Payment-focused fintech startup Innoviti gets $ 25 million more
This takes the total Series D funding to $ 45 million, a top executive told ET.
Panthera has invested $ 15 million from its recently announced Fund II, along with new investors including Alumni Ventures, Patni Family Office and existing investors FMO and Bessemer Venture Partners.
The valuation has increased 3 times since the Serie C round last year, said co-founder and CEO Rajeev Agrawal, without revealing the exact number.
The company has so far raised $ 75 million, including the latest round.
It had previously raised $ 20 million from investors such as the FMO, Trifecta Debt Fund, in a mix of debt and equity.
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According to Agrawal, the company will use the capital to expand its product lines in the intermediate market in electronics, fashion and groceries.
It will also use the money to build products on top of UPI payment channels, improve product distribution and make strategic acquisitions in marketing technology and computer science.
The two-decade-old company delivers technology-led payment solutions and sales terminals for businesses, offline merchants, small retailers, by partnering with banks and digital payment providers.
It helps resellers with billing and customer relationship management (CRM) software solutions.
According to Agrawal, more than 20,000 retailers participate in the Innovitis platform, which handles more than 90 million unique customer purchases each year. The company offers grocery, fashion, health and electronics retailers with category-specific purchasing solutions.
“Our company has grown rapidly and we are already twice the volume before Covid-19 in terms of processing payments. The company is currently processing payments worth $ 10 billion,” said Agrawal.
At present, its annual turnover rate is $ 18 million.
“We have grown by almost 70% CAGR and expect to close the fiscal year ending March 2023 at $ 36 million – $ 38 million,” he added.
Agrawal said the company operates with a gross margin of 68%.
The company’s corporate division is already profitable, and it expects to reach a total break-even within the current financial year.
According to Agrawal, the company will look at an IPO over the next 24 months.
“Innovitis’ groundbreaking solutions help turn simple payment transactions into powerful purchasing tools,” said Shilpa Kulkarni, founder and CEO of Panthera Growth Partners, which has supported companies such as BigBasket, Zivame, Pepperfry, OfBusiness and FreshMenu. It’s a $ 250 million fund.
Avendus Capital was the exclusive financial advisor to Innoviti in this transaction.
