Monday, July 20, 2015

Innoviti Payment Sol. raises Rs.30 Cr VC funding

Innoviti Payment Solutions Pvt. Ltd. (formerly known as Innoviti Embedded Solutions Pvt. Ltd.), a leading provider of payment solutions, announced today that it has raised financing of Rs. 30 Crores (~ USD 5 million) to further strengthen its payments business.  The round was co-led by Catamaran Ventures, India and New India Investment Corporation, Canada (A wholly owned subsidiary of Gravitas Financial Inc).  Previous investors include international and domestic angel investors and Titan Company Limited (a joint venture between Tata Group and Tamil Nadu Industrial Development Corporation).  Masterkey Holdings was the sole advisor to the transaction.

Innoviti had raised Rs 10 Crores in January, 2014 as a combination of debt and equity.  This second round of funding will be primarily used to expand its business of real-time distribution of credit to small and medium enterprises (SMEs).  Providing SME credit at the point of purchase is a large unmet need and Innoviti has grown to be a leader in this segment.  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.