Fintech gaint Innoviti raises $25 million additional Funding
- ByStartupStory | July 8, 2022
Panthera Growth Partners in Singapore contributed an extra $25 million to Innoviti, a developer of digital payment solutions. Senior executives claim that this brings the overall Series D fundraising to $45 million.
Panthera Growth Partners contributed $15 million from its previously revealed Fund II to this round, joining current investors FMO and Bessemer Venture Partners as well as new investors Alumni Ventures and Putney Family Office. With the most recent round, the fintech startup has so far raised $75 million.
Additionally, it will improve product delivery, construct products on top of UPI payment channels, and make strategic acquisitions in the fields of marketing technology and data science using the extra funds. The company intends to utilise the funds to diversify into the electronics, apparel, and grocery markets for its mid-market product lines.
Innoviti, a Bangalore-based company formed in 2002 by Rajeev Agrawal, collaborates with banks and digital payment service providers to offer point-of-sale terminals and technology-based payment solutions to companies, offline shops, and small merchants.
This business provides software for customer relationship management (CRM) and billing to merchants. It offers merchants in the fashion, healthcare, electronics, and food industries category-specific purchasing solutions.
Rajeev Agrawal, the founder and CEO of Innoviti said, “Our business has been expanding quickly, and our pre-Covid-19 volume for processing payments has already been doubled. The firm currently handles $10 billion worth of payments. The Innoviti platform, which processes more than 90 million unique client purchases annually, includes more than 20,000 shops.”
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