Marquee investors support Innoviti with $18 million to expand digital payments, lending businesses

BENGALURU: One of India’s growing payments company, Innoviti Payment Solutions has raised Rs. 120 Crores (~$18 million) to further its vision of digitally organizing the flow of money for businesses across the retail supply chain.

The current round was participated by SBI-FMO Fund, Bessemer Venture Partners and existing investor Catamaran. Masterkey Holdings, Bengaluru were the exclusive investment bankers to the deal.

Innoviti has worked on an experience-centric approach through its uniPAY Next and smelending.com platforms. The press release by the company indicates that it has used deep technology to build solutions that work within existing infrastructure constraints to deliver payment processing reliability of more than 96% vs. the industry average at 80%. Enhanced reliability builds confidence in digital payments with both the consumer and the merchant, says Innoviti. It is believed that the transaction processing time has been brought down to an average of 2 seconds (vs. industry averages at 7 seconds), thus delivering a superior experience to the customer.

Over the past twelve months Innoviti has also been extending the platform to provide lending solutions for small businesses. Branded as smelending.com, this platform extension provides a frictionless process for addressing the short-term working capital requirements of small businesses.

“A rapidly growing Indian economy with fledgling infrastructure needs a different approach for the delivery of payment solutions. An approach that first focusses on making every transaction happen, and happen fast. Innoviti with its extensive experience and relationships in the payments space has embarked on the journey of delivering to this simple promise of speed and reliability in payments. The current funding from marquee investors is a huge endorsement of our approach and business plan. We believe that our platform is a game changer and are eager to utilize this round of funding to rapidly scale our presence,” opined Rajeev Agrawal, CEO, Innoviti.

Agarwal intends to use the funds from the current phase to aggressively market the company’s uniPAY Next experience, to acquire customers looking for greater speed and reliability in their payment acceptance. He intends to rapidly expand the smelending.com platform to provide working capital loans to kirana stores and brand franchisees. And finally, there would be serious product expansion to address payment and lending issues beyond just retail to more businesses across the supply chain.

Innoviti's payment platforms serve a marquee client base of merchants including Reliance Retail, Titan, Landmark Group, INOX, Indigo, Walmart and several others. Leading banks such as HDFC, ICICI, Axis, SBI, Standard Chartered, Kotak and Citibank use the platform to access customers for processing their payments and distributing to them loans.