Innoviti Secures $45 Mn In Closing Series D Funding Round

Fintech giant Innoviti has raised $45 Mn through equity and debt financing in its Series D funding round led by Singapore-based equity firm Panthera Growth Partners. With this investment, the startup has closed its Series D funding round.

Alumni Ventures, Patni Family Office, FMO, Bessemer Venture Partners, Trifecta Capital, and individual investors–Sanjoy Bhattacharya and Bharat Jaisinghani also participated in the round. 

Out of the $45 Mn funding, Panthera infused $15 Mn from its Fund II. Besides, Trifecta Capital also infused debt funding into Innoviti. 

Innoviti will use the fresh capital to expand its offerings in electronics, fashion, and grocery segments. It will also utilise funds for building products on top of UPI payment channels, enhancing product distribution, and making strategic acquisitions in the marketing technology and data sciences fields. 

Rajeev Agrawal, CEO of Innoviti, said, “One needs to design easy-to-use flexibility with military-grade reliability and that too at scale for exceptional customer experience, we are proud to have done that. Our four patents, including one US patent, are proof of that. This has translated into our collaborative commerce platform powering more than 70% of purchases that happen digitally in enterprise retail today.”

The latest development comes after Innoviti secured undisclosed funds in its then-ongoing Series D funding round from Alumni Ventures.

Set up in 2002, Innoviti offers purchase solutions to grocery, fashion, healthcare, and electronics retailers. It sells point of sale (PoS) terminals and facilitates in processing card payments for retail enterprises. The startup also renders CRM solutions to retailers and further claims to have processed over INR 75,000 Cr of purchase volume annually.

Innoviti has a wide network of over 20K retailers across 2000 cities of India, which are handling over 90 Mn customers’ purchases every year. 

Innoviti’s product GENIE, which was launched in 2021 for mid-market mobile retailers, has  clocked more than INR 1000 Cr of annualised GTV so far, according to the statement. 

Currently, Innoviti aims to double its revenues in the financial year 2022–2023. It counts KFC, Nike, Pizza Hut, Apollo Hospitals, Cafe Coffee Day and Inox as its clients. 

In India’s enterprisetech segment, it faces competition from the likes of the SBI-backed fintech startup Pine Labs, who claims to be profitable and achieved gross margins over 70%. On the other hand, Innoviti’ss enterprise business became EBITDA positive in late 2020 whilst the entire business become profitable in late 2021.

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