Innoviti Payment Solutions Pvt. Ltd, which runs an eponymous payments-focused financial technology firm, has raised an additional $22 million (around Rs 160 crore) as part of its Series D funding round from Alumni Ventures.
The company announced a second close of Rs 75 crore from Development Finance Bank FMO N.V in May. With Alumni joining the cap table, Innoviti has raised Rs 160 crore in Series D round.
Innoviti will be raising another Rs 140 crore over the next few weeks towards the final closing of Rs 300 crore Series D round.
The fresh capital will be deployed by Innoviti to fund working capital for its enterprise business, marketing of mid-market products, strengthening of the technology platforms for online and B2B payments and acquisitions in the areas of data sciences and marketing technologies.
Launched in 2002, Innoviti provides technology-led payment solutions and point-of-sale terminals for businesses, offline merchants, and small retailers, by partnering with banks and digital payment providers.
It also equips retailers with billing and customer relationship management (CRM) software solutions to help merchants and retailers, across offline segments drive sales, cut operational costs and target relevant customers better.
Last year, the firm also launched an advanced instalment platform in partnership with Visa to help shoppers convert purchases into EMIs using their Visa cards at the merchant locations. Early this year, the company introduced G.E.N.I.E, dubbed to be India’s first smart marketing app, to help mainline mobile retailers get more walk-ins, more conversions and more profits.
Innoviti said it had used its Series C funds to design and launch G.E.N.I.E. It claims to have grown to Rs 1,000 crore in gross transaction value (GTV) since launching GENIE. It is targetting to grow GTV to Rs 7,000 in the next twelve months.
“Innoviti brings a deep technical background and understanding of their market to retail point of sale. We were especially impressed with the unique technology and solutions they developed to deliver value directly at the point of purchase to the consumers, retailers, banks and brands. We are not seeing anyone else doing this at the scale that Innoviti is, and this scale helps give them an advantage that is hard to beat," said Tom Meyer, managing partner, Nassau Street Ventures, Alumni Ventures.
Alumni Ventures is a venture capital firm with over $1 billion in assets under management (AUM), it has over 1,000 portfolio firms. It has funds from alumni of MIT, Harvard, Princeton, Yale, Stanford among othes.