Innoviti Initiates Series E Second Close with Alumni Ventures
First close was led by Bessemer Venture Partners and Patni Family Office
BENGALURU, India, June 10, 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 has initiated the second close of its ongoing Series E round with Alumni Ventures, USA participating in it.
Innoviti is India’s largest and most innovative payments-centric retail SaaS platform, that helps enterprises such as Reliance, Tanishq, Shoppers Stop, and others become more competitive by unlocking sales, operational, and financial efficiencies at the point of consumption left undiscovered by others.
The company’s enterprise business has been generating operating profits for the past 10 quarters, with operating profits of 18%, and growing steadily. Innoviti’s Electronics Brand EMI midmarket business is growing at 8% month-on-month and has captured 7% of the market in less than 12 months. The online business is growing 10% month-on-month and is already operating at a contribution margin of 14% and expanding rapidly. Both mid-market and online business are growing 10% month-on-month and targeted to become operating profitable by September 24.
Innoviti kick started its Series E round in April 2024 with a Rs. 40 Cr. raise from Bessemer and Patni. The second close of Rs. 75 Cr. has been initiated with an investment by Alumni Ventures, USA. Additional investors will be joining in the coming weeks with the Series E round expected to close by June end. Series E is expected to be the last round before the company starts generating sufficient cash for its future growth, expected to happen in the next 12 months. The company will initiate its IPO planning subsequently.
The company received the final authorization from RBI to operate as an online payment aggregator earlier this year.
Yevgeny 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 competitive advantages left hidden away by traditional payment solutions. 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 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 the pipeline.
For more information, please visit – www.innoviti.com
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