Innoviti Technologies, a provider of point of sale (PoS) and payment gateways, has raised Rs 40 crore in a Series E round led by Bessemer Venture Partners and Patni Family Office. A number of angel investors also participated in the funding round.
The company said in a press release that the money will be used to expand the online business, which has grown 4X in the last 12 months, and to propel the company’s mid-market expansion.
Innoviti claims that this round is still ongoing and that more money will be raised soon. The business had previously raised money in 2022 from investors such as Patni, FMO, and Bessemer.
To enable online and card-based payments, Innoviti offers merchants payment gateways and point-of-sale (PoS) devices. For Innoviti in FY23, service fees from these facilitations constituted the only source of operating income.
Innoviti’s operating revenue increased to Rs 110.2 crore in FY23, while its losses increased by 17.8% to Rs 86.5 crore, as reported by the media.
Earlier this year, Innoviti also got the go-ahead from RBI to function as an online payment aggregator. By September 2024, the company claims to be aiming for profitability as well.
