innoviti

Key Highlights:

  • Fintech startup Innoviti has raised $45 Mn funding in its Series D round through equity and debt financing.
  • Out of the total of $45 Mn funding, Panthera infused $15 Mn from its Fund II. Besides, Trifecta Capital also infused debt funding into Innoviti.
  • Over 90 mn customers’ purchases are handled annually by Innoviti’s network of over 20K retailers in 2000 cities across India.

Fintech startup Innoviti has raised $45 Mn funding in its Series D round through equity and debt financing. The round was led by Singapore-based equity firm Panthera Growth Partners. The Fintech giant has closed its Series D funding round with this investment.

The round saw participation from Alumni Ventures, Patni Family Office, FMO, Bessemer Venture Partners, Trifecta Capital, and individual investors–Sanjoy Bhattacharya and Bharat Jaisinghani.

Out of the total of $45 Mn funding, Panthera infused $15 Mn from its Fund II. Besides, Trifecta Capital also infused debt funding into Innoviti.

Innoviti plans to expand its offerings in electronics, fashion, and grocery segments with this funding. Also, it will utilise these funds for building products on top of UPI payment channels, enhancing product distribution, and making strategic acquisitions in the marketing technology and data sciences fields.

The CEO of Innoviti, Rajeev Agrawal said, “An exceptional customer experience requires easy-to-use flexibility and military-grade reliability at scale. It is a great feeling to have accomplished that. We have four patents, including one US patent. Over 70% of enterprise retail purchases are now made digitally through our collaborative commerce platform.”

Earlier this year, Innoviti secured undisclosed funds from Alumni Ventures in its Series D funding round.

Innoviti was founded in 2002. The startup offers purchase solutions to grocery, fashion, healthcare, and electronics retailers. Among its services are the sale of point of sale (PoS) terminals and the facilitation of payment processing for retailers. Additionally, the startup provides CRM solutions to retailers and claims to have processed more than INR 75,000 Cr of purchases annually.

Over 90 mn customers’ purchases are handled annually by Innoviti’s network of over 20K retailers in 2000 cities across India.

The company reported that its product GENIE, which was launched in 2021 for midmarket mobile retailers, has clocked more than INR 1000 Cr of annualized GTV.

The company aims to double its revenue in the financial year 2022-2023. KFC, Nike, Pizza Hut, Apollo Hospitals, Cafe Coffee Day, and Inox are among its clients.

SBI-backed fintech startup Pine Labs, which claims to be profitable and has achieved gross margins of over 70%, is its main competitor in India’s enterprise tech segment.

For More Startup and Funding-related News Visit Alphafirm.

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *

Array