Innoviti Payment Solutions has raised $18 million in Series B financing to boost its businesses across the retail supply chain. The funding was led by the SBI-FMO Fund and Bessemer Venture Partners with existing investor Catamaran who has also participated in this round.
Commenting on the fund release, Suramya Gupta, Fund Manager, SBI-FMO Fund said, “We are excited to partner with Innoviti as we jointly build the leading digital payments platform in India. Innoviti is a company focussed on developing unique solutions for the Indian payments context and we like companies with the ability to create IP. We believe these solutions will also be valuable to other countries in Asia and we will work with Innoviti to extend our network in this region to them.”
Founded by Rajeev Agrawal, an IIT Bombay alumnus, Innoviti helps merchants to accept payments across channels such as the web, mobile, in-store or at the time of delivery. Alongside, it also operates smelending.com, a platform that helps small merchants to get short-term loans up to 30000 for 15 days to manage their cash flows.
As per the company statement, the current round of funding will be used to market the uniPAY Next platform and smelending.com platform to provide working capital loans to kirana stores and brand franchisees right across the supply chain.
UniPAY is an offering that allows merchants to accept digital payments through various modes such as cards, wallets as well as UPI.
“A rapidly growing Indian economy with fledgling infrastructure needs a different approach to delivery of payment solutions. An approach that first focusses on making every transaction happen, and happen fast. Innoviti, with its extensive experience and relationships in the payments space, has embarked on the journey of delivering this simple promise of speed and reliability in payments,” said Rajeev Agrawal, CEO, Innoviti.
Innoviti’s payment platform clientele includes Reliance Retail, Titan, Landmark Group, INOX, Indigo, Walmart, and several others. Banks such as HDFC, ICICI, Axis, SBI, Standard Chartered, Kotak, and Citibank use the platform to access customers for processing their payments and loans distribution.
With its innovative product solutions, Innoviti claims to processes over $3 Bn (INR 20,000 Cr) of payment transactions annually including about $155 Mn (INR 1000 Cr) of credit.
Earlier in 2015, Catamaran Ventures along with Canada-based New India Investment Corporation had invested $5 Mn in Innoviti.