Innoviti Technologies, a leading payment gateway and point of sales (PoS) provider, has announced a significant milestone in its growth journey with a successful Series E funding round. The round, totalling Rs 40 crore, was spearheaded by Bessemer Venture Partners and the Patni Family Office, with participation from various angel investors.
The infusion of capital is pivotal for Innoviti as it continues to strengthen its position in the market. A substantial portion of the funds will be allocated towards expanding the company’s presence in the mid-market segment, capitalizing on the momentum gained over the past year, where its online business experienced a remarkable fourfold growth.
Innoviti’s strategic roadmap emphasizes sustained expansion and innovation, leveraging the latest advancements in payment technology to deliver seamless solutions to merchants. With the Series E round being an ongoing endeavour, Innoviti anticipates further capital influx shortly to support its ambitious growth trajectory.
Having previously secured investments from renowned entities such as Bessemer, FMO, and the Patni Family Office in 2022, Innoviti continues to garner strong support from investors, underscoring confidence in its business model and growth potential.
The company’s core offerings encompass payment gateway services and PoS devices, empowering merchants to streamline online and card-based transactions. Revenue generation primarily stems from service fees associated with these transactions, reflecting a sustainable business model that aligns with evolving market dynamics.
In a significant development, Innoviti recently obtained regulatory approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator. This regulatory milestone underscores the company’s commitment to compliance and ability to navigate regulatory frameworks effectively.
Looking ahead, Innoviti aims to achieve profitability by September 2024, buoyed by its strategic initiatives, robust technology infrastructure, and unwavering focus on customer satisfaction. The capital infusion from the Series E round not only strengthens the company’s financial position but also provides a solid foundation for driving sustained growth and innovation in the dynamic payments landscape.
