Payment-focused retail software-as-a-service (SaaS) platform Innoviti Monday said it has raised $4.8 million (Rs 40 crore) from its existing investors as part of its ongoing Series E funding round.
The round, which is a pre-IPO funding exercise, was co-led by Bessemer Venture Partners and Patni Family Office, with the rights issue subscribed by early angels and founders.
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.
Additionally, VCCircle had also reported that the round was to be led by a Southeast Asian family office, whose name was not disclosed along with participation from its founder, angel investors and over 70 employees.
According to the company’s statement, this is expected to be the last round before the company starts generating sufficient cash for its future growth, expected to happen in the next 12 months, post which it plans to initiate the blueprint for going public.
It aims to become profitable by September of this year as well.
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 equips clients with billing and customer relationship management software to help merchants and retailers, across offline segments, drive sales, cut operational costs and target relevant customers.
The firm had in the past launched an advanced installment platform in partnership with Visa to help shoppers convert purchases into EMIs using their cards at merchant locations.
The company counts brands such as Reliance, Tanishq and Shoppers Stop, as part of its client portfolio.
Notably, the company received the final authorization from RBI to operate as an online payment aggregator in 2024.
“Innoviti has demonstrated an ability to deliver value-added SaaS through payment channels. We have seen their ability to retain and grow their relationships in the tough Indian enterprise retail market,” said Vishal Gupta, partner and India head, Bessemer Venture Partners.
In 2022, the company raised $45 million from Panthera Growth Partners and Alumni Ventures. Existing investors Trifecta Debt, Patni Family Office, Bessemer Venture Partners and individual investors, Sanjoy Bhattacharya and Bharat Jaisinghani also participated in the round.