Companies such as PayPal and Payoneer are already struggling to lessen the matters around payment collection, and learning platforms such as Udemy, Freelancer, UpWork are maintaining the plate full for freelancers in terms of skill advancement. Yet, freelancers, Individuals, handcraft businesswomen- online of the burgeoning Indian contract workers still face issues such as managing and searching expenses, scheming their finances and more. This void was the perfect alternative to step into the world of entrepreneurship for Ippopay. Chennai-based IppoPay, a payment aggregator is concentrating on business to business service providers who receive payments, especially individuals, freelancers, women who work from home, handcraft businesswomen and people who do business in rural areas. IppoPay enables you to expand your business network based on who you transact with particularly for all classes of businesspeople (Newspaper boy, milk vendors, handcraft businesswomen, women dress resellers- online, etc.). Mohan K launched IppoPay in June 2020 to cater to Tamil Nadu. He joined hands with his childhood friend JaiKumar as a Co-founder and CTO and prepared a team of 15 members. IppoPay is a bootstrapped startup, and the founders have invested Rs 50 lakh into the company so far.
Ippo Pay for all Classes of Business people
This fintech startup platform can also be utilised to manage subscriptions, automate recurring billing, and get acquainted with all payment-related actions. There is no setup fee. They have a flat unit pricing model. The founder highlights that most payment aggregators focusing on APIs and small-scale entrepreneurs are not satisfactorily acquainted with the process of virtual transactions and find technology integration overwhelming. The founder asserts that the platform has done agreements to the tune of Rs 1 crore within two months of launch. It sees month-on-month growth of 40 per cent, with the pandemic.
Targeting Small Merchants and SMEs
The Chennai-based entrepreneur highlights that some of the IppoPay’s prospects include milk vendors, newspaper boys, chit fund companies, and others in Tier II and III cities in Tamil Nadu. They organise their payments only through the paper. So, they decided to build a mobile app and offer a subscription plan in their language. The team also surveyed the freelancers and SMEs, who need to buy invoice software to approve payments. These people have to use invoice software like Zoho, QuickBooks, etc. to manage payment details and spend around Rs 2,000 per month. Hence, IppoPay made an innovation, the invoice software with the quotation, pro forma, and invoice to accept payments.
“We provide proper accounting software, customer management with a complete book record, and tracking of payment details,” Mohan says. “We provide an Android/ iOS app to handle all payment-related activities in the mobile app.” says, Mohan K.
Going in the Future
Mohan K. wishes to modify the contribution and assist businesses in Bharat. The CEO of IppoPay is proud that his startup is in line with Prime Minister Narendra Modi’s call for an Atma nirbhar Bharat, he also highlights that IppoPay is nowadays working on streamlining social commerce so that any entrepreneur can create an online store in minutes. Mohan adds that in Tamil Nadu, mostly married women are homepreneurs. They desire for an eCommerce platform but employing a development company is challenging. Platforms like Shopify are functional, but they need to pay. IppoPay fills that gap – in Tamil Nadu. Mohan also underlined that the company’s perception is to enable small businesses, freelancers, and homepreneurs, especially in Tier II, III, and rural areas to run a digital business. They aim to focus on Tamil Nadu for now and then enter other states.