Innoviti gets $25 million more in venture capital funding

8 Jul 2022 , 02:37 PM

Innoviti, a fintech firm with a focus on payments, has completed its Series D investment with an extra $25 million from investors led by Panthera Growth Partners of Singapore. A top official told ET that this brings the Series D financing to $45 million overall.

Along with new investors Alumni Ventures, Patni Family Office, and previous investors FMO and Bessemer Venture Partners, Panthera has contributed $15 million from its recently revealed Fund II.

Rajeev Agrawal, co-founder, and chief executive stated without providing the precise figure that its worth had climbed three times since its Series C investment the previous year.

Included in the $75 million in funding secured so far is the most recent round. It had previously raised $20 million in a combination of debt and equity from investors including FMO and Trifecta Debt Fund.

Agrawal claims that the business would invest the money in growing its mid-market product lines in food, apparel, and electronics. Additionally, it will undertake strategic acquisitions in the marketing technology and data sciences sectors, improve product distribution, and construct products on top of UPI payment systems.

By collaborating with banks and digital payment providers, the two-decade-old firm offers point-of-sale terminals and technology-driven payment solutions for companies, offline merchants, and small shops.

It offers invoicing and customer relationship management (CRM) software services to merchants. Agrawal claims that more than 20,000 shops use Innoviti’s technology, which processes over 90 million distinct client purchases annually. The business provides merchants in the fields of electronics, electronics, fashion, and healthcare with category-specific buying solutions.

“Our business has been expanding quickly, and our pre-Covid-19 volume for processing payments has already been doubled. The business currently handles $10 billion in payments, according to Agrawal. It currently generates $18 million in annual income.

We have been expanding at a rate of about 70% CAGR, and we anticipate concluding the fiscal year ending in March 2023 with $36 million to $38 million in revenue, he continued.

According to Agrawal, the business has a gross margin of 68 percent. The company’s enterprise business is already profitable, and it anticipates total break-even to occur within the current fiscal year. Over the following 24 months, the business will consider making an initial public offering (IPO), according to Agrawal.

According to Panthera Growth Partners founder and managing director Shilpa Kulkarni, “Innoviti’s cutting-edge technologies help convert basic financial transactions into strong buying tools.” Panthera Growth Partners has supported businesses including BigBasket, Zivame, Pepperfry, OfBusiness, and FreshMenu. A $250 million fund is involved. Innoviti’s only financial advisor in this transaction was Avendus Capital.