Innoviti, a digital payment solutions provider company has raised additional $9.6 million ( Rs 75 crore) as a part of the second close of its ongoing funding round from existing investor FMO, a Dutch development bank.
The latest funding is a part of a larger Rs 280 crore (about $36.1 million) round being raised by the company, which is expected to close in the coming weeks.
With this funding, the startup has raised a total of Rs 155 crore ($19.9 million) in the ongoing funding round.
The company plans to use the funds for working capital, marketing of mid-market products, and further strengthen its technology for online and business-to-business payments. It is also expected to explore acquisitions in the areas of data science and marketing technologies.
Innoviti was founded in 2002 by Rajeev Agrawal, It provides payment solutions and point-of-sale terminals for businesses, offline merchants and small retailers by partnering with banks and digital payment providers.
The startup also helps merchants convert payments into easy installments at the time of checkout.
“We are pleased to have FMO double down on their investment in Innoviti… With the current Series D, we hope to become a sustainable business and list on the exchanges over the next couple of years,” said Rajeev Agrawal, founder and CEO of Innoviti.
Last year, Innoviti teamed up with card giant Visa to launch its offline BNPL product, Genie and it allows merchants to offer Equated Monthly Installment (EMI) plans to the customers.
The company claims that the annual transaction value of Genie is Rs 1,000 crore and plans to increase this to Rs 7,000 crore in the next 12 months.
“FMO is pleased to continue supporting our long-standing investee Innoviti in their next quest to enable small retail merchants to provide easy payment solutions such as buy-now pay-later (BNPL) to their customers. Innoviti will foray into tier 3 to tier 5 cities in India with the aim to digitise payments in these cities, which will enhance financial inclusion,” said, Marieke Roestenberg, head of FMO Ventures Program.
In January 2022, Innoviti Payment solutions had raised Rs 80 crore in a mix of equity and debt form led by Trifecta Debt Fund, Patni Advisors, and Bessemer Venture Partners, besides a clutch of angel investors.
The Startup has raised Undisclosed amount from FMO and Bessemer Venture Partners in June 2020.
About Innoviti Payment solutions
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.