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[Funding News] Innoviti Raises $8.5 Mn Series E Funding Round was from Random Walk Solutions

By Team VS
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Innoviti, a provider of point of sale (PoS) and payment gateways, with debt and equity of Rs 70 crore ($8.5 million).

Random Walk Solutions led the second tranche of the Series E financing, and alumni ventures, Bessemer Venture Partners USA, and Patni Family Office India also participated.

In April of this year, the Bengaluru-based startup raised its Series E funding round. The company will be preparing for its IPO within the next 12 months once Series E closes.

To collect card-based payments, Innoviti offers merchants payment gateways and point-of-sale (PoS) devices. Among its high-end customers include Shoppers Stop, Tanishq, and Reliance.

Read also - EyeROV Secures Rs 10 Cr Pre-Series A Funding Round

With an EBITDA of Rs -8 crore, the company claims to be operating at an annualised run-rate of Rs 160 crore overall. In the upcoming quarters, it hopes to turn a profit on operations.

About Innoviti

Founded in 2002 by Rajeev Agrawal, Innoviti Accept payments and integrate real-time sales data into critical business processes.

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