Alumni Ventures, USA Joins Innoviti’s Series D Fund Raise
15 June 2022
Alumni Ventures has funds from alumni of MIT, Harvard, Princeton, Yale, Stanford, and other top US universities.
- Alumni Ventures, one of the most active venture capital firms in the world with over 1,000 portfolio companies and over $1B USD in assets under management, has joined Innoviti’s Series D round, taking the funds raised in Series D to Rs. 160 Cr. or $22M.
- 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.
- 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.
- Digitization has made it easy for any business to reach their target consumer and make them aware of their products. However, it has done so for their competition too! This has led to an increased cost of conversion for all businesses. Innoviti provides a collaborative commerce platform that brings together merchants, banks, and product brands, enabling them to reduce the cost of conversion by acquiring customers together. The platform enables these diverse businesses to partner and turn payment transactions into attractive purchase tools that can be used at a point of purchase to urge consumers to buy better products and more products.
- 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.
- 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.
- Innoviti’s products provide operational, financial, and marketing benefits to businesses, helping them grow faster with lesser efforts. Based on deep consumer insights, the products are crafted using superior technology that drives higher GTV per point of purchase than anyone else in the market, and a continuously increasing take rate per $ of GTV. This has not only driven a rapid growth trajectory, but also a highly profitable one with gross margins more than 60%.
- The funds raised will be used for a) funding working capital for its enterprise business, b) marketing of mid-market products, c) further strengthening of the technology platforms for online and B2B payments and d) tactical acquisitions in the areas of data sciences and marketing technologies.
“We are excited to support Innoviti and their mission. Innoviti brings a deep technical background and understanding of their market to retail point of sale. We were especially impressed with the unique technology and solutions they developed to deliver value directly at the point of purchase to the consumers, retailers, banks and brands. We are not seeing anyone else doing this at the scale that Innoviti is, and this scale helps give them an advantage that is hard to beat.” – Tom Meyer, Managing Partner, Nassau Street Ventures, Alumni Ventures.
We are pleased to welcome Alumni Ventures to the cap table. Alumni Ventures represents interest from alumni of some of the world’s top universities such as MIT, Harvard, Princeton, Yale, and others and opens doors for us to access their network and community as we further our strategy of using technology to deliver exceptional customer experiences.
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.
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.” – said Mr. Rajeev Agrawal, CEO, Innoviti.
About Innoviti Payment Solutions Pvt. Ltd., Bangalore, India.
Innoviti Payment Solutions Pvt. Ltd. is India’s largest provider of Collaborative Commerce Platforms, helping diverse businesses such as banks, product brands, and merchants, partner to acquire consumers together. The platform helps these businesses turn payment transactions into attractive purchase tools delivered right at the retail point of sale, urging consumers to buy better products and more products. The company has a dominant share of >70% in providing such purchase solutions to the leading enterprises of India, managing over 10B$ of annual purchases. Bessemer Venture Partners, USA, FMO, Netherlands, Catamaran Ventures, and Alumni Ventures are investors in the company. The company has four patents, including one US patent and is the winner of Mastercard’s Innovation Wizards Award, Reliance’s Most Promising Growth Consumer Finance Award and Deloitte Fastest Growing Companies in Asia award in 2020. Innoviti is the only Indian payments SaaS company to be awarded the coveted SOC3 seal of excellence for adherence to principles of trust in privacy, security, confidentiality, availability, and processing of transactions. The company is Great Place to Work certified and strives to create a workplace where people can learn more to earn more.
About Alumni Ventures, USA
Alumni Ventures is one of the most active venture capital firms in the world with over 1,000 portfolio companies and over $1B USD in assets under management. With venture capital funds for alumni and friends of Harvard, Princeton, Yale, MIT, Stanford and other top universities, their network and communities are their secret sauce. They draw on the power of 8,000+ investors, 20+ investment teams, and 600,000+ community members who can help source, vet, and fund deals. For more information: www.av.vc