Fintech giant Innoviti raises $10 million funding from Netherlands based FMO

• ByStartupStory     |    May 19, 2022

Innoviti, a Bengaluru-based digital payments solutions startup has raised $10 million from a Netherlands-based FMO which is its existing investor. This round of funding is supposed to be a part of the Series D funding round. The firm has also announced in a meeting held on 22nd April 2022 that 14,88,316 shares are to be allotted for Series J compulsory convertible preference shares to FMO for $10 million. 

This came after few months after the announcement of mixed funding including equity and debt in an ongoing Series D round. The company also plans to go for its listing as IPO and also intends to raise $53 million in its primary Series D funding. The company has so far worked with KFC, Pizza Hut, Apollo Hospitals, Inox, and CCD among others and has also partnered with banks like ICICI Bank, HDFC Bank, Axis Bank and others.

The startup was founded in 2002 by Rajeev Agarwal and deploys point of sale (PoS) terminals as well as processes cards for the retailers. The company has more than 76% of the market share in the enterprise category. It also claims its presence in 25,000 retail stores all over 2,000 cities. It brings forth the merchants, brands along with banks to create fresh and different purchase tools for their common consumers which delvers through the software which runs on the payment terminals and also in apps and websites.

The startup has direct competition against the IPO-bound Pine Labs. In 2020, it had raised undisclosed funds in its Series C funding round which was led by FMO and Bessemer Venture Partners. It also includes investors like Catamaran Ventures, Tata Capital, and SBI Venture Capital among the rest.

Follow Startup Story