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Startup funding

Innoviti raises $18 Mn from SBI FMO and others.

12th, July 2017    -    Startup funding

Digital payments solutions company, Innoviti Payment Solutions has raised $18.5 Mn (INR 120 Cr) Series B funding led by Singapore-based SBI-FMO Fund. The round also saw participation from Bessemer Venture Partners and existing investor Catamaran Ventures. 

Founded by Rajeev Agrawal, an IIT Bombay alumnus, Innoviti provides digital payments solutions which facilitate SME Lending. On one hand, these solutions help businesses enhance sales by providing their customers with access to loans from multiple lenders when they are paying for their purchase. On the other, they help businesses in reducing the cost of processing digital payments by automating the manual processes used by them.

With its indigenous payments platform, Innoviti has delivered differentiated solutions for digital payments automation, consumer credit distribution, and SME lending. An official statement claims thatInnoviti processes over $3 Bn (INR 20,000 Cr) of payment transactions annually including about $155 Mn (INR 1000 Cr) of credit.

Innoviti’s platform SME Lending – provides a frictionless process for addressing the short-term working capital requirements of small businesses. The platform enables loans as small as INR 30,000 for periods as short as 15 days.

The current round of funding will be used to aggressively market its uniPAY Next digital payments platform experience, to acquire customers. Apart from this, the funds will be used for expansion of the platform to provide working capital loans to kirana stores and brand franchises. The startup will also look to expand the product to address payment and lending issues beyond retail to other businesses across the supply chain.

The current round of funding will be used to aggressively market its uniPAY Next digital payments platform experience, to acquire customers. Apart from this, the funds will be used for expansion of the platform to provide working capital loans to kirana stores and brand franchises. The startup will also look to expand the product to address payment and lending issues beyond retail to other businesses across the supply chain.

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