Payments-centric retail SaaS platform Innoviti has received the final authorisation from the Reserve Bank of India (RBI) to operate as an online payment aggregator under the Payments and Settlements Act, 2007.
Innoviti, which caters to enterprise brands and their SME channel partners, received an in-principle authorisation from RBI in 2022. The central bank’s final approval for the online payment aggregator came on March 22.
Besides Innoviti, Amazon Pay, Zomato, Stripe, Infibeam Avenues, Razorpay, Cashfree Payments, Open Financial, EnKash, Google Pay and Paymate, among others, have previously received RBI’s final approval for operating as online payment aggregators.
Innoviti has already been onboarding merchants. It also claims that its online business has grown 4X in the past 12 months, with more than 2,500 merchants onboarded and actively transacting.
The company counts Singapore-based SBI FMO Emerging Asia Financial Sector Fund, Bessemer Venture Partners, Catamaran, Panthera Growth Partners, and Patni Family Office, among others, as its investors. It had last raised $45 million from Panthera Growth Partners, SBI FMO, Bessemer Venture Partners and Catamaran in its Series D funding round in 2022.
Founded in 2002, Innoviti provides technology-led payment solutions and point-of-sale terminals for businesses, offline merchants, and small retailers, by partnering with banks and digital payment providers.
The Bengaluru-headquartered company helps merchants collect online payments via UPI, cards, and EMI, without the need to rent a payment terminal or complex payment gateway integration.
It claims that it operates India’s largest offline payments platform under the brand name uniPAYNext. Its clients include enterprise brands such as Reliance, Tanishq, and Shoppers Stop, among others.
