The company raised an undisclosed funding from CaratLane’s founder Mithun Sacheti and Jaipur Gems’ CEO Siddhartha Sacheti
The round gave exit to company's early backer Coinbase Ventures
IppoPay claims to facilitate offline and online businesses with digital payments and other banking needs
Fintech startup IppoPay has secured an undisclosed funding from CaratLane’s founder Mithun Sacheti and Jaipur Gems’ chief executive officer Siddhartha Sacheti.
Company sources also told Inc42 that the round gave exit to its early backer Coinbase Ventures.
Founded by Mohan K and Jai Kumar in 2020, IppoPay claims to facilitate offline and online businesses with digital payments. It helps companies meet the banking needs such as fund transfer, lending and buying insurance, among others. Additionally, it also helps retail sellers to accept UPI payments.
Along with this, the company claims to assist MSMEs to open current accounts and enable transfer of funds.
In 2022, the Chennai-based startup raised $2.1 Mn in its seed funding round from Coinbase Ventures, Better Capital, Blume Founders Fund, and a host of angel investors to strengthen its technology stack, expand into new geographies, cater to SMBs and launch a BNPL service.
Following that, in the same year, IppoPay made two separate acquisitions, where it acquired AI-enabled risk management startup Tutelar in September and three months later, acquired Roamsoft Technologies in an all-cash deal.
In July this year, IppoPay’s application programming interface (APIs) solution provider TechFini secured National Payments Corporation of India’s (NPCI) nod to provide UPI-based payment infrastructure to banks, financial institutions and fintech companies.
The development comes at a time when India’s fintech space has been seeing a lot of activity around funding, acquisition and government policies.
For instance, financial services company SaveDesk recently acquired a 90% stake in fintech startup Fairexpay for an undisclosed sum to expand its footprint in the cross-border remittance and fund collection market.
Fintech startup Finsall secured INR 15 Cr to build a non-banking financial company (NBFC) to expand lending operations, particularly in insurance premium financing.
However, contrary to this, the central government slashed the budget allocation for incentivising digital payments in FY25 by over 42% to INR 1,441 Cr.
As per the government, India is home to 3,085 DPIIT-recognised fintech startups.
As per Inc42 report, Indian fintech space was the second biggest recipient of VC funds between 2014 and June 2023 and accounted for 19% of the total $141 Bn raised by Indian startups during the period.
The fintech space is estimated to grow to a market size of $2.1 Tn by 2030, at a compounded annual growth rate (CAGR) of 18%.
