Bengaluru-headquartered, omni-channel payment solutions provider Innoviti said it has raised a fresh round of funding of $18 million (₹120 crore) to further its vision of digitally organising the flow of money for businesses across the retail supply chain.
The round was led by SBI-FMO Fund, Bessemer Venture Partners and existing investor Catamaran Ventures. Masterkey Holdings, Bengaluru, was the exclusive investment banker to the deal. Innoviti had previously raised $5 million (₹30 crore) from Catamaran Ventures and New India Investment Corporation, Canada, in July 2015.
Innoviti has two product lines — uniPAY NEXT and smelending.com. The former is a cashless payments acceptance system which has been adopted by a marquee client base of over 100 merchants including Reliance Retail, Titan, Landmark Group, INOX, Indigo and Wal-Mart, and the latter enables working capital loans for 30,000 kirana stores.
Rajeev Agrawal, CEO, Innoviti Payment Solutions, told BusinessLine , the funding will be used to market the uniPAY NEXT experience to increase the merchant network pan-India, rapidly expand the smelending platform to provide working capital loans to kirana stores and brand franchisees, and expand the product to address payment and lending issues beyond retail to B2B businesses. “We have 50,000 uniPAY POS terminals covering 720 cities,” said Agrawal. He added
Innoviti’s vision of organising the flow of money across the supply chain, coupled with its superior technology, will drive it to leadership in the payments ecosystem, said Vishal Gupta, MD, Bessemer Venture Partners.
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