Innoviti Technologies, a Bengaluru-based startup, has successfully raised INR 40 crore in a Series E funding round.
The round was led by prominent investors Bessemer Venture Partners and Patni Family Office, with additional participation from a number of angel investors, according to a report from Entrepreneur India.
Specialising in payment gateways and point-of-sale (PoS) systems, Innoviti Technologies is at the forefront of facilitating seamless transactions for merchants. The platform is designed to support both online and card-based payments, offering a versatile solution to the market’s growing demand for efficient and reliable payment processing.
With a vast network that spans over 20,000 merchants and more than 2,000 localities, Innoviti handles an impressive annual revenue of over INR 72,000 crore. The company’s technology is particularly dominant in enterprise retail categories, such as lifestyle, healthcare, and food and groceries, where it processes almost half of all transactions.
The firm has ambitious plans for the fresh capital. It aims to drive expansion into the mid-market segment while also bolstering its online business, which has seen a remarkable growth of 4X over the past year. This strategic move is expected to further solidify Innoviti’s position in the FinTech industry, opening up new avenues for growth and innovation.
Bessemer Venture Partners’ partner and India head, Vishal Gupta, 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.”
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