Innoviti Payment Solutions, a collaborative commerce platform, has raised $45 million in a mix of debt and equity in its Series D round led by Singapore-based growth equity firm Panthera Growth Partners (PGP). New and existing investors like Alumni Ventures, Patni Family Office, FMO and Bessemer Venture Partners, Netherlands participated in the fundraiser, too. Individual investors included Sanjoy Bhattacharya and Bharat Jaisinghani, among others.
The debt came from Trifecta Capital, the company said in a statement on Friday. The funds will also be used to build products on top of existing payment channels, enhance product distribution and make strategic acquisitions in the marketing technology and data sciences fields.
Innoviti provides a collaborative commerce platform to users, who can partner to turn payment transactions into new and unique purchase tools. The company offers grocery, fashion, healthcare, and electronics retailers with category-specific purchase solutions.
With more than 20,000 retailers from 2,000 cities on the platform, Innoviti claims to handle more than 90 million unique customers’ purchases each year. The platform processes over Rs 75,000 crore in annualised purchase volume and enjoys a market share of over 70% in the enterprise sector, the company said. It has already clocked more than Rs 1,000 crore of annualised gross transaction value.
Innoviti says its enterprise division is already profitable and expects to reach total break-even in the current financial year. The company also plans to double revenues in 2022–23.
“Our solutions are crafted for Indian retail, building in nuances of Indian consumers and merchants. We are excited about how our platform is helping digital businesses struggling with high costs of conversion (due to higher competition) find new ways of growing profitably. With the current Series D, we hope to become a sustainable business and list on the exchanges over the next couple of years,” said CEO Rajeev Agrawal.