The funding will be used to drive the platform’s expansion into the mid-market segment and fuel its online business, which has witnessed a fourfold growth over the past year, the company said in a statement on Monday. Also, Innoviti aims to achieve profitability in its mid-market and online sectors by September 2024.
On March 26, ET reported that Innoviti has secured the online payment aggregator (PA) licence from the Reserve Bank of India, joining other players like MSwipe, Razorpay, Cashfree and Zomato.
Innoviti provides payments-centric retail software-as-a-service (SaaS) tools to enterprise brands such as Reliance, Tanishq and Shoppers Stop and is also backed by investors such as Dutch entrepreneurial development bank FMO and Catamaran Ventures.
“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,” Vishal Gupta, partner and India Head of Bessemer Venture Partners said.
Also, Innoviti is planning to raise additional capital by the end of April 2024 in its ongoing round with plans to initiate its initial public offering (IPO) proceedings subsequently.
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Further, the company said its tools are operational across various online and offline payment channels, processing an annual turnover of over Rs 72,000 crore from more than 2,000 cities and 20,000 merchants. Also, it processes more than 50% of all purchases in enterprise retail sectors such as food and grocery, lifestyle, and healthcare.Prior to this round, Innoviti had raised funds in 2022 from investors including Bessemer, FMO, Patni and others.
