Innoviti has concluded its Series D round, raising an extra $25 million. The payments-focused fintech will use the money to expand its mid-market product lines in electronics, apparel, and food.
Innoviti, a payments-focused fintech business, has concluded its Series D round, raising an extra $25 million from investors led by Singapore’s Panthera Growth Partners. According to a top official, this brings the entire Series D fundraising to $45 million.
Panthera has invested $15 million from its newly announced Fund II, alongside new investors such as Alumni Ventures and Patni Family Office, as well as previous investors FMO and Bessemer Venture Partners. Its valuation has climbed thrice since its Series C investment last year, according to cofounder and CEO Rajeev Agrawal, who did not disclose the precise figure.
The current round brings the company’s total funding to $75 million. It has previously obtained $20 million in debt and equity from investors such as FMO, Trifecta Debt Fund.
According to Agrawal, the funds will be used to grow the company’s mid-market product lines in electronics, apparel, and food.
It will also use the funds to develop goods based on UPI payment channels, improve product distribution, and undertake strategic acquisitions in the sectors of marketing technology and data sciences.
By working with banks and digital payment providers, the two-decade-old company delivers technology-led payment solutions and point-of-sale terminals for enterprises, offline merchants, and small shops.
It provides invoicing and customer relationship management (CRM) software solutions to merchants.
According to Agrawal, more than 20,000 shops use Innoviti’s technology, which processes more than 90 million unique client purchases every year. The firm provides category-specific buying solutions to grocery, fashion, healthcare, and electronics stores.
Agrawal said Innoviti has grown dramatically, and we are now getting payments at double the pre-corona virus volume. He added that the startup now processes payments valued at $10 billion. Its yearly revenue run rate is at $18 million.
Agrawal said Innoviti has been growing at a 70 percent CAGR and expects to end FY2022-23 with $36 million to $38 million. According to him, the startup has a gross margin of 68 percent.
Innoviti’s enterprise business is already profitable, and it intends to attain overall break-even within the current fiscal year. Agrawal said the business would consider an initial public offering (IPO) over the next 24 months.