Digital payments startup Innoviti attracts USD 18.5 million for Series B
Founders: Rajeev Agrawal
Founded in: 2002
Financing status: USD 18.5 million Series B round in 2017
Digital payment solutions startup Innoviti has attracted USD 18.5 million for its Series B financing round led by SBI-FMO Fund. Bessemer Venture Partners and existing investor Catamaran Ventures also participated in this financing round.
Innoviti solves payment acceptance problems of merchants. It provides merchants with solutions for payment automation, consumer credit distribution, and SME lending. It claims that it currently processes over INR 15,000 crores (INR 150 billion or USD 2.33 billion) of payment transactions annually including INR 1,000 crores of credit. It said that its smelending.com platform is number one in the SME lending segment, processing over INR 500 crores per year. In addition, its payment automation platform uniPAY NEXT is India’s only omni-channel payment platform for managing payment automation. Innoviti’s payment platform clientele include Reliance Retail, Titan, Landmark Group, INOX, Indigo, and Walmart. Banks such as HDFC, ICICI, Axis, SBI, Standard Chartered, Kotak, and Citibank use its platform to access customers for payments processing and loans distribution.
The startup will use the newly raised investment to market its uniPAY Next digital payments platform experience, to acquire customers, and to expand the platform to provide working capital loans to Kirana stores and brand franchises. The startup also plans to expand the product to address payment and lending issues beyond retail to other businesses across the supply chain.
(Top photo from Said Business School)