As India enters into a nascent phase of cashless payments, startups in the payment solution domain have recently been a focal point for investors. As a result, Innoviti, an online payment solution provider has raised $5 Million in fresh funding from Catamaran Ventures, a private investment firm of Narayan Murthy along with Canada-based New India Investment Corporation.
This money will be used in company’s plan for expanding the business of real-time credit distribution to small and medium enterprises. It is also planning to spend money on marketing, product development and enhancement of infrastructure.
Founded in 2002 by Rajeev Agrawal, Innoviti aspires to transform payments. It provides solutions for improving operational efficiency and enhancing customer experience in every payment transaction.
In January 2014, it raised Rs. 10 crore in debt and equity from a group of local and international angel investors and Tata Capital. Of the 10 crore, Rs. 6 crore was raised from angel investors and Rs. 4 crore was loaned from Tata Capital. In 2007, Titan Industries purchased 5% stake in the company.
Its platform assists banks, NBFCs and other financial institutions to reduce the cost of loan distribution and reduce the risk of lending. Through its uniPay platform, it enables consumers to make payments through EMIs on credit and debit cards.
The company claims to process over Rs. 8,000 crore worth of payment transactions and also claims to distribute over Rs. 400 crore of loans to more than 10,000 SMEs across 20 cities on an annual basis.
The client list of the company includes HDFC, ICICI, Axis, SBI, Standard Chartered, Kotak, Citibank, Bajaj Financ, Reliance, Titan, Indigo, Yatra, Walmart, Sikkim Manipal University, etc.
Rajeev Agrawal, CEO of the company, said,
We believe that only a merchant-centric approach to solving payment problems can create sustainable solutions. This funding from marquee investors is a huge endorsement for our approach and business plan.
