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Payment solution provider Innoviti raises Rs.104-Cr in Series M from Bessemer, others

Inc42   Innoviti  

Bengaluru-based fintech firm Innoviti has raised INR 104 crore (USD 11.4 million) in a Series M funding round from new and existing investors, including Bessemer Venture Partners, Ashutosh Joshi, Arihant Patni of Patni Family Office, and JuliaHub co-founder Deepak Vinchhi. Bessemer Venture Partners and Patni increased their investment.Founded in 2002 by Rajeev Agrawal and Amrita Malik, Innoviti enables merchants to accept payments and integrate real-time sales data into business processes. The company claims to process over INR 80,000 crore of purchase volume annually from across 2,000 cities. Its key offerings are sales acceleration software ‘Innoviti Genie’ and a link-based payment collection app called ‘Innoviti Link’.Innoviti plans to use the fresh capital to partly pay off its debt, strengthen sales and distribution of ‘Innoviti Link’, and for product development. The firm has extended its timeline for an Initial Public Offering and is expected to file papers in the next 18-24 months.

Between Jun 2015 and Dec 2024, Innoviti had attracted about USD 109 M from Bessemer, Alumni Ventures, FMO, Panthera Growth Partners, Pivot Ventures, Trifecta Capital and others.For FY25, Innoviti had reported about INR 143 Cr in Operating Income and about INR 62 Cr in Net Loss.