This website requires JavaScript.
Latest Story

Innoviti raises Rs 80 crore in debt funding

Mar 15, 2019 by The Passage Team
Innoviti raises Rs 80 crore in debt funding

Source: Innoviti

Digital payments company Innoviti has raised Rs 80 crore in debt from venture debt fund Trifecta Capital and other non-banking finance companies (NBFCs), Mint reported.

CEO Rajeev Agrawal told the daily that the funds would be used for technology expansion, payments infrastructure, terminals and hiring people.

“We want to go from more transactions to richer transactions. By getting data on what the customer wants, we want to start generating layers of data and provide marketing services," Agrawal told Mint over the phone.

The Bengaluru-based company, which is backed by Infosys co-founder Narayan Muthy’s private investment firm Catamaran Ventures, provides technology-led payment solutions for businesses. It partners with banks, digital wallets and merchants such as physical retailers. Its clients include Reliance Retail, watchmaker Titan Co., Inox Leisure Ltd and Walmart Inc.

It claims to have around 65,000 POS (Point of Sale) terminals deployed in 800 locations and process over USD 5 billion worth of payments annually — “about 4.5% of all offline payment transactions of India”.

Innoviti had raised USD 18 million equity in a July 2017 Series B round led by Bessemer Venture Partners, Singapore-based private equity fund SBI-FMO and Catamaran Ventures. Catamaran had also invested USD 5 million in Innoviti’s Series A round in 2015.

Innoviti also provides short term business loans to manage cash flows during the monthly business cycle through the platform smelending.com. It connects dealers, their principal supplier and lending institutions like Banks and NBFCs to make loans available when needed.

In 2017 Agarwal told Inc42 that the company has disbursed about 160,000 loans to over 30,000 small merchants in India, and its yearly disbursement volume of SME lending ranges between USD 62.3 million and USD 78 million.

Yesterday, mobile PoS (mPoS) startup Mswipe Technologies raised Rs 219.8 crore in a new round of funding from US-based hedge fund Falcon Edge, Facebook Co-founder Eduardo Saverin’s B Capital Asia, late-stage technology investment firm Epiq Capital and consumer-focused fund DSG Consumer Partners.

The Passage Team

The Passage is committed to creating in-depth content over technology industry across Asia with a focus on emerging startups in the technology, healthcare, education, food, tech, travel & mobility segments.

Follow The Passage Team