Innoviti Raises ₹35 Crore from Existing Shareholders in New Round
In a significant development, IPO-bound fintech Innoviti Technologies has raised ₹35 crore in a fresh funding round from existing shareholders, including angel investor and Ola Electric backer Ashutosh Joshi and VC firm Bessemer Venture Partners. This newest round of funding comes as a boost to the company’s plans for future growth and expansion.
The company board passed a special resolution to allot 6,95,871 Series M compulsorily convertible preference shares at a face value of ₹11 each. This move is expected to strengthen Innoviti’s financial position and provide the necessary resources to fuel its business growth ambitions.
Founded in 2002, Innoviti Technologies is a leading fintech company that offers a range of innovative payment solutions to merchants, banks, and other financial institutions. The company’s flagship product, a payment platform, enables merchants to accept multiple payment modes, including card, digital wallets, and UPI, through a single interface. This platform has been designed to provide a seamless and secure payment experience for customers.
Innoviti’s payment platform has been widely adopted by leading retailers, restaurants, and hotels across India, and the company has established itself as a trusted partner for many prominent brands. In recent years, the company has expanded its product portfolio to include a range of value-added services, such as loyalty programs, customer engagement solutions, and marketing analytics.
The latest funding round is seen as a significant endorsement of Innoviti’s growth prospects by its existing shareholders. Ashutosh Joshi, an angel investor who has backed several successful startups, including Ola Electric, has been a long-time backer of Innoviti. Bessemer Venture Partners, a leading VC firm with a strong presence in India, has also invested in the company.
“We are thrilled to have secured this funding from our existing shareholders, who have placed their faith in our vision and growth plans,” said Mr. Ritesh Pai, Managing Director of Innoviti Technologies. “This fresh capital will enable us to accelerate our business growth, expand our product offerings, and deepen our relationships with our customers and partners.”
Innoviti’s growth trajectory has been impressive in recent years, with the company reporting significant increases in revenue and profitability. The company’s payment platform has processed over ₹1 lakh crore in transactions since its launch, and it has established itself as one of the leading payment platforms in India.
The fintech company has also been at the forefront of innovation in the payments space, introducing several groundbreaking products and services that have disrupted the traditional payment landscape. For instance, Innoviti was one of the first companies to introduce a contactless payment solution in India, and it has also launched several mobile-based payment products that have gained popularity among consumers.
The latest funding round is expected to fuel Innoviti’s growth plans, which include expanding its product offerings, strengthening its sales and marketing efforts, and deepening its relationships with its customers and partners. The company is also expected to use the fresh capital to invest in research and development, with a focus on developing new and innovative payment solutions that meet the evolving needs of its customers.
As Innoviti looks to the future, it is clear that the company is well-positioned for continued growth and success. With its strong brand reputation, innovative products, and experienced management team, Innoviti is poised to emerge as a leading player in the fintech space.
