Digital payment solutions provider, Innoviti, has raised $18 million (Rs120 crore) in Series B funding led by Singapore-based SBI-FMO Fund. The round also saw participation from Bessemer Venture Partners and existing investor Catamaran Ventures.
Bengaluru-headquartered Innoviti had previously raised $5 million (â‚¹30 crore) from Catamaran Ventures and New India Investment Corporation, Canada, in July 2015.
Innoviti has two product lines, uniPAY NEXT and smelending.com. The former is a cashless payments acceptance system which has been adopted by a marquee client base of over 100 merchants including Reliance Retail, Titan, Landmark Group, INOX, Indigo and Wal-Mart, and the latter enables working capital loans for 30000 kirana stores.
The current round of funding will be used to aggressively market its uniPAY Next digital payments platform experience, to acquire customers. Apart from this, the funds will be used for expansion of the platform to provide working capital loans to kirana stores and brand franchises. The startup will also look to expand the product to address payment and lending issues beyond retail to other businesses across the supply chain.
Suramya Gupta, Fund Manager, SBI-FMO Fund said, "We are excited to partner with Innoviti as we jointly build the leading digital payments platform in India. Innoviti is a company focussed on developing unique solutions for the Indian payments context and we like companies with the ability to create IP. We believe these solutions will also be valuable to other countries in Asia and we will work with Innoviti to extend our network in this region to them."
Rajeev Agrawal, CEO, Innoviti Payment Solutions, said, "“A rapidly growing Indian economy with fledgling infrastructure needs a different approach to delivery of payment solutions. An approach that first focusses on making every transaction happen, and happen fast. Innoviti, with its extensive experience and relationships in the payments space, has embarked on the journey of delivering this simple promise of speed and reliability in payments."
Vishal Gupta, MD, Bessemer Venture Partners, said, "Innoviti’s vision of organising the flow of money across the supply chain, coupled with its superior technology, will drive it to leadership in the payments ecosystem."