Payment solutions provider company Innoviti has closed the second round of funding in which the company raised ₹75 Cr. The round was carried out by Innoviti's existing shareholder, FMO N.V., a Development Finance Bank, from the Netherlands.
In the official statement, the company noted that the funds raised will be used for funding working capital for its enterprise business, marketing mid-market products, further strengthening the technology platforms for online and B2B payments and tactical acquisitions in the areas of data sciences and marketing technologies.
This Series D fundraiser follows a Series C round which was conducted in January this year. The company noted that it utilised 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 online by providing attractive EMI and BNPL schemes to their customers. Within six months GENIE has rapidly grown to drive Rs. 1,000 Cr. of annualized GTV that is targeted to grow to Rs. 7000 Cr. over the next twelve months. Innoviti is also working on an instalment platform with Visa to democratize access to credit by enabling any bank’s customers to opt for a loan at the time of purchase.
Commenting on the latest round of funding, Rajeev Agrawal, CEO of Innoviti said, “We are pleased to have FMO double-down on their investment in Innoviti with a super pro-rata subscription to the Series D offer. Innoviti desires to become the purchase partner to every Indian. Helping enrich their lives by helping them make better purchase decisions. We are doing this by using technology to get businesses that talk to the same consumer to talk to each other, share marketing budgets and channel them towards acquiring customers together.”
He further added, “ A key differentiator for us has been developing sophisticated technology and delivering it through simple, exceptionally crafted purchase experiences. This is hard, very hard to put together. We are proud to have done that. 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.”