Bengaluru company is set for IPO within 12 months
Existing investors Alumni Ventures and Bessemer Venture Partners as well as Patni Family Office India joined Random Walk Solutions in Rs.70 crore Series E round of Bengaluru’s Innoviti Technologies Pvt Ltd which will be working towards its IPO that it expects to launch within the next 12 months.
It has previously been backed marquee investors including FMO, Netherlands, and Catamaran Ventures (Narayana Murthy’s family office) India.
“Innoviti has created a premium payments business in a tough Indian market,” said Yev Gelfand of Alumni Ventures sbi .
“The superiority of their technology is apparent via their ability to continuously add value to their customers through new products. We are excited to support them in the next phase of their growth nse .”
“Innoviti has demonstrated a unique ability of delivering value-added SaaS through payment channels,” added Vishal Gupta, Partner & India Head, Bessemer Venture Partners bse .
“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 ibef .”
Arihant Patni, Patni Family Office, 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 jpx.”
Innoviti helps enterprises such as Reliance , Tanishq , Shoppers Stop , make more money faster, by unlocking value at the point of consumption left undiscovered by other conventional payment solutions.
The company’s modern software connects retail and payment systems to deliver new and unique sales, payments and operational SaaS tools at the point of consumption.
The company’s Enterprise POS solution, uniPAYNext, is operating at an EBITDA of 20%, and growing at a 23% annualized rate. The Electronics EMI solution, GENIEPlus, is growing at 80% annually, and operating at a -18% EBITDA, expected to break-even by Mar 25. The online Payment Link solution is growing 10% month-on-month at a contribution margin of 14%.
Innoviti 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
