Innoviti Payment Solutions Pvt Ltd, India-based collaborative commerce platform said Friday that it has raised a $45 million combination Series D fund led by Singapore-based growth equity firm Panthera Growth Partners (PGP).
Innoviti said in a statement PGP has invested $15 million in the company from its recently announced Fund II, along with new investors including Alumni Ventures, Patni Family Office and existing investors FMO and Bessemer Venture Partners, Netherlands.
Innoviti has also raised debt from Trifecta Capital in this round. A clutch of individual investors such as Sanjoy Bhattacharya, Bharat Jaisinghani, and others also participated in this funding round.
The funds raised will be used to expand the company’s mid-market product lines in electronics, fashion, and grocery. It will also be utilized for building products on top of UPI payment channels, enhancing product distribution, and making strategic acquisitions in the marketing technology and data sciences fields.
The company plans to double revenues in 2022 to 2023. Its enterprise division of the company is already profitable, and it expects to reach total break-even within the current financial year.
“We are happy to have PGP join, guide, and support us in our journey of becoming the purchase partner to every Indian. PGP has had a track record of backing highly differentiated businesses that have created lasting value in the Indian start-up ecosystem. We are super excited that they decided to back us and look forward to the same magic here,
“One needs to design easy-to-use flexibility with military grade reliability and that too at scale for exceptional customer experience, we are proud to have done that. Our four patents, including one US patent are proof of that. This has translated into our collaborative commerce platform powering more than 70% of purchases that happen digitally in enterprise retail today,” said Rajeev Agrawal, Chief Executive Officer, Innoviti.
Innoviti 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.
Digital businesses are finding it hard to scale up profitably, and Innoviti provides a collaborative commerce platform that helps them collaborate with other businesses and acquire customers together. They can partner to turn payment transactions into new and unique purchase tools that urge consumers to buy better products and more products, right at the point of purchase.
Enriching payment channels with data technology, Innoviti’s collaborative commerce platform is ushering in a new wave of sales acceleration tools for digital businesses. More than 20,000 retailers from 2000 cities participate in its platform, which handles more than 90 million unique customers’ purchases each year.
Innoviti processes over $10 billion in annualized purchase volume and holds a commanding market share of more than 70 percent in the enterprise sector. The company offers grocery, fashion, healthcare, and electronics retailers with category-specific purchase solutions.
Launched in 2021, Innoviti’s GENIE product for mid-market mobile retailers has seen a runaway success by providing attractive affordability (EMI/BNPL) solutions for consumers.
“Our solutions are crafted for Indian retail, building in nuances of Indian consumers and merchants. We are excited about how our platform is helping digital businesses struggling with high costs of conversion (due to higher competition) find new ways of growing profitably. This is a problem not only for enterprises, but also for Mid-Market businesses who are facing increased competition from large players,
“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,” Rajeev Agrawal added.
Bessemer Venture Partners, United States, FMO, Netherlands, Catamaran Ventures, India, PGP and Alumni Ventures are investors in Innoviti. PGP was founded in 2021 and recently announced the first close of its $250 million second Fund. Fund I, has backed sector leading companies such as BigBasket, Pepperfry, Zivame, OfBusiness, etc.
“As a growth-stage investor focused on disruptive technology led businesses, we are excited to partner with Innoviti. Innoviti’s cutting edge solutions help turn simple payment transactions into powerful purchase tools. We look forward to joining Innoviti on the journey to become a purchase partner for every consumer,” said Panthera’s Founder and Managing Partner Shilpa Kulkarni.
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