On the 26th of May 2022, Innoviti, a digital payment solutions provider, raised an additional Rs 75 crore (US $9.6 million) as part of the second closure of its ongoing investment round, led by existing investor FMO, a Dutch development bank.
The latest round of funding is part of a more significant Rs 280 crore (about US $36.1 million) round that the company is planning to close in the coming weeks.
According to the company, the money will be used to help Innoviti meet its working capital needs, sell mid-market products, and improve its technology for online and business-to-business payments.
The corporation is also anticipated to look into data sciences and marketing technology acquisitions.
What the founder has to say:
Rajeev Agrawal, chief executive of Innoviti:
“We are delighted that FMO has increased its investment in Innoviti by subscribing to the Series D offer on a super pro-rata basis. This customer-centricity and an unwavering commitment to excellence have allowed us to become the most capital-efficient organization in the industry. We want to create a sustainable firm and list on the exchanges in the next few years with the existing Series D.”
What the investors have to say:
Marieke Roestenberg, head of FMO Ventures Program:
“FMO is thrilled to continue to support Innoviti, a long-time investor, in their next mission to enable small retail merchants to offer simple payment solutions to their clients, such as buy-now-pay-later (BNPL). Innoviti will expand into India’s tier 3 to 5 cities to digitize payments and increase financial inclusion.”
About the company:
Innoviti, founded in 2002, partners with banks and digital payment providers to provide payment solutions and point-of-sale terminals for enterprises, offline merchants, and small retailers. It also aids merchants in converting payments into manageable installments at the point of sale.
In June 2020, the company raised an unknown amount with the help of FMO and Bessemer Venture Partners. Innoviti said it was processing close to Rs 75,000 crore (US $9.6 billion) in payment volumes through its offline point-of-sale devices and offline payment capabilities.
Last year, the company partnered with Visa to introduce Genie, an offline BNPL product that allows shops to give clients equated monthly installment (EMI) plans.
Razorpay, an online payment company, is trying to expand into the offline market and is expected to purchase companies in the same field.
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