Innoviti, the Bengaluru-based payments solution provider, is announcing the close of its Series C round of financing. The round was led by FMO: Entrepreneurial Development Bank, Netherlands along with Bessemer Venture Partners. With the raising of this round, the company has also set 2021 as the target year to achieve profitability.
Innoviti offers automated payment solutions to connect India’s offline merchants to the country’s fast expanding and advance online payments grid. The company was one of the first ones to launch an offline POS solution, linked to Indian Government’s UPI (Unified Payments Interface). Innoviti counts the likes of Japan’s SBI Emerging Fund, US-based Bessemer and India’s Catarman ventures among its marquee investors.
Since raising its Series B round, the company has seen 250% revenue growth over a 180% merchant volume growth. This fresh capital raise will go towards new product development in new market segments, along with building specialized distribution models that can help these products scale.
Innoviti says it differentiates itself from the plethora of payment solutions out there, by providing an ecosystem of payment services to its merchants. One such ecosystem is that with the banking sector. Architected as a network of networks, Innoviti uses data intelligence to bring together merchants with brand and bank networks, helping them connect, collaborate, and create new and unique offers for their common customers.
The payments company claims to be processing over $6.5Bn of annualized offline merchant payment volume, which is nearly 5% of India’s overall offline merchant volume, according to the RBI.