Alumni Ventures has joined Innoviti’s Series D round, taking the funds raised in Series D ₹160 Crs. Alumni Ventures has funds from alumni of MIT, Harvard, Princeton, Yale, Stanford, and other top US universities. Their network and community are their secret sauce for identifying top-notch opportunities around the world.
In the official statement, the company has noted that Innoviti had carried out a second close of Rs. 75 Cr. from FMO N.V., a Development Finance Bank, from the Netherlands in May 2022. With Alumni joining the cap table, Innoviti has raised Rs. 160Cr. in Series D till date. The company will be raising another Rs. 140 Cr. over the next few weeks towards the final closing of a Rs. 300 Cr. Series D round.
Processing over Rs. 75,000 Cr. ($10B) of annualized purchase volume, Innoviti is extracting more value from payment transactions than anyone else. Innoviti commands a dominant market share of > 70% in the enterprise category, providing category specific purchase tools to grocery, fashion, healthcare and electronics merchants.
Commenting on the funding round, Rajeev Agrawal, Innoviti’s CEO said, “Technology required for enterprise customers is of an altogether different level. One needs to design easy-to-use flexibility with military grade reliability and that too at scale. Only then can one deliver exceptional customer experience. This is hard, very hard to put together. We are proud to have done that, our four patents, including one US patent is proof of that. This has translated into our collaborative commerce platform powering more than 70% of purchases that happen digitally in enterprise retail today. With Alumni Ventures we hope to deepen our technology agenda through their network.
He further added, “This customer centricity and a relentless focus on excellence has helped us become the most capital efficient company in this space. With the current Series D, we hope to become a sustainable business and list on the exchanges over the next couple of years.”
Innoviti utilized its Series C funds to design and launch GENIE, its product for mid-market electronics merchants. The product launched in July 2021 helps these merchants fight against online by providing attractive EMI and BNPL schemes to their customers. Within six months GENIE has rapidly grown to driving Rs. 1,000 Cr. of annualized GTV that is targeted to grow to Rs. 7000 Cr. over next twelve months. Innoviti is also working on an installment platform with Visa to democratize access to credit by enabling any bank’s customers to opt for a loan at the time of purchase.
The funds raised will be used for funding working capital for its enterprise business, marketing of mid-market products, further strengthening of the technology platforms for online and B2B payments and tactical acquisitions in the areas of data sciences and marketing technologies.