Bessemer Venture Partners-backed Innoviti Payments Solutions, a provider of point of sale (PoS) and payment management solutions, has raised $45 million in equity and debt.
The equity round was a part of Innoviti's Series D funding and was led by Singapore-based Panthera Growth Partners, which alone invested $15 million, from its second fund, the company said on July 8.
The equity round also saw participation from new investors, including Alumni Ventures and Patni Family Office, along with existing investors FMO and Bessemer Venture Partners, Netherlands, the company said.
Innoviti did not share the equity and debt split but said that it raised debt from Trifecta Capital as a part of the overall $45 million round. Individual investors Sanjoy Bhattacharya, Bharat Jaisinghani, and others also participated in the funding round, Innoviti said.
The startup would use the funds to expand the company’s mid-market product lines in electronics, fashion, and grocery. It would also build products on its unified payments interface (UPI) payment channels to enhance product distribution, it said. Innoviti was also looking at strategic acquisitions, it said.
Founded in 2002, Innoviti offers a collaborative payments platform for merchants to accept payments from credit cards, debit cards, mobile wallets, and UPI. It also enables lenders to disburse loans and extend equated monthly installment (EMI) services to customers at POS terminals.
Innoviti claims to have more than 20,000 retailers on its platform in 2,000 cities. The company also claims to process over Rs 75,000 crore in annualised purchase volume and said it holds a market share of more than 70 percent in the enterprise sector.
Innoviti also offers grocery, fashion, healthcare, and electronics retailers with category-specific purchase solutions. Its "Genie" product for mid-market mobile retailers provides affordability solutions for consumers like buy-now-pay-later (BNPL) or EMIs. Innoviti also claimed to have clocked more than Rs 1000 crore of annualized GTV (gross transaction value)."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," said Rajeev Agrawal, chief executve, Innoviti.