The latest fundraise seems to be part of the startup’s larger Series D round
In the month of January, the startup had raised $10.7 Mn in a mix of debt and equity
Innoviti intends to go for an IPO in the next 2-3 years
Bengaluru-based digital payments solutions startup Innoviti is raising $10 Mn from its existing investor Netherland-based FMO. The round seems to be a part of the startup’s ongoing Series D round.
The startup in an extraordinary general meeting held on April 22, 2022 has passed a resolution to allot 14,88,316 Series J compulsory convertible preference shares to FMO for $10 Mn (INR 75 Cr).
The development comes a couple of months after Innoviti announced its $10.7 Mn funding (mix of debt and equity) in the ongoing Series D round. Back then the tranche was led by debt investor – Trifecta Capital along with Patni Advisors, and Bessemer Venture Partners.
The fintech startup intends to go for public listing and has plans to raise $53 Mn (INR 400 Cr) in primary Series D funding. The subsequent tranches will be closed in the upcoming months.
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Founded in 2002, the startup deploys point of sale (PoS) terminals and processes card payments for retailers. The fintech giant processes more than $10 Bn of purchase volume annually and claims to have 76% of the market share in the enterprise category.
The startup as per its website claims to be present in over 25,000 retail stores across 2,000 cities. According to the startup, it brings together merchants, banks, and product-brands, thus helping them to partner and create new and unique purchase tools for their common consumers. Tools offered by Innoviti are delivered through software that runs on payment terminals, mobile apps, or websites.
Further, the startup works with brands such as KFC, Nike, Pizza Hut, Apollo Hospitals, Cafe Coffee Day, Inox among others. Innoviti has partnered with banks such as ICICI Bank, HDFC Bank, Axis Bank, among others.
The startup which directly competes against the likes of IPO-bound Pine Labs, in 2020 had raised an undisclosed amount in its Series C round led by FMO and Bessemer Venture Partners. The startup counts investors such as Catamaran Ventures, Tata Capital, SBI Venture Capital, among others.