[Funding alert] Innoviti Payment Solutions raises Rs 80 Cr in ongoing Series D round
, an enterprise payments solution provider, has raised Rs 80 crore — in a mix of debt and equity — in the first close of its ongoing Series D round. The round was carried out by Trifecta Debt Fund, Patni Advisors, and Bessemer Venture Partners. Sanjoy Bhattacharya, Bharat Jaisinghani, and a clutch of other individual investors also participated in this round.
According to the press statement, Innoviti’s valuation has multiplied 2.5X from its Series C round closed a few months ago.
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 two to three years. Other marquee investors are expected to join in the subsequent closings over the next few weeks.
The funds raised will be used for a) funding working capital for its enterprise business, b) marketing of mid-market products, c) further strengthening of the technology platforms for online and B2B payments and d) tactical acquisitions in the area of data sciences and marketing technologies.
Speaking on the new development and its business growth, Rajeev Agrawal, CEO, Innoviti stated,
“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."
The company, which was started operations in 2002, enables businesses to collaborate on payment transactions and turn them into purchase tools that are reliable, convenient and urge a consumer to buy more by increasing their purchasing power. Merchants, banks and brands come together on Innoviti’s platforms to create such experiences. They not only gain new loyal customers, but also increase their share of wallet, driving more customers, more sales and more profits than possible otherwise.
According to a press release by Innoviti, it processes over Rs. 75,000 Cr. of annualized purchase volume.
Edited by Affirunisa Kankudti