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Payment-Centric Fintech Startup Innoviti Sets Eyes on $25M Funding to Promote Business
Innoviti Technologies, an Indian fintech startup, is exploring a fresh funding round that could potentially value the company at approximately $350 million, Bloomberg reported on June 28, citing people familiar with the matter.
According to the report, the company seeks to raise around $25 million in the financing round to boost its business offerings and increase its market dominance.
The startup, backed by renowned venture capitalists including Catamaran Ventures, the investment arm of Infosys Ltd, was established in 2002 by Rajeev Agrawal to provide payment management solutions for businesses nationwide.
Last year, the company raised $45 million in a series D round, which brought its total valuation to approximately $163 million as of November 2022. The payments-focused start-up firm is now planning a new round of funding that could increase its value and market position.
Innoviti Plans to Expand Its Lending Business with New Funding
In addition to the planned fundraising, Innoviti is considering the possibility of some early investors selling shares valued around $25 million as part of the funding round, people familiar with the matter told Bloomberg.
While the discussions are still in their early stages, the company has outlined plans to utilize the funding to expand its customer base and further develop its lending business by introducing new products. It is important to note that the details of the planned funding round are subject to change.
As one of the significant players in the fintech industry in India, Innoviti aims to leverage its current success to bolster its market presence. While the outcome of the intended funding round remains uncertain, the company’s strong support from prominent investors and its proven track record position it favorably for future growth.
The move comes at a time when several prominent startups in India are grappling with internal challenges and controversies. Byju’s, an education technology company, recently faced setbacks with the departure of its auditor and three board members within a week. The company is now working to reassure its investors by committing to the timely release of its long-delayed financials and reinforcing its accounting processes.
Another fintech firm, BharatPe, also found itself entangled in a scandal, as it initiated legal proceedings against one of its co-founders and his wife for alleged embezzlement and misappropriation of company funds.
Innoviti Processes over $10 Billion in Transactions Annually
According to the company’s website, Innoviti processes over $10 billion in transactions annually across more than 2,000 cities in India.
The firm was among India’s first digital lending platforms to provide short-term working capital to small and family-owned traders. As mentioned, the firm plans to further increase its lending business to serve more regional customers.
For over twenty years, Innoviti has been at the forefront of providing technology-driven payment solutions and cutting-edge point-of-sale terminals. Its unwavering commitment to innovation and customer-centricity has made it a trusted partner for businesses, offline merchants, and small retailers.
The company integrates its offerings into the existing payment ecosystem through strategic collaborations with banks and digital payment providers, delivering a seamless and efficient experience.
Payment-Centric Fintech Startup Innoviti Sets Eyes on $25M Funding to Promote Business
