Payment gateway and PoS firm Innoviti raised Rs 70 Cr debt & equity Series E funding
Innoviti, a provider of payment gateways and point of sales (PoS), possesses a debt and equity combination of Rs 70 crore ($8.5 million). With participation from current investors Bessemer Venture Partners USA, Patni Family Office India, and Alumni Ventures, Random Walk Solutions led the second tranche of the Series E round.
The Bengaluru-based business raised its Series E funding in April of this year. After Series E closes, the company will spend the next 12 months preparing for its initial public offering.
To collect card-based payments, Innoviti offers merchants payment gateways and point-of-sale (PoS) devices. Among its high-end customers are Shoppers Stop, Tanishq, and Reliance.
Innoviti reports that its enterprise point of sale system, uniPAYNext, is growing at a 23% annualized rate and operating at an EBITDA of 20%, while its electronics EMI solution, GENIEPlus, is growing at an 80% annualized rate and operating at a -18% EBITDA. By the end of this fiscal year (FY25), GENIEPlus is anticipated to break even.
The company reports an EBITDA of Rs -8 crore and an annualized run-rate of Rs 160 crore overall. Within the upcoming few quarters, it hopes to turn a profit.
Although Innoviti has not yet submitted audited financial statements for FY24, in FY23 its operating revenue increased by 48% to Rs 110.2 crore.
Considering that the company’s losses in FY23 were Rs 86.5 crore, its ARR and current EBITDA claims show a turnaround. Innoviti’s only operating revenue in FY23 came from service fees collected from these facilitations.
Innoviti also got the go-ahead from RBI earlier this year to function as an online payment aggregator.
