{"id":24176,"date":"2024-08-13T10:16:30","date_gmt":"2024-08-13T04:46:30","guid":{"rendered":"https:\/\/innoviti.com\/?p=24176"},"modified":"2024-08-19T11:42:14","modified_gmt":"2024-08-19T06:12:14","slug":"innoviti-closes-series-e-fund-raise","status":"publish","type":"post","link":"https:\/\/innoviti.com\/press-release\/innoviti-closes-series-e-fund-raise\/","title":{"rendered":"Innoviti Closes Series E Fund Raise"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"24176\" class=\"elementor elementor-24176\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-85532db elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"85532db\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2afa3ab\" data-id=\"2afa3ab\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0ab4824 elementor-widget elementor-widget-text-editor\" data-id=\"0ab4824\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.14.0 - 26-06-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p><strong>Investment led by Random Walk Solutions with participation by Bessemer Venture Partners and Patni Family Office<\/strong><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-809f10a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"809f10a\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f667a35\" data-id=\"f667a35\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-53b2e57 elementor-widget elementor-widget-text-editor\" data-id=\"53b2e57\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><a href=\"https:\/\/innoviti.com\/\">Innoviti Technologies Pvt. Ltd.<\/a>, India&#8217;s largest payments-centric retail SaaS platform for enterprise brands and their SME channel partners, announced today that it closed its Series E round raising a total of Rs. 70 Cr. as a combination of equity and debt.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1909b1e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1909b1e\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-87f6ee4\" data-id=\"87f6ee4\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-81d053f elementor-widget elementor-widget-text-editor\" data-id=\"81d053f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\tThe round was led by Random Walk Solutions, with participation from existing investors Bessemer Venture Partners USA, Patni Family Office India, and Alumni Ventures, USA.\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-693fc0a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"693fc0a\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ca2ae23\" data-id=\"ca2ae23\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5d19417 elementor-widget elementor-widget-text-editor\" data-id=\"5d19417\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\tInnoviti helps enterprises such as Reliance, Tanishq, Shoppers Stop, make more money faster, by unlocking value at the point of consumption left undiscovered by other conventional payment solutions. The company&#8217;s modern software connects retail and payment systems to deliver new and unique sales, payments, and operational SaaS tools at the point of consumption.\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-f0e355a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f0e355a\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6242d7d\" data-id=\"6242d7d\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-99e5d6d elementor-widget elementor-widget-text-editor\" data-id=\"99e5d6d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\tThe company&#8217;s Enterprise POS solution, uniPAYNext, is operating at an EBITDA of 20%, and growing at a 23% annualized rate. The Electronics EMI solution, GENIEPlus, is growing at 80% annually, and operating at a -18% EBITDA, expected to break-even by Mar 25. The online Payment Link solution is growing 10% month-on-month at a contribution margin of 14%.\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-163178d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"163178d\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5f12c55\" data-id=\"5f12c55\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9354c00 elementor-widget elementor-widget-text-editor\" data-id=\"9354c00\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\tThe company is operating at an annualized run-rate of Rs. 160 Cr., with an annualized EBITDA of Rs. -8 Cr., with a target to become operating profitable in the next couple of quarters. With Series E closed, the company will be working towards its IPO that it expects to launch within the next 12 months.\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-8c25825 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"8c25825\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-b014d81\" data-id=\"b014d81\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-45fcbbe elementor-widget elementor-widget-text-editor\" data-id=\"45fcbbe\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\tThe company received the final authorization from RBI to operate as an online payment aggregator earlier this year.\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-64eaea9 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"64eaea9\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-d71585b\" data-id=\"d71585b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1772995 elementor-widget elementor-widget-text-editor\" data-id=\"1772995\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><em><strong>Vishal Gupta, Partner &amp; India Head, Bessemer Venture Partners<\/strong>, said, &#8220;Innoviti has demonstrated a unique ability of delivering value-added SaaS through payment channels. We have seen their ability to retain and grow their relationships in the tough Indian enterprise retail market and are excited to support the next phase of their growth journey in the mid-market and online spaces.&#8221;<\/em><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-30f7564 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"30f7564\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-dc8e8fd\" data-id=\"dc8e8fd\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-fdf4c5b elementor-widget elementor-widget-text-editor\" data-id=\"fdf4c5b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><em><strong>Arihant Patni, Patni Family Office<\/strong>, said, &#8220;We have seen the strategic positioning Innoviti enjoys in the Indian enterprise retail space, and are excited to support their growth journey as they make inroads into mid-market retail and online spaces.&#8221;<\/em><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-50628bd elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"50628bd\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1c0bbe1\" data-id=\"1c0bbe1\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1eefb7d elementor-widget elementor-widget-text-editor\" data-id=\"1eefb7d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><em><strong>Yev Gelfand, Alumni Ventures<\/strong>, said, &#8220;Innoviti has created a premium payments business in a tough Indian market. The superiority of their technology is apparent via their ability to continuously add value to their customers through new products. We are excited to support them in the next phase of their growth.&#8221;<\/em><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7494093 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7494093\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-590f3db\" data-id=\"590f3db\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8a50846 elementor-widget elementor-widget-heading\" data-id=\"8a50846\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.14.0 - 26-06-2023 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h2 class=\"elementor-heading-title elementor-size-default\">About Innoviti Technologies Pvt. Ltd.<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-9e3662f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9e3662f\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-11f7768\" data-id=\"11f7768\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a2cc33d elementor-widget elementor-widget-text-editor\" data-id=\"a2cc33d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\tInnoviti provides payments-centric retail SaaS tools to enterprise brands and their channel partners, helping them grow faster and with lesser efforts, by unlocking value at the point of consumption left undiscovered by others. Innoviti&#8217;s tools run across online and offline payment channels, processing over Rs. 72,000 Cr. annually from across 2000 cities and over 20,000 offline and 3,000 online merchants. The company processes more than 50% of all purchases happening in enterprise retailers in the food &#038; grocery, lifestyle, and healthcare categories. Backed by marquee investors such as Bessemer Venture Partners, USA, FMO, Netherlands, Catamaran Ventures (Mr. Narayana Murthy&#8217;s family office), India, and the Patni Family Office, India, Innoviti is the recipient of RBI&#8217;s final authorization to operate as an online payment aggregator. The company has won the 50 fastest growing companies in Asia award from Deloitte four times, Reliance Innovation Award, and the Mastercard Innovation Award, and has 11 patents to its name, with 16 more in pipeline.\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ebce807 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ebce807\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a4a0d47\" data-id=\"a4a0d47\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-16de095 elementor-widget elementor-widget-text-editor\" data-id=\"16de095\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>For more information, please visit \u2013 <a href=\"https:\/\/innoviti.com\/\">www.innoviti.com<\/a><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-075d4f7 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"075d4f7\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3e6ee52\" data-id=\"3e6ee52\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4a58c7e elementor-widget elementor-widget-text-editor\" data-id=\"4a58c7e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><strong>Media Contact:<\/strong><\/p><p>Chinmaya Bhure<\/p><p><a href=\"mailto:chinmaya.bhure@innoviti.com\">chinmaya.bhure@innoviti.com<\/a><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Investment led by Random Walk Solutions with participation by Bessemer Venture Partners and Patni Family Office Innoviti Technologies Pvt. Ltd., India&#8217;s largest payments-centric retail SaaS platform for enterprise brands and their SME channel partners, announced today that it closed its Series E round raising a total of Rs. 70 Cr. as a combination of equity [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":24471,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[16],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Innoviti Closes Series E Fund Raise - Innoviti<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/innoviti.com\/press-release\/innoviti-closes-series-e-fund-raise\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Innoviti Closes Series E Fund Raise - Innoviti\" \/>\n<meta property=\"og:description\" content=\"Investment led by Random Walk Solutions with participation by Bessemer Venture Partners and Patni Family Office Innoviti Technologies Pvt. 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