Payment-focused retail software-as-a-service (SaaS) platform Innoviti said Tuesday it has raised funding from US-based Alumni Ventures as part of its ongoing Series E round.
The startup is raising $9 million (Rs 75 crore) led by Alumni Ventures, it said in a statement. Additional investors will be coming on board by the end of June, by when it expects to complete the fundraise, the startup said.
“Innoviti has created a premium payments business in a tough Indian market. The superiority of their technology is apparent via their ability to continuously add value to their customers through new products,” said Yevgeny Gelfand, Alumni Ventures.
The fresh fundraise comes after Innoviti, which received the final authorization from the Reserve Bank of India to operate as an online payment aggregator earlier this year, raised Rs 40 crore ($4.8 million) in April from Bessemer Venture Partners and Patni Family Office.
In February, VCCircle reported that the payments platform was in the process of raising a pre-IPO round of funding to the tune of $15 million (Rs 124 crore) from a mix of new and existing investors.
Previously, the company raised $45 million in 2022 from Panthera Growth Partners and Alumni Ventures. Existing investors Trifecta, Patni Family Office, Bessemer and individual investors Sanjoy Bhattacharya and Bharat Jaisinghani also participated in the round.
Launched in 2002, Innoviti’s point-of-sale terminals are available for businesses, offline merchants and small retailers, through partnerships with banks and digital payment providers. It also offers billing and customer relationship management software to help merchants and retailers drive sales, cut operational costs and target relevant customers. The company counts brands such as Reliance, Tanishq and Shoppers Stop as part of its client portfolio.