Additional investors will be joining in the coming weeks with the Series E round expected to close by the end of June
Bengaluru: Payments-centric retail SaaS platform Innoviti Technologies Pvt. Ltd., has initiated the second close of its ongoing series E funding round with Alumni Ventures USA participating in it, the company said in a press release on Tuesday.
Additional investors will be joining in the coming weeks with the Series E round expected to close by the end of June.
Innoviti kick started its series E round in April 2024 with a Rs 40 crore raise from Bessemer Venture Partners and Patni Family Office. The second close of the funding round amounts to Rs 75 crore.
Series E is expected to be the last round before the company starts generating sufficient cash for its future growth, expected to happen in the next 12 months. The company will initiate its IPO planning subsequently.
“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,” said Yevgeny Gelfand, venture capital investor at Alumni Ventures.
The company received the final authorisation from RBI to operate as an online payment aggregator earlier this year.
Innoviti’s enterprise business has been generating operating profits for the past 10 quarters, with operating profits of 18%. Its electronics brand EMI mid-market business is growing at 8% month-on-month and has captured 7% of the market in less than 12 months. The online business is growing 10% month-on-month and is already operating at a contribution margin of 14% and expanding rapidly. Both mid-market and online business are growing 10% month-on-month and targeted to become operating profitable by September 2024.
