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IppoPay witnesses 6X rise in topline in FY23, profits surge Chennai-based fintech IppoPay experienced a remarkable 6X revenue growth, reaching ₹329.77 crore in FY23, up from ₹48.25 crore in FY22. Founded in 2022 by Mohan Karuppaiah and Jai Kumar, IppoPay operates as a payment aggregator, offering solutions like QR codes, sound boxes, and POS systems. The company has raised ₹17.33 crore in funding across three rounds, with its latest seed round in August 2024, and is valued at over ₹90 crore. While revenues soared, expenses also surged 16X to ₹157.38 crore, mainly due to commissions. Profits increased to ₹128.48 crore from ₹28.98 crore in FY22. Despite the growth, the EBITDA margin fell to 53.45%, while ROCE rose to 98.66%. #IppoPay #Fintech #RevenueGrowth #DigitalPayments #FintechIndia #FinancialTechnology #StartupJourney #ChennaiStartups #FinancialServices #BusinessSolutions #TechInnovation #PaymentSolutions #TheKredible #News #Startup #Insights https://thekredible.com/blogs/ippopay-witnesses-6x-rise-in-topline-in-fy23-profits-surge