Innoviti Payment Solutions secures $9.6 million led by FMO
- ByStartupStory | May 27, 2022
Innoviti Payments, a digital payment service has secured $9.6 million, as part of the ongoing investment round’s second closure from previous investor FMO, and a Dutch development bank. The current round of fundraising is part of a bigger Rs 280 Cr (about $36.1 million) deal that the firm is planning to conclude in the coming weeks. so far, the firm has raised Rs 155 crore ($19.9 million) including its current round of investment.
Founded in 2002, The firm decided to utilize the funds for working capital, and marketing of mid-market products and strengthen the technology for B2B and online payments. The firm partners with banks and digital payment providers to deliver payment solutions and point-of-sale terminals to enterprises, offline merchants, and small shops.
CEO Rajeev Agarwal stated that “We are pleased to have FMO double down on their investment in Innoviti With the current Series D, we hope to become a sustainable business and list on the exchanges over the next couple of years”
Innoviti Payment Solutions secured Rs 80 crore in a mix of equity and debt financing from Trifecta Debt Fund, Patni Advisors, and Bessemer Venture Partners, as well as a number of angel investors, in January 2022.
In June 2020, the start-up received an undisclosed sum from FMO and Bessemer Venture Partners. Innoviti said Genie drives Rs 1,000 crore of annualized transaction value and is aiming to scale this up to Rs 7,000 crore in the next 12 months. Razorpay, an online payment company, is trying to expand into the offline market and is likely to purchase firms in the same sector.
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