Bangalore, India-based payments-focused fintech startup Innoviti announced the close of its Series D round at USD 45 million. In the latest round, Singapore-based growth equity firm Panthera Growth Partners (PGP) infused USD 15 million. The company announced the news on July 7, 2022.
Panthera invested USD 15 million from its recently announced Fund II. Meanwhile, new investors, including Alumni Ventures and Patni Family Office, joined in the funding. Existing investors such as Trifecta Debt, FMO and Bessemer Venture Partners also backed the firm. So far, the company’s total funding stands at USD 75 million.
Purpose of Funding by Innoviti
With the latest funding, Innoviti looks to expand its mid-market product lines in electronics, fashion, and grocery.
The firm will also deploy funds to build products on top of UPI payment channels and further enhance product distribution. Innoviti seeks to double its revenue in CY22-23. The company’s enterprise division is already profitable. Besides, they aim to secure a break-even on a company level before the end of this fiscal year. Innoviti also seeks opportunities to make strategic acquisitions in the marketing technology and data sciences.
What the founder has to say
“We are happy to have Panthera join, guide and support us in our journey of becoming the purchase partner to every India. PGP has had a track record of backing highly differentiated businesses that have created lasting value in the Indian startup ecosystem. With current Series D, we hope to become a sustainable business and list on the exchanges over the next couple of years,” said Rajeev Agrawal, CEO, Innoviti.
“Our enterprise product brings in close to 85% of the revenue, and by the end of the year, both ‘Unipaynext’ and ‘G.e.n.i.e’ will be 50-50. We are looking at strategic acquisitions in technology companies that have done good work but are struggling with fundraises. As we expand our portfolio, we may find companies that are strong in certain segments. This type will give us access to the respective markets and larger companies, either in India or overseas. We haven’t acted on anything yet but will look at a few assets. Smaller acquisitions can happen with the company’s cash reserve, but for larger ones, we may look to raise additional capital,” he further added.
What the investor has to say
Panthera’s Founder and Managing Partner Shilpa Kulkarni said, “As a growth-stage investor focused on disruptive technology-led businesses, we are excited to partner with Innoviti. Innoviti’s cutting-edge solutions help turn simple payment transactions into powerful purchase tools. We look forward to joining Innoviti on the journey to become a purchasing partner for every consumer.”
About Innoviti
The company brought into existence in 2002 is a payment-focused fintech platform. The firm offers collaborative payment methods for merchants to accept payments via credit cards, debit cards, mobile wallets, and UPI. The fintech startup has over 20,000 retailers across 2,000 cities. In the coming two years, Innoviti may seek an initial public offering (IPO).
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