Chennai-based fintech startup IppoPay saw a 94% revenue drop, declining from Rs 329.77 crore in FY23 to Rs 18.12 crore in FY24.
Founded in 2022 by Mohan Karuppaiah and Jai Kumar, IppoPay operates as a payment aggregator, enabling businesses to accept and process payments through a suite of solutions, including QR codes, sound boxes, cards, POS systems, and lending options.
IppoPay has raised a total of Rs 17.33 crore in funding over 3 rounds, with its latest funding in August 2024 from a seed round. The company competes with platforms like PayU and CCAvenue.
Standing at a valuation of over Rs 90 crore, IppoPay’s majority shares are held by Mohan Karuppaiah at over 50%. Better Capital and Rajavelu Jaikumar also hold significant shares in the company.
In FY24, IppoPay’s expenses decreased from over Rs 150 crore in FY23 to Rs 71.10 crore. Employee benefits constituted more than 40% of this expenditure, with advertisement costs and legal and professional fees also making up substantial portions.
With the revenue decline, The company swung to losses of Rs 52.40 crore in FY24 from profits of over Rs 100 crore in FY23.
IppoPay’s current EBITDA margin and ROCE turned negative at -265.85% and -41.76% respectively.