Payment gateway and point of sales (PoS) provider Innoviti Technologies has raised Rs 40 crore in Series E round led by Bessemer Venture Partners and Patni Family Office. Several angel investors also joined the financing round.
The proceeds will be deployed towards driving the firm’s mid-market expansion and further growing the online business that has scaled 4X in the past 12 months, the company said in a press release.
According to Innoviti, this round is an ongoing one and it would raise more funds in the near future. Prior to this, the company raised funds from Bessemer, FMO, Patni and other investors in 2022.
Innoviti provides payment gateway and PoS devices to merchants to facilitate online and card-based payments. Service fees charged from these facilitations were the sole source of operating revenue for Innoviti in FY23.
According to the startup data intelligence platform TheKredible, Innoviti’s operating revenue grew to Rs 110.2 crore in FY23 while its losses grew 17.8% to Rs 86.5 crore in FY23.
Innoviti also received the final nod from RBI to operate as an online payment aggregator earlier this year. The company says it is also aiming to become profitable by September 2024.
