Published on August 10, 2015
Evelyn Fok, ET Bureau
BENGALURU: Payment solutions provider Innoviti has raised Rs 30 crore from Catamaran Ventures and Canada-based New India Investment Corporation. The funding will be focused on expanding the company’s SME loans category.
Founded in 2008, Innoviti is the parent company of uniPAY, a patented payment platform that helps merchants enable card payments on various online and offline platforms. It has since expanded to provide credit to both buyers and sellers.
“We believe that only a merchant-centric approach to solving payment problems can create sustainable solutions. Our unique ability to extend loans for SMEs in real-time at their points of purchase solves a real-world SME lending problem,” said CEO Rajeev Agrawal.
The Bengaluru-based company processes over Rs 8,000 crore in payment transactions for over 100 merchants annually, including Rs 600 crore in buyer credit andRs 400 crore in credit to small and mediumsized sellers, a figure that Agrawal aims to take to take to Rs 1,000 crore by year end. “SME loans has great potential,” he told ET.
Innoviti claims to be the only payments company in India that processes transactions via web, mobile, in-store and on delivery. It had raised Rs 10 crore from a round led by Tata Capital in May 2014. “Catamaran chose to partner with Innoviti because we were attracted to the company’s merchant-oriented approach to credit distribution built on top of a robust payments platform,” said Abhishek Laxminarayan, director of Catamaran Ventures.
Source: Economic Times