane, a prominent jewelry retail company. He has been instrumental in revolutionizing the jewelry shopping experience in India.
- Investment Focus Areas: Fintech, digital payment solutions, retail
- Notable Investments: CaratLane
- Siddhartha Sacheti
- Details: Siddhartha Sacheti is the CEO of Jaipur Gems, a well-known jewelry company. He has played a significant role in expanding the company's market presence.
- Investment Focus Areas: Fintech, digital payment solutions, luxury
- Notable Investments: Jaipur Gems
- Better Capital
- Details: Better Capital is an early-stage venture capital firm that focuses on investing in innovative startups. The firm is known for its hands-on approach in nurturing young companies.
- Investment Focus Areas: Fintech, SaaS, healthcare
- Notable Investments: Not publicly disclosed
What's Next for IppoPay?
As IppoPay looks to the future, the company is poised to capitalize on the vast opportunities available in Tier II and III cities and rural areas. With a strong presence in Tamil Nadu and plans to expand into Andhra Pradesh, Telangana, Karnataka, and Kerala, IppoPay aims to deepen its penetration in underserved markets. The company’s focus on solving banking requirements and UPI payment penetration for small-scale merchants and MSMEs positions it well for significant growth.
To support this expansion, IppoPay may seek additional funding rounds. The development of new products and services, such as Tech Fini and Tutelar, will likely attract more investors. However, the company will need to navigate challenges such as competition from other fintech firms, regulatory compliance, and ensuring the security and reliability of its digital payment solutions.
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