Get All Access for $5/mo

Bringing Rural Fintech To The Fore The aim of the Ippo Pay is to put an end to every tedious and time taking task of a rural Indian merchant handling his/her payments, educate them and help them adapt to modern financial technologies.

By Saptak Bardhan

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Ippo Pay
Mohan K, co-founder and CEO, Ippo Pay

Fintech has been a sector that has seen a steep upward trajectory in India. The fintech market in India is growing at an unprecedented rate. According to a report by BCG and FICCI, the Indian fintech industry's valuation is expected to reach $150-160 billion by 2025.

Mohan K, co-founder and CEO, IppoPay, worked as a designer in his early career and soon his journey inspired him to be an entrepreneur leading him to found RoamSoft, a software development company. By 2018, Roamsoft could self-hold its floor with a workforce of over 50 employees. The instincts of a serial entrepreneur and an absolute opportunist, Mohan stepped into the world of FinTech, having co-founded Foloosi Technologies based in the UAE. Foloosi grew to see quick investors and the firm had beenranked in the top 20 fintech startups in the middle-east by Forbes. Following Foloosi, He launched IppoPay as the CEO in November 2020 a payment aggregator for businesses in Chennai, in November 2020.

The company is focused on catering to the financial needs of the millions of under/unbanked sectors in India and helping them speed-up to digital banking. The aim of the company is to put an end to every tedious and time taking task of a rural Indian merchant handling his/her payments, educate them and help them adapt to modern financial technologies.

"I hail from a village, and every time I visit my place I realise that digital banking has not reached every nook and corner of the country. There is still a lot of work to be done and we can clearly see a huge chunk of untapped market, mainly the entire belt of merchants in the lower tier areas which we focus to cater to," said Mohan.

The online services of IppoPay are distributed nationwide whereas the offline services are centred in Tamil Nadu despite being initialised in Karnataka. The company has raised $2.3 million from Ventures, Better Capital, Blume Ventures and angel investors.

The main challenge that the company faced was the apprehension towards digital payments. Awareness and literacy issues played a massive role,because in rural areas any change from routine was seen as a risk. According to Mohan, the company aimed to provide what was lacking in the already existing fintech space and that is how IppoPay has had a breakthrough and has managed to win high on customer satisfaction.

"Read the market, choose the right team, trust your vision and chase your dreams. Hit it hard without worrying about the results," advised Mohan to the next-gen entrepreneurs.

The immediate target for the company is to tap 75% of Tamil Nadu's unbanked and underbanked merchants and eradicate the time consuming manual banking and the paper-pen processes in business. The company intends to spread awareness and bring the tech-challenged Indian Merchants into the digital world of payments. IppoPay is also the new hotbed for investors, having raised $2.3M in seed-rounds, they are looking forward to raise further rounds of series fundings.

Saptak Bardhan

Former Trainee Writer

Former Trainee Writer
Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

Leadership

I've Spent 37 Years in Business — Here's How I Beat the Odds and Stayed Ahead

For over thirty years, I have led a successful media production and communication consulting company. Only 25% of new businesses survive for 15 years or more, so I have beat the odds. But having staying power is not a matter of luck.

Business News

'I'm Not Trying to Land on Mars': Mark Cuban Takes Dig at Elon Musk to Explain Why His Online Pharmacy Isn't Trying to Make More Money

Mark Cuban Cost Plus Drug Co. is an online pharmacy co-founded by Cuban and radiologist Alex Oshmyansky.

News and Trends

Talent, Digital Infra, Policy, and Startups Driving India's GCC Ecosystem

By leveraging its demographic dividend and evolving policies, India is uniquely positioned to become the preferred choice for global enterprises seeking scalability, resilience, and a future-ready operational base.

Entrepreneurs

This Entrepreneur is Carrying the Torch Toward a Brighter Future for the Real Estate Industry

Craig Sewing founded American Dream TV ten years ago and he seeks to empower the current and future players in real estate by providing a network that celebrates authenticity and community-driven storytelling.

Growth Strategies

Indian Graduates' Employability Rate Reaches 54.81 per cent: Report

By addressing regional disparities, fostering gender diversity, and equipping graduates with both technical and soft skills, stakeholders can harness the full potential of the nation's workforce.