CaratLane founder and Jaipur Gems’ CEO invest in IppoPay

Fintech startup IppoPay has raised an undisclosed amount from Mithun Sacheti, the Founder of CaratLane and Siddhartha Sacheti, CEO of Jaipur Gems. 

The Chennai-based company had previously raised $2.1 million from Coinbase Ventures, Better Capital, Blume Ventures and others back in Jnauary 2022.

The new proceeds will be allocated towards building a sustainable fintech platform for MSMEs, IppoPay stated in a press release.

Co-founded in 2020 by Mohan Karuppiah and Jai Kumar, IppoPay is a payment aggregator for businesses that collect and accept payments from customers and vendors. It offers tools for payment acceptance and processing, generating links and gateways, UPI payments, salary disbursements, POS solutions, neo banking API stack, and more. Its app is available for Android users.

IppoPay has a significant presence in Tamil Nadu and is stretching its leg to other geographies in southern India states like Andhra Pradesh, Telangana, Karnataka, and Kerala. The platform is also focusing on helping MSMEs open current accounts and enable transfer of funds.

IppoPay’s vertical Fin Meadows operates Tech Fini, a payment infrastructure solution provider, offering a suite of products like UPI switch, card switch, and card management tools. Its AI-based fraud detection and prevention tool Tutelar is designed to assist clients by actively monitoring real-time payments.

IppoPay claims that its FRM offering has on boarded clients including JusPay, Lyra, HyperFace, and CAMSPay.