Innoviti Payment Solutions Pvt. Limited announced it has raised Series D funding, a mix of debt and equity, from Trifecta Debt Fund, Patni Advisors, and Bessemer Venture Partners. Sanjoy Bhattacharya, the doyen amongst value investors, Bharat Jaisinghani, and a clutch of other individual investors also participated in the same.
Innoviti’s valuation has multiplied 2.5X from its Series C round; closed a few months back, the statement said.
The funding will be utilised for funding working capital for its enterprise business, marketing of mid-market products, further strengthening of the technology platforms for online and B2B payments and tactical acquisitions in the area of data sciences and marketing technologies.
Innoviti utilized its Series C funds to design and launch GENIE, its product for mid-market electronics merchants. The product launched in July 2021 helps these merchants fight against online by providing attractive EMI and BNPL schemes to their customers.
Innoviti is looking at raising Rs. 400 Cr. in primary funding in Series D to fuel its growth with a plan for a listing in the next 2 to 3 years. Other marquee investors are expected to join in the subsequent closings over the next few weeks.
“Innoviti desires to become the purchase partner to every Indian. Helping them enhance their standard of living by improving the purchasing power of every Rupee they earn. We are doing this by using technology to get businesses that talk to the same consumer to talk to each other, share marketing budgets and channel them towards improving the purchasing power of their consumer,” said Rajeev Agrawal, CEO, Innoviti.
“A key differentiator for us has been developing sophisticated technology and delivering it through simple, exceptionally crafted purchase experiences. This is hard, very hard to put together. We are proud to have done that.”
“This customer centricity and a relentless focus on excellence has helped us become the most capital efficient company in this space. With the current Series D, we hope to become a sustainable business and list on the exchanges over the couple of years,” Rajeev Agrawal added.
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