Innoviti Technologies, a payments-centric retail SaaS platform has successfully secured Rs. 40 Cr. in the first close of its ongoing Series E funding round.
The primary objective behind this fundraising is to further accelerate the expansion into the mid-market and online retail segments. The firm offers cutting-edge software tools via payment channels.
Innoviti has established itself as a pivotal player in the enterprise retail landscape, catering to illustrious brands such as Reliance, Tanishq, and Shoppers Stop. These tools not only ensure a secure and reliable payment acceptance process but also unlock competitive advantages for clients, fostering accelerated growth.
“Innoviti has demonstrated a unique ability to deliver 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,” remarked Vishal Gupta, Partner & India Head at Bessemer Venture Partners.
Echoing similar sentiments, Arihant Patni of Patni Family Office expressed enthusiasm for supporting Innoviti’s strategic expansion efforts. “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,” said Patni.
Innoviti to solidify presence in mid-market and online sectors
With a track record of profitability in its enterprise business for the past 10 quarters and exponential growth in the mid-market and online sectors, Innoviti is poised for significant advancements. The latest round of funding is expected to bolster the company’s efforts to solidify its presence in these burgeoning markets.
“Innoviti’s enterprise business has been generating operating profits for the past 10 quarters, with profitability steadily improving. The mid-market and online business are growing rapidly and are targeted to become profitable by September 24,” stated a spokesperson from Innoviti.
The infusion of capital will also facilitate the firm’s preparations for an imminent IPO, anticipated within the next 12 months. Additionally, the company has recently received authorization from the Reserve Bank of India to operate as an online payment aggregator, further fortifying its position in the digital payments ecosystem.
This latest fundraising milestone underscores the confidence investors have in the company’s innovative solutions and its potential for sustained growth in India’s dynamic retail landscape.
The E- Series financing was led by Bessemer Venture Partners and Patni Family Office, with participation from early angels and founders.
