Payment gateway and point of sales (PoS) provider Innoviti to raise Rs 115 crore by April end

Innoviti Technologies, a company offering payment gateway and point-of-sale (PoS) solutions, has raised Rs 40 crore in the first close of its Series E funding round, which was led by Bessemer Venture Partners and Patni Family Office.

According to CEO Rajeev Agrawal, the company plans to raise Rs 115 crore by the end of April, which will comprise a rights issue and a preferential issue, introducing three new investors to Innoviti's captable.

The funding is aimed at bolstering the expansion in the mid-market segment and amplifying its online business operations.

Focused on expanding footprint 

Innoviti is aiming to expand its presence in the mid-market and capitalize on the fourfold growth of its online business observed in the past year. Agrawal emphasized the company's goal to reach profitability in its enterprise, mid-market, and online sectors by September 2024.

The company, which saw a 50% increase in revenue to Rs 110 crore in FY23, offers a broad range of services including payment, operational, and promotional services, and expects to maintain this growth.

Obtaining a payment aggregator license 

Recently, Innoviti received an online payment aggregator license from the Reserve Bank of India. The company has made notable progress in creating new products, especially with the launch of its offline buy now, pay later (BNPL) product, Genie, in partnership with Visa.