A company spokesperson told Inc42 that its Series E round will comprise a rights issue and a preferential issue, and is expected to close by the end of April 2024
Of the INR 115 Cr, Innoviti said it has already raised INR 40 Cr via the rights issue, led by Bessemer Venture Partners and Patni Family Office
The digital payments solution company is expected to post a revenue of $15 Mn in FY24 and claimed that its enterprise business has been profitable for the past 10 quarters
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Digital payments solution company Innoviti is looking to raise INR 115 Cr ($13.7 Mn) in its Series E funding round from existing and new investors.
A company spokesperson told Inc42 that the round will comprise a rights issue and a preferential issue, and is expected to close by the end of April 2024.
Three new investors will join the company’s cap table following the fundraise, the spokesperson said but refused to disclose their names.
Earlier today, Innoviti announced raising INR 40 Cr via the rights issue, led by Bessemer Venture Partners and Patni Family Office. It also saw participation from early angels and founders.
Earlier, VCCircle reported that Innoviti was eyeing raising INR 124 Cr in a pre-IPO round.
The company intends to utilise the fresh capital to fuel its mid-market and online expansion. Besides, it is also looking to expand its payment aggregator business.
Last week, the company received the final approval from the Reserve Bank of India (RBI) for its payment aggregator licence.
Innoviti operates payment aggregator ‘Innoviti Link’, which currently serves 2,500 online merchants.
The final approval for the licence came almost two years after Innoviti secured the central bank’s in-principle nod to operate as a payment aggregator. The company has been active in the digital payments space since 2002 and allows users to accept payments and integrate real-time sales data into critical business processes.
It also provides point of sale (PoS) terminals that enable retail enterprises to process card payments. Besides, it offers customer relationship management (CRM) solutions to retailers.
Innoviti last raised $45 Mn in its Series D funding round, led by Singapore-based equity firm Panthera Growth Partners.
Founded in 2002, the company claims to process over INR 75,000 Cr of purchase volume annually. It claims to have a network of over 20K retailers across 2,000 cities in India.
The company is eyeing a public listing in the next 18-24 months. It is expected to post a revenue of $15 Mn in FY24. Innoviti claimed that its enterprise business has been profitable for the past 10 quarters, while the mid-market and online business combined are expected to break even in the next six months.
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