Payments-centric retail SaaS platform Innoviti initiates Series E second close with Alumni Ventures

Innoviti Technologies Pvt. Ltd., a homegrown payments-centric retail SaaS platform for enterprise brands and their SME channel partners, announced the second close of its ongoing Series E funding round with Alumni Ventures, USA participating.

What does Innoviti Technologies do?

Innoviti Technologies Pvt. Ltd. provides payments-centric retail SaaS tools to enterprise brands and their channel partners, helping them grow faster and with less effort by unlocking competitive advantages hidden by traditional payment solutions.

The company claims that it processes more than 50% of all purchases in enterprise retailers in the food & grocery, lifestyle, and healthcare categories.

Business growth and profitability

The company's platform is aiding enterprises like Reliance, Tanishq, and Shoppers Stop in enhancing sales, operational, and financial efficiencies at the point of consumption.

The company claims that its enterprise business has been generating operating profits for the past 10 quarters, with an 18% operating profit margin, and continues to grow steadily.

Innoviti's Electronics Brand EMI midmarket business is expanding at 8% month-on-month and has captured 7% of the market in less than 12 months.

The online business is also growing at 10% month-on-month, achieving a 14% contribution margin and expanding rapidly. Both mid-market and online businesses aim to become operating profitably by September 2024, the company said in a release. 

Series E funding and future plans

Innoviti initiated its Series E round in April 2024, raising Rs 40 crore from Bessemer and Patni.

The second close of Rs 75 crore has now commenced with an investment by Alumni Ventures, USA.

Additional investors are expected to join in the coming weeks, with the Series E round anticipated to close by the end of June.

The Series E round is likely to be the last before the company starts generating sufficient cash for its future growth, expected within the next 12 months. Following this, Innoviti will begin planning its IPO, the company said.

RBI authorization and strategic  initiatives

Earlier this year, Innoviti received final authorization from the Reserve Bank of India (RBI) to operate as an online payment aggregator.

Yevgeny Gelfand of Alumni Ventures expressed confidence in Innoviti's future, stating, "Innoviti has created a premium payments business in a tough Indian market. The superiority of their technology is apparent through their continuous addition of value to customers via new products. We are excited to support them in the next phase of their growth."