Innoviti Technologies Pvt. Ltd., a payments-centric retail SaaS platform for enterprise brands and their SME channel partners, announced that it has done a Rs 40 crore first close of Series E. The round was led by Bessemer Venture Partners and Patni Family Office, with the rights issue subscribed to by early angels and founders.
Vishal Gupta, Partner & India Head, Bessemer Venture Partners, said, “Innoviti has demonstrated a unique ability to deliver 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.”
Advertisement
Innoviti had last raised funds in 2022, where Bessemer, FMO, Patni, and other investors had participated. This round of funding will be used to drive the company’s mid-market expansion that started in 2021 and fuel the online business that has grown 4X in the last 12 months.
The company is planning on raising additional capital in the current ongoing round by the end of April. This is expected to be the last round before the company starts generating sufficient cash for its future growth, which is expected to happen in the next 12 months. The company will initiate its IPO planning subsequently. The company also received final authorization from the RBI to operate as an online payment aggregator earlier this year.
Just one email a week