Fintech startup Innoviti raises $45 million in Series D funding round

Haripriya Sureban | | Updated on: Jul 08, 2022
Rajeev Agrawal, Managing Director & CEO, Innoviti Payment Solutions

Rajeev Agrawal, Managing Director & CEO, Innoviti Payment Solutions

The enterprise division of the company is said to be profitable, expecting to reach total break-even within FY23

Innoviti Payment Solutions Pvt Ltd, a collaborative commerce platform has raised $45 million in equity and debt in Series D funding round led by Singapore-based growth equity firm, Panthera Growth Partners. 

Panthera has invested $15M from its recently announced Fund II, along with Alumni Ventures, Patni Family Office, and FMO and Bessemer Venture Partners, Netherlands.

Innoviti has raised debt from Trifecta Capital in this round with the participation of a clutch of individual investors, such as Sanjoy Bhattacharya, Bharat Jaisinghani, and others.

Rajeev Agrawal, CEO, Innoviti, said, “We are happy to have Panthera join, guide, and support us in our journey of becoming the purchase partner to every Indian. One needs to design easy-to-use flexibility with military grade reliability and that too at a scale for exceptional customer experience, we are proud to have done that.” 

Plans with the funding

The funds raised will be used to expand the company’s mid-market product lines in electronics, fashion, and grocery and utilized for building products on top of UPI payment channels, enhancing product distribution, and making strategic acquisitions in the marketing technology and data sciences fields. Avendus Capital was the exclusive financial advisor to Innoviti in this transaction.

The enterprise division of the company is said to be profitable, and it expects to reach total break-even and plans to double revenues within FY23.

“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 joining Innoviti on the journey to become a purchase partner for every consumer,” said Shilpa Kulkarni, Panthera’s Founder and Managing Partner. 

Innoviti is a provider of collaborative commerce platforms, helping banks, product brands, and merchants, partner to acquire consumers together. 

Published on July 08, 2022
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