Leading payments company Innoviti Payment Solutions on July 12 announced financing of Rs 120 crore (~ $18 million) to further its vision of digitally organising the flow of money for businesses across the retail supply chain.
Innoviti Payment Solutions Pvt. Ltd. (formerly Innoviti Embedded Solutions Pvt. Ltd.) has been a pioneer in the use of technology to solve real-world payment acceptance problems of merchants. Using its indigenous payments platform, Innoviti has delivered differentiated solutions for payments automation, consumer credit distribution and SMEs lending that have become a benchmark in their markets.
The current round was led by the SBI-FMO Fund, Bessemer Venture Partners and existing investor Catamaran. Masterkey Holdings, Bangalore were the exclusive investment bankers to the deal.
Innoviti’s payment platforms serve a marquee client base of merchants including Reliance Retail, Titan, Landmark Group, INOX, Indigo, Walmart and several others. Leading banks such as HDFC, ICICI, Axis, SBI, Standard Chartered, Kotak and Citibank use the platform to access customers for processing their payments and distributing to them loans.
“A rapidly growing Indian economy with fledgling infrastructure needs a different approach for the delivery of payment solutions. An approach that first focusses on making every transaction happen, and happen fast. Innoviti with its extensive experience and relationships in the payments space has embarked on the journey of delivering to this simple promise of speed and reliability in payments. The current funding from marquee investors is a huge endorsement of our approach and business plan. We believe that our platform is a game changer and are eager to utilize this round of funding to rapidly scale our presence,” said Rajeev Agrawal, CEO, Innoviti.
“We like Innoviti’s vision of organizing the flow of money across the supply chain. It is large and very relevant to India as it is emerging now. We believe this vision, coupled with Innoviti’s superior technology, will drive them to leadership in the payment ecosystem,” said Vishal Gupta, Managing Director, Bessemer Venture Partners.
Innoviti processes over Rs 20,000 crore of payment transactions annually including Rs 1000 crore of credit. It is India’s only payments company that can process transactions through any channel – be it web, mobile, in-store or at the time of delivery. The company has won Deloitte Asia Pacific award three years in a row and Red Herring Asia award twice.