IppoPay
IppoPay is a Chennai-based fintech payment aggregator offering QR UPI, Sound Box, POS terminals, business cards, and merchant lending to 500,000+ small merchants and MSMEs across Tier 2/3 cities and rural India, with South India concentration.
- Company typePrivate
- Founded2020
- HeadquartersChennai, India
- Headcount251–500
- GTM typeB2B
- OfferingSoftware
What IppoPay does
IppoPay Technologies Private Limited is a Chennai-headquartered fintech payment aggregator founded in 2020 by Mohan Karuppaiah, alongside co-founders Jai Kumar (CTO) and Thangaraj Sofiya. The company delivers a unified payment and financial services platform targeting small merchants, retailers, freelancers, and MSMEs in India's Tier 2 and Tier 3 cities and rural areas — segments historically underserved by formal banking and digital payment infrastructure. Its core product suite comprises QR UPI (a single dynamic QR accepting 150+ UPI apps including PayTm, PhonePe, Google Pay, and BHIM with zero transaction charge on QR payments), Sound Box (regional-language instant audio payment alerts), Point of Sale terminals, Visa-powered business credit/prepaid cards, and collateral-free merchant lending. The company also distributes insurance products through an agent-based model and has announced BNPL, tap-to-phone, and offline UPI 2.0 capabilities as forward products.
IppoPay operates a transaction-fee and financial-services revenue model. Pricing includes zero transaction charges on QR UPI, instant settlement, and per-transaction fees on card/POS flows. The merchant lending business, run through partners BillionLoans and Light Finance (and formerly Light Microfinance), generates interest income; with ₹150+ crore disbursed by mid-2026, lending is the company's highest-monetization-per-merchant product. Business prepaid cards add recurring subscription revenue. Distribution is product-led and digital-first via the IppoPay mobile app with complete online onboarding, supplemented by field sales teams in South India. Banking and processing infrastructure is provided by partner banks (ICICI Bank, Indian Bank, Tamilnad Mercantile Bank) under NPCI Third-Party Application Provider (TPAP) status, which the company obtained in 2021 as the first such TPAP from Tamil Nadu.
As of mid-2026, IppoPay reports 500,000+ active merchants across 26 Indian states, with ₹1,539 crore+ in cumulative transaction value and 4.93 crore+ transactions processed. The company's claimed market share includes 57.5% first-QR-code penetration among postal codes and a stated goal of 60% market share among South Indian SMEs by 2026. Strategic growth has been pursued through three funding rounds ($250K pre-seed in Sep 2021, $2.1M seed in Jan 2022, ~$2.3M angel in Aug 2024), two acquisitions (Tutelar for AI fraud detection in Sep 2022 and Roamsoft Technologies for engineering capacity in Dec 2022), and partnerships with Visa, Tamilnad Mercantile Bank, Light Microfinance, BillionLoans, and Light Finance. The company holds ISO 27001:2022, PCI DSS, and SOC 2 certifications and is subject to ongoing regulatory engagement, including a DGGI investigation concerning online betting-linked GST evasion.
IppoPay firmographics
Firmographics- Name
- IppoPay
- Legal name
- IppoPay Technologies Private Limited
- Website
- https://ippopay.com
- Company type
- Private
- Founded year
- 2020
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- IppoPay is a Chennai-based fintech payment aggregator offering QR UPI, Sound Box, POS terminals, business cards, and merchant lending to 500,000+ small merchants and MSMEs across Tier 2/3 cities and rural India, with South India concentration.
- Ownership category
- akta.pro rank
IppoPay industry classification
Industry- Product category
- Merchant Payment Processing
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- akta.pro primary industry
- POS, SoftPOS & In-Person Acceptance Infrastructure (FSAGABAO)
- akta.pro secondary industries
- Merchant Payment Gateways (API/Hosted Checkout) (FSAMACAA), A2A Payment Initiation Service Providers (PISPs) (FSAMAFAB)
Keywords
Where IppoPay is headquartered
LocationHeadquarters
- HQ city
- Chennai
- HQ country
- India
- HQ region
- Asia
Offices2 records
Markets served
IppoPay business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales
Revenue model
- Payment Transaction Fees: Transaction-based fees from processing UPI, card, and QR payments for merchants. Zero transaction charge mentioned for QR codes with other transaction fees applicable.
- Merchant Lending: Interest income from micro-loans and business cash advances provided to merchants through lending partners including BillionLoans and Light Finance
- Prepaid Card Services: Revenue from business prepaid debit cards with features including ATM withdrawals and transaction limits
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | QR UPI Code - Zero Transaction Charge |
| Usage-based | Pay-as-you-go | Merchant Lending - Collateral Free Business Loans |
| Subscription | Monthly | Business Prepaid Cards |
Go-to-market motion1 record
Distribution channels4 records
Marketing channels5 records
IppoPay product offering
Product offeringCore offering
IppoPay operates an all-in-one payment infrastructure platform that enables small merchants, retailers, freelancers, and MSMEs in Tier 2, Tier 3, and rural India to accept digital payments through dynamic UPI QR codes, Sound Box audio alerts, and POS terminals, while also distributing Visa-powered prepaid and credit business cards and collateral-free merchant loans through partner lending institutions. The platform is delivered via the IppoPay mobile app with complete digital onboarding and processed transaction value of ₹1539 cr+ across 4.93 cr+ transactions.
Product overview
IppoPay is a Chennai-based fintech company offering a unified payment and financial services platform for small businesses, freelancers, and merchants in Tier 2, Tier 3 cities, and rural areas of India. The platform is architected around a core suite of merchant-facing products: QR UPI (accepting 150+ UPI apps via a single dynamic QR code), Sound Box (instant payment confirmation audio alerts), Point of Sale (POS) systems with instant settlement and EMI services, Prepaid/Credit Cards issued in partnership with Visa, and Merchant Lending (collateral-free loans through lending partners BillionLoans and Light Finance). Additional offerings include Insurance products and tap-to-phone technology. The company expanded its capabilities through two strategic acquisitions — Tutelar (AI-based fraud detection and risk management, September 2022) and Roamsoft Technologies (developer and IT products capability, December 2022). By 2026, the platform evolved into a TechFin platform supporting offline UPI 2.0 payments, AI-powered micro-lending with over ₹150 crore disbursed, and real-time fraud detection. IppoPay serves over 5 lakh merchants across 26 Indian states, with a claimed 60% market share among South Indian SMEs.
Differentiator
Problem solved
Functional benefit
Products and services
- QR UPI Dynamic UPI QR code product enabling merchants to accept payments from 150+ UPI apps including PayTm, PhonePe, Google Pay, and BHIM with zero transaction charge, instant collection, and transaction reports.
- Sound Box Audio notification device that instantly alerts merchants when UPI payments are received, with regional language support, SIM-only connectivity without WiFi, all-day battery life, and customer support.
- Point of Sale (POS) Point of sale system with instant activation, settlement reports, instant settlement, EMI services, UPI acceptance, and customer support for processing card and digital payments at physical retail locations.
- Cards (Prepaid and Credit Business Cards) Business prepaid and credit cards offered in partnership with Visa, featuring ATM withdrawals, temporary blocking, easy activation, transaction limits, and easy PIN setup. Includes corporate prepaid cards and business expense cards for small business owners.
- Merchant Lending Collateral-free business loans and cash advances disbursed through lending partners BillionLoans and Light Finance, with 100% digital processing in less than 5 minutes, daily installments (EDI), flexible tenure, and 24x7 availability.
- Insurance Agent Program Insurance agent program enabling merchants and agents to access insurance solutions with commission-based earning opportunities through flexible commission-based partnerships.
Quantifiable outcome
- 5 Lakh+ merchants enabled to accept online payments
- +7 more outcomes
Companies that use IppoPay
Customer profileNamed customers4 records
Segments4 records
Ideal customer profiles2 records
IppoPay technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration11 records
AI capability3 records
Feature9 records
IppoPay partnerships and signals
Strategic signalPartnerships
Ten partnerships are on record, tiered core.
- Tamilnad Mercantile BankcoreIppoPay partnered with Tamilnad Mercantile Bank to offer UPI-led digital payments to small businesses. The partnership focuses on QR code-based UPI payments and digital payment infrastructure expansion in Tamil Nadu.
- VisacoreIppoPay partnered with Visa to offer Visa-powered credit cards to small business owners. This partnership enables IppoPay to issue business credit cards to its merchant base, providing working capital access and business expense management tools.
- Light MicrofinancecoreLight Microfinance partnered with IppoPay to offer digital loans to MSMEs. This partnership enables IppoPay to provide micro-financing options to its merchant network through Light Microfinance's lending platform.
- Roamsoft Technologies Pvt. LtdcoreIppoPay acquired Roamsoft Technologies, a fintech IT products and services firm, in an all-cash deal. This was IppoPay's second acquisition, aimed at enhancing in-house capabilities and onboarding over 40 developers.
- TutelarcoreIppoPay acquired Tutelar, a risk management startup offering AI-based fraud detection and dispute resolution tools. The acquisition enhanced IppoPay's infrastructure and global presence with real-time fraud detection capabilities.
- BillionLoanscoreBillionLoans is a lending partner providing micro-loans to IppoPay merchants. The partnership offers collateral-free business loans with 100% digital processing in less than 5 minutes.
- Light FinancecoreLight Finance provides lending services to IppoPay merchants as a lending partner, offering business loans and cash advances with flexible tenure and daily installment options.
- ICICI BankcoreICICI Bank is a banking partner enabling payment processing, settlement, and fund flow for IppoPay's merchant services.
- Indian BankcoreIndian Bank provides banking infrastructure for IppoPay's payment services, facilitating transaction processing and merchant settlements.
- Tamilnad Mercantile BankcoreTamilnad Mercantile Bank (TMB) serves as a banking partner for IppoPay, enabling UPI payments and digital transaction processing.
Scale indicators17 records
Recent moves6 records
Expansion highlights6 records
IppoPay competitors and assessment
Company assessmentDirect peers
- BharatPe: BharatPe operates India's largest merchant QR-based payment acceptance network, providing UPI QR, sound boxes, and merchant lending to small retailers. It is the most directly comparable competitor to IppoPay's core QR + lending + cards stack for SMB merchants in India.
- PayNearby: PayNearby focuses on financial and digital services at the last mile for retailers and nano-merchants across India's Tier-2/3 and rural geographies. Closely comparable to IppoPay on customer segment (micro-merchants), product breadth (payments + lending + cards), and distribution model.
- Pine Labs: Pine Labs is a leading merchant POS and in-store payments provider offering point-of-sale terminals, payment gateways, and merchant lending to retailers and enterprises. It is comparable to IppoPay on the POS + card + lending trilayer, though with a more enterprise/affluent merchant base.
- Mswipe: Mswipe provides mobile POS terminals and merchant acquiring services targeting India's small and mid-sized retailers. It is directly comparable to IppoPay on the mobile-POS + merchant card acceptance layer, with similar focus on SMB merchants outside metro India.
- Eko: Eko is a financial services platform enabling small merchants and retailers to offer digital banking, payments, and money transfer services. Closely comparable to IppoPay on the SMB-focused payment + financial services stack and the underlying partnership-led 'TechFin' model.
Broad incumbents
- Paytm (One97 Communications): Paytm is a broad, listed incumbent operating consumer payments, merchant acquiring, POS, lending (via Paytm Postpaid), and wealth/insurance distribution. It overlaps heavily with IppoPay's full-stack merchant payments + lending + cards proposition but at substantially larger scale.
- PhonePe: PhonePe is India's largest UPI payment app with a broad merchant acceptance network and expanding merchant financial services. While much larger and UPI-led, its merchant QR and merchant financial services overlap directly with IppoPay's core offering.
- Razorpay: Razorpay is a leading Indian payment gateway and merchant acquiring platform serving online and offline SMBs with APIs, POS, and lending products. Comparable to IppoPay on the payment gateway + merchant stack, with stronger online positioning and broader enterprise penetration.
- Google Pay (India): Google Pay is a dominant UPI app in India with a large merchant QR network. While primarily a consumer-led UPI payment app, its merchant acceptance layer overlaps directly with IppoPay's QR UPI acceptance infrastructure.
Emerging players
- Open (formerly OkCredit): Open is an Indian fintech building a business banking and payments platform for SMBs, including payment acceptance, current accounts, and lending. It is comparable to IppoPay on serving SMB merchants with an integrated payments + lending financial stack.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
IppoPay social profiles
Digital presenceIppoPay compliance and trust
Trust signalCompliance5 records
IppoPay financial estimates
Financial estimateRevenue estimate
Valuation estimate
IppoPay leadership team
Management profileNumber of profiles
Profiles8 records
IppoPay subsidiaries and ownership
Company hierarchySubsidiaries2 records
IppoPay funding detail
Funding detailFunding overview
Funding rounds3 records
Investors3 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
IppoPay M&A and investment
M&A and investmentM&A2 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about IppoPay
What does IppoPay do?
IppoPay operates an all-in-one payment infrastructure platform that enables small merchants, retailers, freelancers, and MSMEs in Tier 2, Tier 3, and rural India to accept digital payments through dynamic UPI QR codes, Sound Box audio alerts, and POS terminals, while also distributing Visa-powered prepaid and credit business cards and collateral-free merchant loans through partner lending institutions. The platform is delivered via the IppoPay mobile app with complete digital onboarding and processed transaction value of ₹1539 cr+ across 4.93 cr+ transactions.
Is IppoPay a public or private company?
IppoPay is a private company. It is classified as venture growth investor backed and is currently operating.
When was IppoPay founded?
IppoPay was founded in 2020. It employs 251 to 500 people.
Where is IppoPay based?
IppoPay is headquartered in Chennai, India, in the Asia region.
How does IppoPay make money?
Three revenue lines are on record. Payment Transaction Fees are the primary driver. The others are merchant Lending and prepaid Card Services.
Who are IppoPay's main competitors?
Direct peers on record are BharatPe, PayNearby, Pine Labs, Mswipe and Eko. Broad incumbents are Paytm (One97 Communications), PhonePe, Razorpay and Google Pay (India). Open (formerly OkCredit) is listed as an emerging player.
Does IppoPay have an API?
Yes. IppoPay is a technology service provider offering a platform with APIs, dashboards, integrations, and application interfaces enabling merchants to facilitate collection, processing, reconciliation, and management of payments through partner banks and financial institutions. The services are limited to providing a technology and connectivity layer transmitting payment instructions and data between users, customers, and partner institutions. IppoPay does not itself receive, hold, pool, settle, or process customer funds; all payment processing is done by authorized banking partners.
What industry is IppoPay in?
IppoPay's product category is Merchant Payment Processing. Its primary akta.pro industry code is FSAGABAO, POS, SoftPOS & In-Person Acceptance Infrastructure, with a secondary code of FSAMACAA, Merchant Payment Gateways (API/Hosted Checkout). Its NAICS code is 522320.