Innoviti raises $8.3m in Series E round led by Random Walk Solutions

By Gloria Mathias

Innoviti Technologies, India’s payments-centric retail SaaS platform for enterprise brands, has announced that it closed its Series E round, raising a total of $8.3 million (INR 70 crore.) as a combination of equity and debt.

Random Walk Solutions led the round, which was joined by existing investors Bessemer Venture Partners USA, Patni Family Office India, and Alumni Ventures, USA.

Innoviti helps enterprises such as Reliance, Tanishq, and Shoppers Stop make more money faster by unlocking value at the point of consumption left undiscovered by other conventional payment solutions. The company’s modern software connects retail and payment systems to deliver new and unique sales, payments, and operational SaaS tools at the point of consumption.

With Series E closed, the company will work towards its IPO, which it expects to launch within the next 12 months. Earlier this year, the company received the final authorization from the RBI to operate as an online payment aggregator.

Vishal Gupta, Partner & India Head, Bessemer Venture Partners, said, “Innoviti has demonstrated a unique 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. We are excited to support the next phase of their growth journey in the mid-market and online spaces.”

Arihant Patni, Patni Family Office, said, “We have seen the strategic positioning Innoviti enjoys in the Indian enterprise retail space and are excited to support their growth journey as they make inroads into mid-market retail and online spaces.”

Yev Gelfand, Alumni Ventures, said, “Innoviti has created a premium payments business in a tough Indian market. The superiority of their technology is apparent in their ability to continuously add value to their customers through new products. We are excited to support them in the next phase of their growth.”