Founder and former chairman of Infosys, NR Narayana Murthy’s Catamaran Ventures has invested $5 Mn (over INR 31.5 Cr) in payment solutions startup Innoviti Payment Solutions (IPS). The round also saw the participation from Canada-based New India Investment Corporation.
The startup plans to utilize the raised funds in its second round of funding to expand its business of credit distribution to SME.
Founded by Rajeev Agrawal, an IIT Bombay alumnus, Innoviti is a lending marketplace that distributes over INR 400 Cr of loans to more than 10,000 SMEs across 20 cities annually.
Rajeev Agrawal, founder & CEO, Innoviti said, “We believe only a merchant-centric approach to solving payment problems can create sustainable solutions. This funding from marquee investors is a huge endorsement for our approach and business plan.”
Formerly known as Innoviti Embedded Solutions, this Bangalore-based payment solution startup provides credit to both buyers and sellers. The company claims to process INR 8,000 Cr of payment transactions a year and serves clients like Reliance, Titan, Indigo, Yatra, Walmart, Sikkim Manipal University, HDFC, ICICI, Axis and State Bank of India.
Innoviti claims to be the only payments company in India that processes transactions via web, mobile, in-store and on delivery.
Commenting over the investment made, Abhishek Laxminarayan, director of Catamaran Ventures, said, “Catamaran chose to partner with Innoviti because we were attracted to the company’s merchant-oriented approach to credit distribution built on top of a robust payments platform.”
Prior to this Innoviti had raised INR10 Cr in funding led by Tata Capital and a group of London and India based individual investors.
Innoviti competes with other payments solutions startups including FortunePay and Ezetap Mobile Solutions Pvt Ltd.
Welcome to Flash Feed, your essential source for breaking news and innovation from around the web – bite-sized and updated all day.