Innoviti, a Karnataka, India-based collaborative commerce platform, raised $45 million in Series D funding.
The round was led by Panthera Growth Partners (PGP), with participation from Alumni Ventures, Patni Family Office, Bessemer Venture Partners along with individual investors like Sanjoy Bhattacharya, and Bharat Jaisinghani among others.
The fund raised will be utilized to expand the company's mid-market product lines in electronics, fashion, and grocery.
Innoviti will also be used the fresh fund for building products on top of UPI payment channels, enhancing product distribution, and making strategic acquisitions in the marketing technology and data science fields.
Company: Innoviti Payment Solutions Pvt Ltd
Round: Series D
Funding Month: July 2022
Lead Investors: Panthera Growth Partners (PGP)
Additional Investors: Alumni Ventures, Patni Family Office, Bessemer Venture Partners, Sanjoy Bhattacharya, and Bharat Jaisinghani
Company Website: https://innoviti.com/
Software Category: Collaborative Commerce
About the Company: Innoviti is India’s largest provider of payment solutions to Enterprise merchants with a 76% market share of all payments happening in this segment. Innoviti has been a pioneer in using technology to help businesses extract better value from retail transactions than anyone else. Innoviti is the winner of the Mastercards Innovation Wizards Award, Reliance’s Most Promising Growth Consumer Finance Award and Deloitte Fastest Growing Companies in Asia award in 2020. Innoviti is the only Indian payments SaaS company to be awarded the coveted SOC3 seal of excellence for adherence to principles of trust in privacy, security, confidentiality, availability, and processing of transactions.