IppoPay Raises Pre-Seed Funding From Better Capital And Others
The platform will use the new funding to expand its team to continue its growth to reach 100,000 merchants
"Brex for Bharat' startup IppoPay on Thursday announced to have raised an undisclosed amount of pre-Seed funding from an early-stage investor, Better Capital, along with Prabhu Rangarajan, co-founder, M2P, and Sailesh Ramakrishnan, partner, Rocketship VC.
The startup is focused on helping millions of underserved and unbanked merchants in tier-II to tier-IV India with dead easy digital payments, payouts, and banking solutions.
The company will use this funding to continue to scale its growth to reach 100K merchants and expand the suite of offerings for its merchants.
"Bharat merchants account for 30 per cent 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. 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," said Mohan K, founder, and chief executive officer, IppoPay.
The entire platform of payments, payouts, and banking workflows is designed as an API stack to support new use cases easily as well as to embed them within other applications.
"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. 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," shared Vaibhav Domkundwar, chief executive officer and founder, Better Capital.
The company has grown at a fast clip in the last 9 months since launch, recording 1750 crore in transactions via its platform for over 5000 merchants across 1 crore transactions. 1500 crore have been processed in payments and 250 crore in payouts by merchants using the platform.
The company has built partnerships with 4 banks including Yes Bank, Axis Bank, ICICI Bank, and Paytm Bank.