Innoviti Payment Solutions Pvt. Ltd, which operates an eponymous fintech company, on Thursday announced closure of its Series D round at $45 million, after an additional $15 mn infusion by Panthera Growth Partners in the final leg.
Innoviti aims to double its revenue in CY22-23. The company’s enterprise division has turned profitable and the fintech is expecting to break even on a company level before end of this fiscal, a statement said.
“Our enterprise product brings in close to 85% of the revenue and by end of the year both 'Unipaynext' and 'G.e.n.i.e' will be 50-50,” Rajeev Agrawal, chief executive officer, Innoviti said in an interaction with VCCircle.
The fintech company says it will use the funds to expand its mid-market product lines in electronics, fashion, and grocery. It is also looking to build products on top of UPI payment channels in order to enhance product distribution.
Existing investors Trifecta Debt, Patni Family Office, Bessemer Venture Partners and individual investors, Sanjoy Bhattacharya and Bharat Jaisinghani also participated in the company’s Series D fundraising process.
Agrawal further said the company is also exploring strategic acquisitions.
“We are looking at strategic acquisitions in technology companies who have done good work but are struggling with fundraises. As we expand our portfolio, we may find companies who are strong in certain segments. This type will give us access to the respective markets and larger companies either in India or overseas. We haven’t acted on anything yet but will be looking at a few assets”.
“Smaller acquisitions can happen with the company’s cash reserve but for larger ones, we may look to raise additional capital,” he added.
Avendus was the adviser to Innoviti in this transaction.
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 to help merchants and retailers, across offline segments to drive sales, cut operational costs and target relevant customers.
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 merchant locations. Earlier 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 the app.
Singapore-based Panthera Growth Partners – leader of this funding round at Innoviti - recently announced the first closing of its second fund after securing more than half of its targeted $250 million corpus. The fund looks to raise the whole expected target by the end of this financial year and will offer up to 100% commitments in co-investment opportunities.
Founded in 2021, Panthera Growth’s maiden Fund I raised $84 million from global investors which were largely deployed across different sectors with investments in companies like Bigbasket, Pepperfry, Zivame and OfBusiness, among others.