Innoviti Payment Solutions Private limited announced that it has raised Rs 30 Crores (~USD 5 million) from Catamaran Ventures, India and New India Investment Corporation, Canada.
Prior to this funding Innoviti had raised Rs 10 Crores as a combination of debt and equity in January, 2014. As per the company, this second round of funding will be primarily used to expand its business of real-time distribution of credit to small and medium enterprises.
Innoviti distributes over Rs 400 Cr. of loans to more than 10,000 SMEs across 20 cities through multiple lenders annually. The funding will be additionally used for marketing, product development and for scaling up its overall payments infrastructure.
The company today processes over Rs. 8,000 Cr. of payment transactions and originates over Rs. 1000 Cr. of loans
Innoviti Payment Solutions Pvt. Ltd was formerly known as Innoviti Embedded Solutions Pvt. Ltd. Innoviti started its payments business in 2008 and offers payment solutions through its indigenously developed and patented platform uniPay. This platform helps merchants to accept credit card payments through their website, mobile app, stores and delivery agents.
The platform today serves a marquee base of merchants including Reliance, Titan, Indigo, Yatra, Walmart, Sikkim Manipal Universityand several others. Leading banks such as HDFC, ICICI, Axis, SBI, Standard Chartered, Kotak, Citibank andNBFCs such as Bajaj Finance and othersuse the platform to distribute loans to customers of these merchants.
Mr. Rajeev Agrawal, CEO, Innoviti, said “We believe that only a merchant-centric approach to solving payment problems can create sustainable solutions. This funding from marquee investors is a huge endorsement for our approach and business plan. Our unique ability to extend loans for SMEs in real-time at their points of purchasesolves a real-world SME lending problem. We believe that our platform is a game changer and are eager to utilize this round of funding to rapidly scale our presence“.