Chennai-based fintech IppoPay posted a 6X increase in revenue reaching Rs 329.77 crore in FY23 from Rs 48.25 crore in FY22.
Founded in 2022 by Mohan Karuppaiah and Jai Kumar, IppoPay serves as a payment aggregator, offering businesses solutions to accept and process payments from customers and vendors. Its products include 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 round in August 2024 from a seed round.
The company is currently valued at over Rs 90 crore. Competing with platforms like PayU and CCAvenue, IppoPay’s shares are divided between Mohan Karuppaiah, Better Capital, and Rajavelu Jaikumar, with Karuppaiah holding more than 50% of the company.
With the increase in revenue, Ippopay’s expenses also heightened to 16X in FY23 reaching Rs 157.38 crore from over Rs 9 crore in FY22. Commissions paid made up the majority of expenses, contributing over 50%, followed by employee benefits, legal and professional fees, and advertising promotions.
In line with the rise in revenue and expenses, the company’s profits also grew to Rs 128.48 crore in FY23 from Rs 28.98 crore in FY22.
Despite these financial improvements, the company’s current EBITDA margin decreased to 53.45%, while ROCE increased to 98.66%.