Innoviti Raises Rs 70 Crore in Series E Funding

Innoviti Raises Rs 70 Crore in Series E Funding

Innoviti Technologies, a leading payments-centric retail SaaS platform, has successfully raised Rs 70 crore in its Series E funding round. The investment round was led by Random Walk Solutions, with participation from existing investors Bessemer Venture Partners, Patni Family Office, and Alumni Ventures.

The fresh capital infusion will be utilized to accelerate Innoviti’s expansion into the mid-market retail segment and bolster its online business. The company, which processes over Rs 72,000 crore annually through its platform, aims to become operating profitable within the next two quarters and is eyeing an IPO within the next year.

Innoviti’s flagship product, uniPAYNext, has demonstrated impressive growth, operating at a 20% EBITDA and expanding at a 23% annualized rate. Additionally, its Electronics EMI solution, GENIEPlus, is witnessing a robust 80% annual growth, with expectations of breakeven by March 2025.

Vishal Gupta from Bessemer Venture Partners expressed confidence in Innoviti’s ability to deliver value-added SaaS solutions through payment channels. Arihant Patni of Patni Family Office highlighted the company’s strategic positioning in the Indian enterprise retail market. Yev Gelfand from Alumni Ventures praised Innoviti’s premium payments business and superior technology.

With the recent RBI approval to operate as an online payment aggregator, Innoviti is well-positioned to capitalize on the growing digital payments landscape in India.

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