PE Fund Investments
PoS firm Innoviti completes raising Rs.70-Cr Series E round
Bengaluru-headquartered retail industry focused payment solutions provider Innoviti Technologies has raised INR 70 crore (about USD 8.5 million) in a combination of equity and debt in its Series E round. The round was led by Random Walk Solutions, with participation from existing investors Bessemer Venture Partners, Patni Family Office, and US-based Alumni Ventures.The company’s Enterprise POS solution, uniPAYNext, is claimed to be operating at an EBITDA of 20% and growing at a 23% annualized rate. The Electronics EMI solution, GENIEPlus, is growing at 80% annually and is expected to break-even by Mar 25. The online Payment Link solution is growing 10% month-on-month at a contribution margin of 14%.The company is operating at an annualized run-rate of INR 160 Cr with a target to become operating profitable in the next couple of quarters. With its Series E closed, the company will be working towards launching its IPO within the next 12 months.
Between June-15 and Apr-24, Innoviti had raised about USD 100 M from Bessemer, FMO, Alumni Ventures, Panthera Growth Partners, Pivot Ventures, Trifecta Capital, Catamaran Ventures, Others.For FY23, Innoviti had reported about INR 110.22 Cr in Operating Income and about INR 86.56 Cr in Net loss.
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