Brands
Discover
Events
Newsletter
More

Follow Us

twitterfacebookinstagramyoutube
Youtstory

Brands

Resources

Stories

General

In-Depth

Announcement

Reports

News

Funding

Startup Sectors

Women in tech

Sportstech

Agritech

E-Commerce

Education

Lifestyle

Entertainment

Art & Culture

Travel & Leisure

Curtain Raiser

Wine and Food

YSTV

ADVERTISEMENT
Advertise with us

Innoviti raises debt capital of Rs 80 cr from Trifecta and other NBFCs

Digital payments company Innoviti Payment Solutions raises Rs 80 crore in debt capital. The Bengaluru-based startup will use the funds to propel business expansion and growth.

Innoviti raises debt capital of Rs 80 cr from Trifecta and other NBFCs

Friday March 15, 2019 , 2 min Read

Bengaluru-based digital payments company Innoviti Payment Solutions on Friday said it had raised Rs 80 crore ($12 million) through a combination of debt, venture debt, and asset financing to further expand its business. The current round was led by Trifecta Capital and a clutch of other NBFCs.


According to the company, this debt funding will support Innoviti’s sustained focus on driving not just more transactions per terminal, but also qualitatively richer transactions per terminal. Specific uses will include business expansion needs like purchase of infrastructure, including servers and terminals, and other product development capital expenses.


Innoviti

Rajeev Agrawal, CEO, Innoviti Payment Solutions.


This fund raise comes on the heels of previous rounds of Series A (June 2015) and Series B (July 2017) equity financing, where Innoviti had raised $23 million from existing marquee investors, including the Singapore-based SBI FMO Emerging Asia Financial Sector Fund (the “SBI-FMO Fund” jointly setup by SBI Holdings Group of Japan and FMO of Netherlands), Bessemer Venture Partners, and Catamaran.


Speaking on the investment, Rajeev Agrawal, CEO, Innoviti, said, 


“A rapidly growing Indian economy with fledgling infrastructure needs a different approach to delivery of payment solutions. An approach that first focuses on making every transaction happen, and happen fast. Innoviti, with its deep technology expertise, has built possibly the best payments platform in the country for doing this. With our enterprise business turning cash positive, we have blended our fund-raise strategy with debt, which we believe will help in delivering superior returns to all stakeholders.“


Started in 2002, Innoviti Payment Solutions deploys point of sale (PoS) terminals and processes card payments for retailers. It also has an enterprise business which turned cash positive in January 2019. Further, services under Innoviti include solutions for payments automation, consumer credit distribution, and SME lending.


The current debt raise would be used to accelerate the growth of these services further. The company is now also linking its payments and lending platform to put together solutions for supply chain cash flow management. 


In a statement, Innoviti claimed it had grown 2.5x in volumes since the last funding round, clocking $5 billion of annual processing volume. 


Just yesterday, mobile PoS (mPoS) startup MSwipe Technologies raised Rs 219.8 crore in a new round of funding from US-based hedge fund Falcon Edge, Facebook Co-founder Eduardo Saverin’s B Capital Asia, late-stage technology investment firm Epiq Capital and consumer-focused fund DSG Consumer Partners.