What could be a shot in the arm for the fintech sector, Chennai-based startup IppoPay on 6 August 2024 successfully closed an undisclosed amount of funding by Mithun Sacheti, founder of CaratLane, and Siddhartha Sacheti, chief executive of Jaipur Gems. It would be a strategic investment into enhancing customer experience for IppoPay, increasing the service offered basket, and driving newer strategic partnerships, the company said in a statement on 6 August 2024.
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IppoPay, founded in 2020 by Mohan Karuppiah and Jaikumar R, is fast-growing payment infrastructure that has been critical to small businesses in tier II and III cities and rural areas. Small businesses can enable UPI payments via QR codes; current account opening and fund transfers for micro, small, and medium enterprise enterprises are its two focus product offerings.
This investment is likely to lend strong support to the strategic direction that IppoPay is taking with Mithun and Siddhartha Sacheti on board. Their track record as successful entrepreneurs will no doubt enrich their strategic direction and add good value to IppoPay, was said Mohan Karuppiah, CEO at IppoPay. This underlines the requirement of experienced leadership to be able to take on stiff competition in the fintech space.
Most of all, its ingenuity and commitment to improving the banking and transactional experience for MSMEs have been instrumental in attracting this investment. Mohan’s vision and commitment to changing the way the MSME households bank, transact and invest helped them build conviction on IppoPay’s ability to build a sustainable FinTech platform for MSMEs in India, said Mithun Sacheti.
It has already made great strides in terms of expanding its footprint. Having established a strong presence in Tamil Nadu, IppoPay now ventures into Andhra Pradesh, Telangana, Karnataka, and Kerala. This regional expansion comes when the company was rigorously working on other parameters of milestones, like the third-party application provider approval from NPCI and the certification for the subsidiary, TechFini, to work as a UPI-based payment infrastructure provider for banks and fintech firms.
This year itself, IppoPay appointed SMN Swamy, an erstwhile regional director with the Reserve Bank of India. The strategic hire is likely to further strengthen its regulatory compliance and strategic initiatives at the company.
These funds will be infused into strengthening customer experience, increasing service offerings, and strategizing partnerships that further drive innovation. With these, IppoPay intends to further strengthen its position as a leading fin-tech platform for small businesses and MSMEs across India.
To sum it up, the investment that Mithun and Siddhartha Sacheti have made in IppoPay is one of the major highlights in its history. Not only has it recognized the business model and strategic direction that the company has chosen, but also sets it at fast track mode for growth and innovation in the financial technology sector. With IppoPay continuing to grow in services and regional presence, it is certainly on its way to becoming a mainstay of FinTech for small businesses in India.
