Mithun Sacheti, the founder of CaratLane, and Siddhartha Sacheti, the CEO of Jaipur Gems, have contributed an undisclosed sum to the fintech startup IppoPay.
Back in January 2022, the Chennai-based company had previously raised $2.1 million from Blume Ventures, Better Capital, Coinbase Ventures, and other investors.
According to a press release from IppoPay, the additional funds will go toward developing a long-term fintech platform for MSMEs.
IppoPay is a payment aggregator for companies that gather and accept payments from clients and suppliers. It was co-founded in 2020 by Mohan Karuppiah and Jai Kumar. In addition to payment acceptance and processing tools, it also provides tools for POS systems, neo banking API stack, UPI payments, salary disbursements, and link and gateway generation. Android users can download its app.
In addition to being well-established in Tamil Nadu, IppoPay is expanding into states in southern India, including Andhra Pradesh, Telangana, Karnataka, and Kerala. The platform’s other main goal is to assist MSMEs with opening current accounts and facilitating money transfers.
Tech Fini is a payment infrastructure solution provider that offers a range of products including UPI switch, card switch, and card management tools. It is operated by IppoPay’s Fin Meadows vertical. Tutelar is an AI-powered fraud detection and prevention tool that actively tracks real-time payments to help clients.
According to IppoPay, JusPay, Lyra, HyperFace, and CAMSPay are among the clients that have embraced its FRM offering.
