Innoviti's Second Close Takes Series D Funds Raised To INR 155 Cr
The company plan to raise another INR 125 crore over the next few weeks towards the final closing of a INR 280 crore Series D round
Second close of INR 75 crore has been carried out by Bengaluru-based Innoviti's existing shareholder FMO N.V., a development finance bank based in the Netherlands. The first close was carried out in January 2022 for INR 80 crores through a mix of debt and equity from Trifecta Debt Fund, Patni Advisors and Bessemer Venture Partners, besides a clutch of individual investors.
As per an official statement, the funds raised will be used by the company for: a) funding working capital for its enterprise business, b) marketing mid-market products, c) further strengthening the technology platforms for online and B2B payments and d) tactical acquisitions in the areas of data sciences and marketing technologies.
The company will be raising another INR 125 crore over the next few weeks towards the final closing of a INR 280 crore Series D round, added the statement.
"Innoviti desires to become the purchase partner to every Indian. Helping enrich their lives by helping them take better purchase decisions. We are doing this by using technology to get businesses that talk to the same consumer to talk to each other, share marketing budgets and channel them towards acquiring customers together. A key differentiator for us has been developing sophisticated technology and delivering it through simple, exceptionally crafted purchase experiences," said Rajeev Agrawal, CEO, Innoviti.
Digitization has made it easy for any business to reach their target consumer and make them aware of their products. However, it has done so for their competition too! This has led to an increased cost of conversion for all businesses. Innoviti provides a collaborative commerce platform that brings together merchants, banks and product brands, enabling them to reduce the cost of conversion by acquiring customers together.
"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 BNPL to their respective customers. Innoviti's newest solution 'Genie' is a collaborative payment platform bringing merchants, banks and brands together and by doing so, "Genie' makes these small(er) merchants more competitive and bankable. Innoviti will foray into tier III to V cities in India with the aim to digitize payments in these cities, which will enhance financial inclusion. We are excited to witness the impact these digital payment solutions will have on the end customers and the merchants alike," said Marieke Roestenberg, head, FMO Ventures Program.
Founded in 2002, Innoviti enables diverse businesses to partner and turn payment transactions into attractive purchase tools that can be used at the point of purchase to urge consumers to buy better products and more products.