Innoviti Closes Series E Fund Raise
(Investment led by Random Walk Solutions with participation by Bessemer Venture Partners and Patni Family Office)
BENGALURU, India, Aug. 12, 2024 /PRNewswire/ — Innoviti Technologies Pvt. Ltd., India’s largest payments-centric retail SaaS platform for enterprise brands and their SME channel partners, announced today that it closed its Series E round raising a total of Rs. 70 Cr. as a combination of equity and debt.
The round was led by Random Walk Solutions, with participation from existing investors Bessemer Venture Partners USA, Patni Family Office India, and Alumni Ventures, USA.
Innoviti helps enterprises such as Reliance, Tanishq, Shoppers Stop, make more money faster, by unlocking value at the point of consumption left undiscovered by other conventional payment solutions. The company’s modern software connects retail and payment systems to deliver new and unique sales, payments, and operational SaaS tools at the point of consumption.
The company’s Enterprise POS solution, uniPAYNext, is operating at an EBITDA of 20%, and growing at a 23% annualized rate. The Electronics EMI solution, GENIEPlus, is growing at 80% annually, and operating at a -18% EBITDA, expected to break–even by Mar 25. The online Payment Link solution is growing 10% month-on-month at a contribution margin of 14%.
The company is operating at an annualized run-rate of Rs. 160 Cr., with an annualized EBITDA of Rs. -8 Cr., with a target to become operating profitable in the next couple of quarters. With Series E closed, the company will be working towards its IPO that it expects to launch within the next 12 months.
The company received the final authorization from RBI to operate as an online payment aggregator earlier this year.
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Vishal Gupta, Partner & India Head, Bessemer Venture Partners, said, “Innoviti has demonstrated a unique ability of delivering value-added SaaS through payment channels. We have seen their ability to retain and grow their relationships in the tough Indian enterprise retail market and are excited to support the next phase of their growth journey in the mid-market and online spaces.”
Arihant Patni, Patni Family Office, said, “We have seen the strategic positioning Innoviti enjoys in the Indian enterprise retail space, and are excited to support their growth journey as they make inroads into mid-market retail and online spaces.”
Yev Gelfand, Alumni Ventures, said, “Innoviti has created a premium payments business in a tough Indian market. The superiority of their technology is apparent via their ability to continuously add value to their customers through new products. We are excited to support them in the next phase of their growth.”
About Innoviti Technologies Pvt. Ltd.
Innoviti provides payments-centric retail SaaS tools to enterprise brands and their channel partners, helping them grow faster and with lesser efforts, by unlocking value at the point of consumption left undiscovered by others. Innoviti’s tools run across online and offline payment channels, processing over Rs. 72,000 Cr. annually from across 2000 cities and over 20,000 offline and 3,000 online merchants. The company processes more than 50% of all purchases happening in enterprise retailers in the food & grocery, lifestyle, and healthcare categories. Backed by marquee investors such as Bessemer Venture Partners, USA, FMO, Netherlands, Catamaran Ventures (Mr. Narayana Murthy’s family office), India, and the Patni Family Office, India, Innoviti is the recipient of RBI’s final authorization to operate as an online payment aggregator. The company has won the 50 fastest growing companies in Asia award from Deloitte four times, Reliance Innovation Award, and the Mastercard Innovation Award, and has 11 patents to its name, with 16 more in pipeline.
For more information, please visit – www.innoviti.com
Media Contact:
Chinmaya Bhure
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