Fintech Startup IppoPay Secures Strategic Investment from CaratLane founder Mithun Sacheti

Fintech startup IppoPay has raised an undisclosed amount from Mithun Sacheti, founder of CaratLane, and Siddhartha Sacheti, CEO of Jaipur Gems. This investment aims to enhance IppoPay’s customer experience, expand its service offerings, and forge strategic partnerships to drive further innovation.

Enhancing Strategic Direction and Value

Mohan Karuppiah, CEO at IppoPay, emphasized the importance of this investment: "Their (Mithun and Siddhartha) track record as successful entrepreneurs will undoubtedly enrich our strategic direction and add substantial value to IppoPay."

Focus on Tier II and III Cities

Founded in 2020 by Mohan Karuppiah and Jaikumar R, IppoPay is a payment infrastructure provider targeting small businesses in tier II and III cities and rural areas. The company facilitates Unified Payments Interface (UPI) payments via QR codes and assists micro, small, and medium enterprises (MSMEs) in opening current accounts and facilitating fund transfers.

NPCI Approval and Expanding Presence

IppoPay holds a third-party application provider (TPAP) approval from the National Payments Corporation of India (NPCI). Recently, its subsidiary TechFini received certification from NPCI to operate as a UPI-based payment infrastructure provider for banks and fintech firms. The company has a strong presence in Tamil Nadu and is expanding its footprint to Andhra Pradesh, Telangana, Karnataka, and Kerala.

Strategic Appointments and Vision

Earlier this year, IppoPay appointed former Reserve Bank of India (RBI) regional director SMN Swamy as its senior advisor. Mithun Sacheti commented on the investment, stating, "Mohan’s vision and commitment to improve the way MSME households bank, transact, and invest helped us build conviction on IppoPay’s ability to build a sustainable fintech platform for MSMEs in India."