Innoviti raises 120 crore, boosts businesses across retail supply chain
The payments technology firm Innoviti experienced 100 percent growth over the past year and managed to raise 120 crore in its latest round of funding.
The recent fund infusion into the firm was led by SBI-FMO, a Singapore based fund, and was also participated in by Bessemer Ventures as well as Catamaran Ventures which is promoted by Narayana Murthy and has previously invested in the firm. This was the firm’s third round of funding and it currently has five main investors.
Innoviti, a firm that develops payments processing, credit distribution, and payments management software solutions, now processes approximately 20,000 crore of transactions every year, having deployed around 50,000 terminals. With this high transaction rate, Innoviti aims to further expand by adding another 1000 merchants to their books, concentrating on those from smaller towns. The firm also aims to double its transaction volume over the next 12 to 18 months.
The payments company now has partnerships with banks including HDFC Bank, ICIC Bank, and American Express. Partnerships also now include major retail companies such as Reliance Fresh, Inox, and Lifestyle as Innoviti manages their card payments. Moreover, Innoviti has also launched UPI payments through its own terminals.
Innoviti Payment Solutions is a payments company founded in 2002. The firm is based in Bengaluru where it is headquartered.
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