Banglore, India-based Innoviti Technologies Pvt. Ltd., India’s largest payments-centric retail SaaS platform for enterprise brands and their SME channel partners, raised INR 40 crore (approx USD 47 million) in the first close of its ongoing Series E round. The company announced the investment on April 1, 2024. Bessemer Venture Partners and Patni Family Office led the financing for the company. Meanwhile, the round also saw the rights issue subscribed by early angels and founders.
Purpose of financing for Innoviti Technologies
With the latest funding, the company seeks to drive the company’s mid-market expansion. It also aims to fuel the online business that has grown 4X in the last 12 months. Innoviti last raised money in 2022, with participation from Bessemer, FMO, Patni, and other investors.
By the end of April, it expects to have raised enough money in this round, which will be the last before it begins to generate enough cash for its future growth, which is expected to happen in the next 12 months. After that, the company will begin planning its initial public offering (IPO).
What the investors have to comment
Vishal Gupta, Partner & India Head, Bessemer Venture Partners, further said, “Innoviti has demonstrated a unique ability to deliver value-added SaaS through payment channels. We have seen their ability to retain and grow their relationships in the tough Indian enterprise retail market and are excited to support the next phase of their growth journey in the mid-market and online spaces.”
Arihant Patni, Patni Family Office, said, “We have seen the strategic positioning Innoviti enjoys in the Indian enterprise retail space and are excited to support their growth journey as they make inroads into mid-market retail and online spaces.”
About Innoviti Technologies Pvt. Ltd.
By revealing competitive advantages that traditional payment solutions conceal, Innoviti offers enterprise brands and their channel partners retail SaaS tools with a focus on payments. This enables them to grow more quickly and with less effort. With over 20,000 merchants and 2000 cities, Innoviti processes over Rs. 72,000 Cr. in payments yearly through its online and offline payment channels. In the food and grocery, lifestyle, and healthcare categories, the business handles more than half of all purchases made at enterprise merchants.
Leading enterprise brands including Reliance, Tanishq, and Shoppers Stop rely on the organisation to supply software tools via payment channels. With Innoviti’s solutions, brands may accelerate their growth by gaining competitive benefits that were previously unattainable for traditional payment systems, in addition to accepting payments in a more dependable and secure manner.
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