IppoPay

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.

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

Product category

Merchant Payment Processing

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

akta.pro industry

PRIMARYFSAGABAO

POS, SoftPOS & In-Person Acceptance Infrastructure

Financial & Insurance/Financial Technology (Fintech)/Payment Orchestration & Fintech Infrastructure (APIs, Issuing, Processing)

SECONDARYFSAMACAA

Merchant Payment Gateways (API/Hosted Checkout)

Financial & Insurance/Payments & Transaction Processing/Payment Gateways & Orchestration

SECONDARYFSAMAFAB

A2A Payment Initiation Service Providers (PISPs)

Financial & Insurance/Payments & Transaction Processing/Account-to-Account (A2A) & Open Banking Payments

Keywords

• Merchant payment processing
• UPI payment gateway
• Small business lending
• POS solutions
• Prepaid business cards

Headquarters

HQ city

Chennai

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales

Revenue model

1. 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.
2. Merchant Lending: Interest income from micro-loans and business cash advances provided to merchants through lending partners including BillionLoans and Light Finance
3. Prepaid Card Services: Revenue from business prepaid debit cards with features including ATM withdrawals and transaction limits

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core 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

Named customers4 records

Segments4 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration11 records

AI capability3 records

Feature9 records

Partnerships

Ten partnerships are on record, tiered core.

• Tamilnad Mercantile BankcoreStrategic or Co-development Partner · 8 October 2024IppoPay 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.
• VisacoreStrategic or Co-development Partner · 5 December 2023IppoPay 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 MicrofinancecoreStrategic or Co-development Partner · 16 August 2023Light 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. LtdcoreOthers · 1 December 2022IppoPay 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.
• TutelarcoreOthers · 6 September 2022IppoPay 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.
• BillionLoanscoreStrategic or Co-development PartnerBillionLoans 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 FinancecoreStrategic or Co-development PartnerLight 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 BankcoreOthersICICI Bank is a banking partner enabling payment processing, settlement, and fund flow for IppoPay's merchant services.
• Indian BankcoreOthersIndian Bank provides banking infrastructure for IppoPay's payment services, facilitating transaction processing and merchant settlements.
• Tamilnad Mercantile BankcoreOthersTamilnad 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

Direct 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

• Xx.com/ippopayofficial
• YouTubeyoutube.com/@ippopay
• Facebookfacebook.com/OfficialIppoPay
• LinkedInlinkedin.com/company/officialippopay
• Instagraminstagram.com/ippopay

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries2 records

Funding overview

Funding rounds3 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about IppoPay