Ani
Has been updated: June 11, 2024 12:03 IST
PR Newswire
Bangalore (Karnataka) [India]June 11: Innoviti Technologies Pvt. Ltd., a payments-centric retail SaaS platform for India's largest enterprise brands and its SME channel partners, today announced it has commenced the second close of its ongoing Series E round with participation from Alumni Ventures, US.
Innoviti is India's largest and most innovative payments-centric retail SaaS platform, helping companies like Reliance, Tanishq and Shoppers Stop unlock undiscovered sales, operational and financial efficiencies at the point of consumption to gain a competitive edge.
The company's enterprise business has been operating profitable for the past 10 quarters, with an operating margin of 18% and growing steadily. Innoviti's Electronics Brand EMI mid-market business has grown 8% month-on-month and has captured 7% of the market in less than 12 months. The online business has grown 10% month-on-month and is already operating at a 14% contribution margin and is expanding rapidly. Both the mid-market and online businesses have grown 10% month-on-month and are on track to be operating profitable by September 24th.
Innoviti raised Rs 400 crore from Bessemer and Patni in April 2024 to launch its Series E round. The second close of Rs 750 crore was initiated with an investment by US-based Alumni Ventures. Additional investors will join in the coming weeks and the Series E round is expected to close by the end of June. Series E is expected to be the last round before the company starts generating enough cash for future growth, which is expected to happen within the next 12 months. The company will then begin planning an IPO.
The company received final approval from the RBI to operate as an online payments aggregator earlier this year.
“Innoviti has created a premium payments business in the tough Indian market,” said Evgeny Gelfand of Alumni Ventures. “The advantage of their technology is evident in their ability to continually add value to their customers through new products. We are excited to support the company in its next stage of growth.”
About Innoviti Technologies Pvt. Ltd.
Innoviti provides enterprise brands and their channel partners with payment-centric retail SaaS tools to unlock competitive advantages hidden in traditional payment solutions, helping them grow faster with less effort. Innoviti's tools run across online and offline payment channels, processing over INR 72,000 crore annually from 20,000+ merchants across 2,000 cities. The company processes over 50% of all purchases that occur with enterprise retailers in the food & grocery, lifestyle and healthcare categories. Backed by renowned investors like Bessemer Venture Partners from the US, FMO from the Netherlands, Catamaran Ventures (family office of Narayana Murthy) from India, and Patni Family Office from India, Innoviti has received final approval from the RBI to operate as an online payment aggregator. The company is a four-time recipient of Deloitte's Asia's 50 Fastest Growing Companies award, as well as the Reliance Innovation Award and the Mastercard Innovation Award, and holds 11 patents with 16 more in the pipeline.
For more information, please visit www.innoviti.com.
Media Contact:
Chinmaya Bhre
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+91-98212-15631
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