Fintech Innoviti raises $45 Mn Series D round led by Singapore-based Panthera Growth

Innoviti

Innoviti Payment Solutions, one of the leading fintech companies, has raised $45 Mn. With this funding, fintech has closed its Series D funding round.

Out of this $45 Mn funding, Panthera Growth has invested $15M from its recently announced Fund II, along with new investors including Alumni Ventures, Patni Family Office, and existing investors FMO and Bessemer Venture Partners, Netherlands.
The funds raised will be used to expand the company’s mid-market product lines in electronics, fashion, and grocery. It will also be utilised for building products on top of UPI payment channels, enhancing product distribution, and making strategic acquisitions in the marketing technology and data sciences fields. Avendus Capital was the exclusive financial advisor to Innoviti in this transaction.

Innoviti has also raised debt from Trifecta Capital in this round. A clutch of individual investors such as Sanjoy Bhattacharya, Bharat Jaisinghani, and others also participated in this investment round.

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Further, the company plans to double revenues in 2022–2023. According to the fintech company, its enterprise division is already profitable, and it expects to reach total break-even within the current financial year.

“We are happy to have Panthera join, guide, and support us in our journey of becoming the purchase partner to every Indian. PGP has had a track record of backing highly differentiated businesses that have created lasting value in the Indian start-up ecosystem. We are super excited that they decided to back us and look forward to the same magic here. One needs to design easy-to-use flexibility with military-grade reliability and that too at scale for exceptional customer experience, we are proud to have done that. Our four patents, including one US patent, are proof of that. This has translated into our collaborative commerce platform powering more than 70% of purchases that happen digitally in enterprise retail today,” said Rajeev Agrawal, CEO, of Innoviti.

Innoviti offers a collaborative commerce platform that helps small businesses collaborate with other businesses and acquire customers together. The startup said that more than 20,000 retailers from 2000 cities participate in Innoviti’s platform, which handles more than 90 Mn unique customers’ purchases each year.

Innoviti claims to have processed over Rs 75,000 Cr. ($10 Bn) in annualised purchase volume and holds a commanding market share of > 70% in the enterprise sector. It offers grocery, fashion, healthcare, and electronics retailers with category-specific purchase solutions.

On the other hand, Panthera GP was founded in 2021 and recently announced the first close of its $ 250 Mn second Fund. Fund I, has backed sector-leading companies such as BigBasket, Pepperfry, Zivame, OfBusiness, etc.

Panthera’s Founder and Managing Partner, Shilpa Kulkarni, said, “As a growth-stage investor focused on disruptive technology-led businesses, we are excited to partner with Innoviti. Innoviti’s cutting-edge solutions help turn simple payment transactions into powerful purchase tools. We look forward to joining Innoviti on the journey to become a purchasing partner for every consumer.”

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“This customer centricity and a relentless focus on excellence have helped us become the most capital-efficient company in this space. With the current Series D, we hope to become a sustainable business and list on the exchanges over the next couple of years,” Rajeev Agrawal added.

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