Innoviti Technologies Pvt. Ltd., India’s leading payments-centric retail SaaS platform, announced the initiation of the second close of its ongoing Series E round, with participation from Alumni Ventures, USA. Innoviti, which supports major enterprises like Reliance and Tanishq, aims to unlock sales and operational efficiencies at the point of consumption.
Innoviti’s enterprise segment has seen consistent operating profits for the past 10 quarters, achieving 18% operating profits. Its Electronics Brand EMI midmarket, and online businesses are growing 8% and 10% month-on-month, respectively. The second close of Rs. 75 Cr. follows an initial Rs. 40 Cr. raise from Bessemer and Patni in April 2024. The Series E round is expected to conclude by the end of June, potentially the final round before the company achieves self-sustaining growth within the next year and initiates IPO planning.
Yevgeny Gelfand of Alumni Ventures commented, “Innoviti has created a premium payments business in a tough Indian market. The superiority of their technology is apparent via their ability to continuously add value to their customers through new products. We are excited to support them in the next phase of their growth.”
Earlier this year, Innoviti received final authorization from the RBI to operate as an online payment aggregator.
