India-based commerce platform Innoviti closes Series D on $45m

India-based commerce platform Innoviti Payment Solutions has collected $45m in its Series D round.

Singapore-based growth equity firm Panthera Growth Partners served as the lead investor to the round, committing $15m to the round.

Other backers to the round include Alumni Ventures, Patni Family Office and existing investors FMO and Bessemer Venture Partners. Several angel investors also joined the round.

As part of the round, Innoviti raised an undisclosed amount of debt from Trifecta Capital.

With the funds, the company plans to expand its product lines in electronics, fashion and grocery. Capital has also been earmarked 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 FinTech company offers a collaborative commerce platform that empowers businesses to work together and acquire customers together. They can partner to turn payment transactions into unique purchase tools that urge consumers to buy better products and more at the point of purchase.

Over 20,000 retailers from 2,000 cities use the platform, which supports over 90 million purchases each year. It offers grocery, fashion, healthcare and electronic retailers.

Innoviti’s plans are to double its revenues in 2022 and 2023.

Speaking on the fundraise, Innoviti CEO Rajeev Agrawal said, “We are happy to have Panthera join, guide, and support us in our journey of becoming the purchase partner to every Indian. PGP has had a track record of backing highly differentiated businesses that have created lasting value in the Indian start-up ecosystem.

“We are super excited that they decided to back us and look forward to the same magic here.”

The company previously raised $18m for its Series B round in 2017.

Fellow India-based FinTech company FinBox recently collected $15m for its Series A funding round, as it prepares for its expansion across Southeast Asia. The company offers a stock screener tool that supports over 1,000 metrics.

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