Innoviti Raises $45 Million In Series D Funding Led By Panthera Growth Partners
The fund raised will be utilized to expand company's mid-market product lines in electronics, fashion and grocery
Innoviti Payment Solutions Pvt Ltd, a collaborative commerce platform raised $45 million in Series D funding round led by Panthera Growth Partners (PGP). The round also witnessed participation from Alumni Ventures, Patni Family Office, Bessemer Venture Partners along with individual investors like Sanjoy Bhattacharya, Bharat Jaisinghani among others. The fund raised will be utilized to expand company's mid-market product lines in electronics, fashion and grocery. It will also be used for building products on top of UPI payment channels, enhancing product distribution and making strategic acquisitions in the marketing technology and data science fields.
"We are happy to have Panthera join, guide and support us in our journey of becoming the purchase partner to every India. PGP has had a track record of backing highly differentiated businesses that have created lasting value in the Indian startup ecosystem. With current Series D, we hope to become a sustainable business and list on the exchanges over the next couple of years," said Rajeev Agrawal, CEO, Innoviti
The company plans to double the revenues in 2022 to 2023. The enterprise division of the company is already profitable, and it expects to reach total break-even within the current financial year, claimed by the company in a statement.
Launched in 2021, Innoviti's GENIE product for mid-market mobile retailers has seen a runaway success by providing attractive affordability solutions for customers. It has already clocked more than INR 1000 crore of annualized GTV, as per the company's statement.
"As a growth-stage investor focused on disruptive technology-led businesses, we are excited to partner with Innoviti. Innoviti's cutting edge solutions help turn simple payment transactions into powerful purchase tools. We look forward to join Innoviti on the journey to become a purchase partner for every customer," said Shilpa Kulkarni, founder and managing partner, PGP.
Founded in 2021, Panthera Growth Partners, has recently announced the first close of its $250 million second fund. The fund I has backed sector leading companies such as BigBasket, Pepperfry, Zivame, OfBusiness etc, as per the company statement.