IppoPay has raised $250,000 of the estimated amount from an early-stage investor, Better Capital, along with Prabhu Rangarajan, co-founder of M2P, and Sailesh Ramakrishnan, Partner at Rocketship VC in pre-seed funding.
Based in Chennai, founded in the year 2019 by Jai Kumar, Mohan Karuppiah. Ippo Pay is an online marketplace focusing business to business service providers who accept payments online such as Small businesses, SMEs, and Freelancers individuals, freelancers, women who work from home, handcraft businesswomen and people who do business in tier2, tier3 & rural areas, The entire platform of payments, pay-outs, and banking workflows is designed as an API stack to support new use cases easily as well as to embed them within other applications.
In just 9 months since launch, it has recorded Rs. 1750 crores in transactions via its platform for over 5000 merchants across 1 crore transactions. 1500 crores have been processed in payments and 250 crores in pay-outs by merchants using Ippo. It has built partnerships with 4 banks including Yes Bank, Axis Bank, ICICI Bank, and Paytm Bank.
“Bharat merchants account for 30% of India’s GDP involving 460 million people, so catering to the needs of these merchants and bringing them the power of digital banking is significant as it has a direct impact on the Indian economy. Our goal is to put an end to every tedious and time taking task of a Bharat merchant handling his/her finances and make them run faster and better with modern financial technology that is easy to use and delivered in their language”, said Mohan K, Founder & CEO of Ippo.
Ippo will use this funding to continue to scale its growth to reach 100K merchants and expand the services of offerings for its merchants.