Innoviti Payment Solutions Closes $45M Series D Funding Round
Innoviti Payment Solutions, a payments-focused fintech startup, has closed its Series D round by raising $15 million in funding led by Panthera Growth Partners (PGP), a Singapore-based growth equity firm.
The Singapore-based growth equity firm invested $15M from its recently announced Fund II, along with new investors, including Alumni Ventures, Patni Family Office, and existing investors Bessemer Venture Partners (Netherlands) and FMO.
In this round, Innoviti has also raised debt from Trifecta Capital. Several individual investors, including Sanjoy Bhattacharya, Bharat Jaisinghani, and others, also participated in the round.
As per the startup, the raised funds will be used to expand the company’s mid-market product lines in electronics, fashion, and grocery. The raised capital will also be utilised to build products on top of UPI payment channels, enhance product distribution, and make strategic acquisitions in the marketing technology and data sciences fields.
Innoviti Payment Solutions | Enterprise Payment Solution Provider
Founded by Rajeev Agrawal, Innoviti Payment Solutions is a Bangalore-based enterprise payment solution provider that offers tech-based payment solutions and point-of-sale terminals for businesses, small retailers, and offline merchants.
Speaking on the development, Rajeev Agrawal, Founder & CEO of Innoviti Payment Solutions, said,
“We are super excited that PGP 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.”
Its payment terminal is an instrument for delivering collaborative commerce services that bring together brands, banks & merchants under one roof.
The fintech startup plans to double its revenue in 2022–2023. As per the fintech startup, its enterprise division is already profitable, and the company expects to reach total break-even within the current financial year.