Innoviti enjoys growing relationship in tough Indian retail space
San Francisco-headquartered Bessemer Venture Partners and Mumbai’s Patni Family Office led in raising Rs.40 crore for Innoviti Technologies Pvt Ltd which runs online and offline payment channels, processing over Rs.72,000 crore annually from across 2,000 cities and over 20,000 merchants.
“Innoviti has demonstrated a unique ability of delivering value-added SaaS through payment channels,” said Vishal Gupta, Partner & India Head, Bessemer Venture Partners https://www.bvp.com/ .
“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,” he said.
Arihant Patni, Patni Family Office https://www.patniadvisors.com/ , elaborated, “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.”
The Bengaluru-origin SaaS company announced the Rs.40 crore first close of its ongoing Series E round on 1 April 2024, saying the funding will be used to drive its mid-market expansion that had started in 2021 and fuel the online business that has grown 4X in the last 12 months.
Innoviti had last raised funds in 2022, where Bessemer, Patni and other investors had participated. The company is planning on raising additional capital in the current ongoing round by the end of April. This is expected to be the last round before the company starts generating sufficient cash for its future growth, expected to happen in the next 12 months. The company will initiate its IPO planning subsequently.
Known as India’s largest payments-centric retail SaaS platform for enterprise brands and their SME channel partners, the company is already a leader in providing software tools through payment channels to marquee enterprise brands such as Reliance, Tanishq and Shoppers Stop.
Innoviti’s tools not only help these brands to accept payments in a more reliable and secure way, but also to accelerate growth by unlocking competitive advantages that lay hidden for traditional payment systems.
The company’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 Sept 24.
The company received the final authorization from RBI to operate as an online payment aggregator earlier this year. It is backed by marquee investors such as Bessemer Venture Partners, USA, FMO, Netherlands, Catamaran Ventures https://catamaran.in/ (Narayana Murthy’s family office), India, and the Patni Family Office, India.
Innoviti https://innoviti.com/ is the recipient of RBI’s final authorization to operate as an online payment aggregator. The company has won the 50 fastest growing companies in Asia award from Deloitte four times, Reliance Innovation Award, and the Mastercard Innovation Award, and has 11 patents to its name, with 16 more in pipeline. Fiinews.com
