Is it possible for IIT JEE aspirant crack IPM (IIM Indore) entrance test?

It is possible if you are ambitious enough and you are willing to work hard. But both are really very different tests; one focuses on science and advanced mathematics while the other focuses on quantitative and verbal proficiency. There are some benefits for an IIT JEE aspirant to crack the IPM test which is listed below. 

• As both are MCQ-based exams, you will have a practice of the same.
• Some subjects of mathematics such as probability, logic, and algebra are common to both the exams and thus may help you.
• Both are high-pressure exams. Thus giving IIT JEE will make you acclimatize with this high-pressure environment and make your time management and other strategies better.

Other than that, you will have to study for both the exams separately and will have to work extra hard to ace both the exams.