Innoviti Technologies Pvt. Ltd, which operates a payments-centric retail SaaS platform for enterprise brands and their SME channel partners, on Monday, said it closed its Series E funding round raising a total of Rs 70 crore ($8.3 million) in a mix of equity and debt.
The funding round was led by Random Walk Solutions, with participation from existing investors Bessemer Venture Partners, Patni Family Office and Alumni Ventures.
Innoviti now plans to work towards its IPO with the Series E round closed. The company expects to launch its public offering within the next 12 months.
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 in April from Bessemer Venture Partners and Patni Family Office. Alumni Ventures joined the funding round in June.
Innoviti offers point-of-sale terminals 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. It works with enterprises, such as Reliance, Tanishq, and Shoppers Stop, among others.
It claimed that its enterprise POS solution, uniPAYNext, is operating at an EBITDA margin of 20% and growing at a 23% annualised rate while its electronics EMI solution, GENIEPlus, is growing at 80%annually and operating at a -18% EBITDA margin. It expects the latter product to achieve breakeven by 25 March, 2025.
On an overall level, the company claims to be operating at an annualised run-rate of Rs 160 crore with an annualised EBITDA of negative Rs 8 crore. It aims to operate profitably in the next couple of quarters.
Prior to this, the company had raised $45 million in 2022 from Panthera Growth Partners and Alumni Ventures, Trifecta, Patni Family Office, Bessemer and individual investors Sanjoy Bhattacharya and Bharat Jaisinghani.