Fintech startup IppoPay has secured an undisclosed investment from Mithun Sacheti, founder of CaratLane, and Siddhartha Sacheti, CEO of Jaipur Gems. The Chennai-based company plans to utilize the funds to enhance customer experience, expand service offerings, and establish strategic partnerships for further innovation, as stated in a company release.
Mohan Karuppiah, CEO of IppoPay, noted that the experience of Mithun and Siddhartha as successful entrepreneurs would significantly enrich the company’s strategic direction and add considerable value.
Founded in 2020 by Mohan Karuppiah and Jaikumar R, IppoPay provides payment infrastructure for small businesses, particularly in tier II and III cities and rural areas. The company facilitates the acceptance of Unified Payments Interface (UPI) payments via QR codes for small businesses. Additionally, IppoPay focuses on helping micro, small, and medium enterprises (MSMEs) open current accounts and manage fund transfers.
IppoPay holds a third-party application provider (TPAP) approval from the National Payments Corporation of India (NPCI). Recently, TechFini, a subsidiary of IppoPay, received certification from NPCI to operate as a UPI-based payment infrastructure provider for banks and fintech companies.
The company has a strong presence in Tamil Nadu and is expanding into Andhra Pradesh, Telangana, Karnataka, and Kerala.
Earlier this year, IppoPay appointed former Reserve Bank of India (RBI) regional director SMN Swamy as its senior advisor. Siddhartha Sacheti commented that Mohan’s vision and commitment to improving banking, transactions, and investment for MSME households helped solidify confidence in IppoPay’s potential to build a sustainable fintech platform for MSMEs in India.
