MUMBAI: Innoviti, a payment solution provider to enterprise merchants, has raised Rs 80 crore in its first close in an ongoing Series D round of funding.
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 2 to 3 years. Other marquee investors are expected to join in the subsequent closings over the next few weeks. The funds raised will be used working capital, marketing of mid-market products, strengthening of the technology platforms for online and B2B payments and tactical acquisitions in data sciences and marketing technologies.
The funding, a mix of debt and equity, was carried out by Trifecta Debt Fund, Patni Advisors, and Bessemer Venture Partners. Value investors Sanjoy Bhattacharya, Bharat Jaisinghani, and a clutch of other individuals also participated in the same. Innoviti said that its valuation has multiplied 2.5X from its Series C round closed a few months back. "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 has a dominant market share of 76% in the enterprise category, providing category-specific purchase tools to grocery, fashion, healthcare and electronics merchants.
The company used its Series C funds to design and launch GENIE, its product for mid-market electronics merchants. The product launched in July 2021 helps these merchants compete with e-commerce firms by providing attractive EMI and `buy now pay later schemes to their customers. The new product has helped sales of Rs. 1,000 crore of annualised gross transaction value and is expected to grow to Rs. 7000 crore over the next twelve months. Innoviti is now designing products for the automotive and jewellery industries. It is also working on an instalment platform with Visa to democratize access to credit by enabling any bank’s customers to opt for a loan at the time of purchase.
