Innoviti Raises INR 80 Crore In Series D
With the current funding, the business aims to become a sustainable platform
Innoviti raises INR 80 crore in a first close of its ongoing Series D round. The funding was led by Trifecta Debt Fund, Patni Advisors and Bessemer Venture Partners.
Innoviti enables businesses to collaborate on payment transactions and turn them into purchase tools that are reliable, convenient and urge a consumer to buy more. Merchants, banks and brands come together on Innoviti’s platform to create such experiences. Processing over INR 75,000 crore of annualized purchase volume, Innoviti is extracting more value from payment transactions. Innoviti commands a dominant market share of 76 per cent in the enterprise category, providing specific purchase tools to grocery, fashion, healthcare and electronics merchants, said a statement.
“Innoviti desires to become the purchase partner of every Indian. Helping them enhance their standard of living by improving the purchasing power of every penny they earn. We are doing this by using technology to get businesses to talk to consumers, share marketing budgets and channel them towards improving the purchasing power of their consumer. A key differentiator for us has been developing sophisticated technology and delivering it through simple, exceptionally crafted purchase experiences. This customer centricity and a relentless focus on excellence has helped us become the most capital efficient company in this space. With the current Series D, we hope to become a sustainable business and list on the exchanges over a couple of years,” said Rajeev Agrawal, CEO of Innoviti.
Innoviti plans to raise an additional INR 400 crore in primary funding of Series D. The funds will be used to fuel its growth, added the statement.