Payments Platform Innoviti Technologies Secures INR 40 Cr in Series E led by Bessemer Venture Partners and Patni Family Office The Bengaluru-based startup aims to deploy the fresh funds towards driving the firm's mid-market expansion and fueling its online business, which has scaled 4X in the past 12 months.
By Entrepreneur Staff •
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Payment gateway and point-of-sale (PoS) provider Innoviti Technologies announced the raising of INR 40 crore in Series E led by Bessemer Venture Partners and Patni Family Office.
A number of angel investors also participated in the funding round.
The platform claims that this round is still ongoing and that more money will be raised in the near future. The startup has previously raised money in 2022 from investors such as Patni, FMO, and Bessemer.
According to the official release, the raised funding will be deployed towards driving the firm's mid-market expansion and fueling its online business, which has scaled 4X in the past 12 months.
Vishal Gupta, Partner and India Head of Bessemer Venture Partners, said, "Innoviti has demonstrated a unique ability of delivering value-added SaaS through payment channels. 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."
Innoviti claims to offer payment gateways and point-of-sale (PoS) devices to merchants to enable online and card-based payments.
The startup said that its solutions are functional across a range of offline and online payment channels, handling an annual revenue of over INR 72,000 crore from over 20,000 merchants and more than 2,000 localities. Furthermore, it handles almost half of all transactions in enterprise retail categories, including lifestyle, healthcare, and food and groceries.
