Merchants-focused payments solutions provider Innoviti Payment Solutions has raised Rs 80 crore in the first close of a series-D funding round led by Trifecta Debt Fund.
The funding, a mix of debt and equity, also saw participation from existing investors Bessemer Venture Partners of the US and Patni Advisors. The other existing investors are FMO of the Netherlands, and Catamaran Ventures. This round also had participation from noted angels such as Sanjoy Bhattacharya, Bharat Jaisinghani, and a clutch of other individual investors, the company said in a note on Tuesday.
The statement did not offer the debt-equity break-up of the new funding. Rajeev Agrawal, founder and chief executive of Innoviti said the new fund will be used for working capital needs, marketing, to strengthen technology platforms and tactical acquisitions in the area of data sciences and marketing technologies. He said the subsequent series-D rounds will conclude with Rs 400 crore of new funds in debt and equity.
Innoviti enables businesses to collaborate on payment transactions and turn them into purchase tools thus urging a consumer to buy more by increasing their purchasing power as merchants, banks and brands come together on this platform. Claiming to process over Rs 75,000 crore of purchase volume annually, Innoviti says it is the largest provider of payment solutions to enterprise merchants with a market share of around 75 per cent in the enterprise category, providing category specific purchase tools to grocery, fashion, healthcare and electronics merchants.
Innoviti utilized its series-C round fund to design and launch a new product for mid-market electronics merchants which was launched last July. Since then, it has grossed a GTV (gross trade value) of Rs 1,000 crore, said Agrawa. Innoviti’s products provide operational, financial and marketing benefits to businesses, helping them grow faster with lesser efforts.
