Innoviti, a digital payment solution provider company has raised additional $25 million funding in its Series D round from Singapore’s Panthera Growth Partners.
According to senior executive, this takes the total Series D funding to $45 million.
In this round, Panthera Growth Partners has invested $15 million from its recently announced Fund II, along with new investors including Alumni Ventures, Putney Family Office and existing investors FMO and Bessemer Venture Partners.
The fintech company has so far raised $75 million with the latest round.
The firm plans to use the funds to expand its mid-market product lines into electronics, fashion and grocery. It will also use the new capital to build products on top of UPI payment channels, enhance product delivery, and make strategic acquisitions in the marketing technology and data science areas.
The Bangelore-based Innoviti was founded in 2002 by Rajeev Agrawal, It partners with banks and digital payment providers to provide technology-based payment solutions and point-of-sale terminals for businesses, offline merchants, small retailers.
This company helps retailers with billing and customer relationship management (CRM) software solutions. It provides category-specific buying solutions to grocery, fashion, healthcare and electronics retailers.
“Our company has been growing fast and we are already at 2x the pre-Covid-19 volume when it comes to processing payments. The company currently processes $10 billion worth of payments,” said, Rajeev Agrawal, founder and CEO of Innoviti.
“We have been growing at almost 70% CAGR and expect to close the financial year ending March 2023 at $36 million – $38 million,” he added.
More than 20,000 retailers participate in Innoviti’s platform, which handles more than 90 million unique customer purchases every year, according to CEO Rajeev Agarwal.
“Innoviti’s cutting-edge solutions help turn simple payment transactions into powerful purchase tools,” said, Shilpa Kulkarni, founder and managing director, Panthera Growth Partners.
The enterprise division of the fintech company is already profitable, and it expects to reach an overall break-even within the current fiscal year.
According to Rajeev, the company will consider an initial public offering (IPO) in the next 24 months.
Avendus Capital was the financial advisor to Innoviti in this round.
Recently, Innoviti had raised additional $9.6 as a part of the second close of its ongoing funding round from existing investor FMO, a Dutch development bank.
Their payment terminal is an instrument for the delivery of Collaborative Commerce services that brings together brands, banks & merchants under one roof. They look at payments in intelligent ways to carve out more value from each transaction. Their 20+ years of legacy in the fintech industry has helped us simplify payments for every Indian across the nation.
While increased digitalization has heightened the ways to access consumers, it has become far more difficult for brands to stand out in the clutter and get consumers to make a purchase decision.
They help businesses break through this clutter by partnering with brands that the consumer already loves & banks they trust.
Their Collaborative Commerce platform brings together banks, brands & merchants to partner on payment transactions and turns them into attractive and unique purchase tools that nudge consumers to buy more.
They understand it has become a struggle for businesses to acquire and retain customers hence Innoviti has transformed itself into a Collaborative Commerce Platform while being the purchase partner to every Indian.