Payment solutions provider Innoviti raises $9.6 million funding led by FMO
Digital payment solutions provider Innoviti has raised an additional Rs 75 crore ($9.6 million) as a part of the second close of its ongoing funding round led by existing investor Dutch development bank FMO, it said in a statement on Thursday.
The latest raise is a part of a larger Rs 280 crore (roughly $36.1 million) round that the company is raising, which is expected to close in the coming weeks. In January, Innoviti had raised Rs 80 crore in a mix of equity and debt from Trifecta Debt Fund, Patni Advisors, and Bessemer Venture Partners, besides a clutch of angel investors.
With the latest funding, Innoviti has raised a total of Rs 155 crore ($19.9 million) in the ongoing round.
The company said it would use the funds for working capital, marketing mid-market products, and further strengthening its technology for online and business-to-business payments. Innoviti is also expected to explore acquisitions in the areas of data science and marketing technologies.
Founded in 2002, Innoviti provides payment solutions and point-of-sale terminals for businesses, offline merchants, and small retailers by partnering with banks and digital payment providers. It also helps merchants to convert payments into easy installments at checkout.
“We are pleased to have FMO double-down on their investment in Innoviti... With the current Series D, we hope to become a sustainable business and list on the exchanges over the next couple of years,” said Rajeev Agrawal, chief executive officer of Innoviti.
The company last raised funds in June 2020 -- an undisclosed amount in a round that was also led by FMO and Bessemer Venture Partners.
The company claims it processes payments worth about Rs 75,000 crore ($9.6 billion) through its offline point-of-sale devices and other offline payment offerings.
"FMO is pleased to continue supporting our long-standing investee Innoviti in their next quest to enable small retail merchants to provide easy payment solutions such as buy-now-pay-later (BNPL) to their customers. Innoviti will foray into tier 3 to tier 5 cities in India with the aim to digitise payments in these cities, which will enhance financial inclusion," said Marieke Roestenberg, head of FMO Ventures Program.
Last year, the company launched its offline BNPL product Genie in association with card giant Visa. It allows merchants to offer equated monthly installments (EMI) schemes to customers.
Innoviti claims Genie currently drives Rs 1,000 crore of annualised transaction value and is looking to scale this up to Rs 7,000 crore over the next 12 months.
Online payment providers such as Razorpay are also looking to enter the offline space and are expected to acquire companies in the sector.
The latest raise is a part of a larger Rs 280 crore (roughly $36.1 million) round that the company is raising, which is expected to close in the coming weeks. In January, Innoviti had raised Rs 80 crore in a mix of equity and debt from Trifecta Debt Fund, Patni Advisors, and Bessemer Venture Partners, besides a clutch of angel investors.
With the latest funding, Innoviti has raised a total of Rs 155 crore ($19.9 million) in the ongoing round.
The company said it would use the funds for working capital, marketing mid-market products, and further strengthening its technology for online and business-to-business payments. Innoviti is also expected to explore acquisitions in the areas of data science and marketing technologies.
Founded in 2002, Innoviti provides payment solutions and point-of-sale terminals for businesses, offline merchants, and small retailers by partnering with banks and digital payment providers. It also helps merchants to convert payments into easy installments at checkout.
“We are pleased to have FMO double-down on their investment in Innoviti... With the current Series D, we hope to become a sustainable business and list on the exchanges over the next couple of years,” said Rajeev Agrawal, chief executive officer of Innoviti.
The company last raised funds in June 2020 -- an undisclosed amount in a round that was also led by FMO and Bessemer Venture Partners.
The company claims it processes payments worth about Rs 75,000 crore ($9.6 billion) through its offline point-of-sale devices and other offline payment offerings.
"FMO is pleased to continue supporting our long-standing investee Innoviti in their next quest to enable small retail merchants to provide easy payment solutions such as buy-now-pay-later (BNPL) to their customers. Innoviti will foray into tier 3 to tier 5 cities in India with the aim to digitise payments in these cities, which will enhance financial inclusion," said Marieke Roestenberg, head of FMO Ventures Program.
Last year, the company launched its offline BNPL product Genie in association with card giant Visa. It allows merchants to offer equated monthly installments (EMI) schemes to customers.
Innoviti claims Genie currently drives Rs 1,000 crore of annualised transaction value and is looking to scale this up to Rs 7,000 crore over the next 12 months.
Online payment providers such as Razorpay are also looking to enter the offline space and are expected to acquire companies in the sector.
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