Innoviti raises 80m in a first close in ongoing series D round

By Leandra Monteiro

Series D funding, a mix of debt and equity, was carried out by Trifecta Debt Fund, Patni Advisors and Bessemer Venture Partners. Innoviti valuation has multiplied 2.5X from its Series C round closed a few months back.

Innoviti is looking at raising INR 4 billion in primary funding in Series D to fuel its growth with a plan for a listing in the next 2 to 3 years. Other marquee investors are expected to join in the subsequent closings over the next few weeks. The funds raised will be used for a) funding working capital for its enterprise business, b) marketing of mid-market products, c) further strengthening of the technology platforms for online and B2B payments and d) tactical acquisitions in the area  of data sciences and marketing technologies.

Innoviti utilised its Series C funds to design and launch GENIE, its product for mid-market electronics merchants. The product launched in July 2021 helps these merchants fight against online by providing attractive EMI and BNPL schemes to their customers. Within six months GENIE has rapidly grown to driving INR 10 billion of annualised GTV that is targeted to grow to INR 70 billion over next twelve months. The company is in the process of designing products for the automotive and jewellery industries in the meanwhile. Innoviti is also working on an installment platform with Visa to democratise access to credit by enabling any bank’s customers to opt for a loan at the time of purchase.

“Innoviti desires to become the purchase partner to every Indian. Helping them enhance their standard of living by improving the purchasing power of every Rupee they earn. We are doing this by using technology to get businesses that talk to the same consumer to talk to each other, share marketing budgets and channel them towards improving the purchasing power of their consumer.

A key differentiator for us has been developing sophisticated technology and delivering it through simple, exceptionally crafted purchase experiences. This is hard, very hard to put together. We are proud to have done that.

This customer centricity and a relentless focus on excellence has 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 couple of years.” said Rajeev Agrawal, CEO, Innoviti.