Chennai-based payment aggregator IppoPay has raised an undisclosed amount in a seed funding round led by early-stage investment firm Better Capital.
Prabhu Rangarajan, founder of API platform for banking and payments M2P and Sailesh Ramakrishnan, Partner at Rocketship VC firm, also participated in the round. With the latest funding, IppoPay aims to reach 100,000 merchants and expand its suite of offerings, the statement said.
“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, Mohan K, Co-Founder of IppoPay said.
Launched in 2020 by Mohan K and Jai Kumar, IppoPay operates an online payment aggregator platform that enables businesses and individuals to collect and accept payments from customers.
The startup helps small businesses, freelancers, and women who work from home, making digital payments easier in tier-2 & 3 cities and rural areas.
“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,” Mohan K said.
IppoPay claims to have witnessed 10x growth across multiple metrics in the last nine months and processed over 1 crore transactions from 5,000 merchants. Apart from this, the startup had also partnered with leading banks such as Axis, ICICI, Paytm, and Yes Bank.
“IppoPay is aiming to provide a One-Stop finance solution to circumvent the challenges of the many under-served merchants in Bharat. We are targeting at digitizing India’s small and medium businesses,” Mohan K added in a Linkedin post.
“Ippo’s offering is a perfect fit for Bharat merchants and is designed to scale to support a wide range of use cases that merchants face in Tier II to Tier IV India,” Vaibhav Domkundwar of Better Capital said. “We are excited to partner with Mohan and Jaikumar as they build Ippo from the ground up and bring financial digitization to millions of underserved merchants,” he adds.