Retail SaaS Platform Innoviti Initiates Series E Second Close With Alumni Ventures
First close was led by Bessemer Venture Partners and Patni Family Office.
Innoviti Technologies Pvt., a payments-centric retail SaaS platform for enterprise brands and their SME channel partners, has initiated the second close of its ongoing Series E funding round.
The second close of Rs 75 crore has been initiated with an investment by Alumni Ventures. Additional investors will be joining in the coming weeks, with the Series E round expected to close by June end. The company had kickstarted its Series E round in April 2024 with Rs 40 crore raised from Bessemer Venture Partners and Patni.
The retail SaaS platform helps enterprises such as Reliance, Tanishq and Shoppers Stop and their channel partners improve sales, operational and financial efficiencies at the point of consumption. Innoviti's tools across online and offline payment channels process over Rs 72,000 crore annually from across 2,000 cities and over 20,000 merchants, it said in a press release.
The company's enterprise business has been generating operating profits for the past 10 quarters, with operating profits of 18%, and growing steadily, according to the release. Innoviti's Electronics Brand EMI midmarket business is growing at 8% month-on-month, and the online business at 10% month-on-month. The company is backed by investors such as Bessemer Venture Partners, USA, FMO, Netherlands, Catamaran Ventures and the Patni Family Office.
“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.
-With inputs from PTI
