Innoviti raises Rs 80 cr in first close of its Series D fund round

Innoviti Payment Solutions announced that it has raised Rs 80 crore in a first close in its ongoing Series D funding round. The fund raise, which was a mix of debt and equity, saw participation from Trifecta Debt Fund, Patni Advisors and Bessemer Venture Partners.

Sanjoy Bhattacharya, Bharat Jaisinghani, and a clutch of other individual investors also participated in the same. Innoviti’s  valuation has multiplied 2.5X from its Series C round closed a few months back, said the company in a statement.

Innoviti is looking at raising Rs 400 crore in primary funding in Series D to fuel its growth with a plan for a listing in the next two to three years.

The funds raised will be used for funding working capital for its enterprise business, marketing of mid-market products, further strengthening of the technology platforms for online and B2B payments and tactical acquisitions in the area  of data sciences and marketing technologies.  

“Innoviti desires to become the purchase partner to every Indian. This customer centricity and a relentless focus on excellence has helped us become the most capital  efficient company in this space. With the current Series D, we hope to become a sustainable business  and list on the exchanges over the couple of years," said Rajeev Agrawal, CEO, Innoviti.

Innoviti 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.

Processing over Rs 75,000 crore of annualised purchase volume, Innoviti commands a dominant market share of 76 per cent in the enterprise category, said the company.

Innoviti utilised its Series C funds to design and launch GENIE, its product for mid-market electronics merchants. Within six months GENIE has rapidly grown to driving Rs 1,000 crore of annualised GTV that is targeted to grow to Rs 7000 crore over next twelve months. The company is in the process of designing products for the automotive and jewellery industries in the meanwhile. Innoviti is also working on an installment  platform with Visa to democratise access to credit by enabling any bank’s customers to opt for a loan at the time of purchase.  

The company’s enterprise business has been EBITDA positive since October 2020, and the combined business has turned profitable in December 2021. The company expects to turn cash positive over the next 12 months.