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Innoviti kicks off Series E round with Rs 40 Cr led by Bessemer

EntrackrEntrackr · 1y ago
Innoviti kicks off Series E round with Rs 40 Cr led by Bessemer
Medial

Payment gateway and point of sales (PoS) provider Innoviti Technologies has raised Rs 40 crore in Series E round led by Bessemer Venture Partners and Patni Family Office. Several angel investors also joined the financing round. The proceeds will be deployed towards driving the firm’s mid-market expansion and further growing the online business that has scaled 4X in the past 12 months, the company said in a press release. According to Innoviti, this round is an ongoing one and it would raise more funds in the near future. Prior to this, the company raised funds from Bessemer, FMO, Patni and other investors in 2022. Innoviti provides payment gateway and PoS devices to merchants to facilitate online and card-based payments. Service fees charged from these facilitations were the sole source of operating revenue for Innoviti in FY23. According to the startup data intelligence platform TheKredible, Innoviti’s operating revenue grew to Rs 110.2 crore in FY23 while its losses grew 17.8% to Rs 86.5 crore in FY23. Innoviti also received the final nod from RBI to operate as an online payment aggregator earlier this year. The company says it is also aiming to become profitable by September 2024.

Infibeam Avenues receives RBI’s final nod for Payment Aggregator licence

EntrackrEntrackr · 1y ago
Infibeam Avenues receives RBI’s final nod for Payment Aggregator licence
Medial

Infibeam Avenues has received final authorisation from the Reserve Bank of India (RBI) to operate as a Payment Aggregator under the Payment Settlements Act, 2007 for its payment gateway brand – CCAvenue. While Infibeam Avenues already received “in-principle” approval from the RBI late last year, the apex banking body has granted the final licence. RBI had introduced the payment aggregator framework in March 2020. Infibeam Avenues offers digital payment solutions and enterprise software platforms to businesses and governments across industry verticals. The company’s payment infrastructure solution includes acquiring and issuing solutions and offering infrastructure for banks. Its enterprise software platform provides an online marketplace for government procurement. Razorpay, Cashfree, and Open were the first set of players to get the regulatory nod in December last year. Zomato, DigiO, Google, and Tata Digital among others are the other major players to get the payments licence. Infibeam Avenues claims that it has more than 10 million merchants on its platform and crossed half a million merchant onboarding in the first half of FY24. Infibeam Avenues had earlier launched CCAvenue mobile app, which is an advanced omni-channel payment app where its app features a pin-on-glass SoftPoS solution – CCAvenue TapPay for Merchants and Kiranas across the country. Infibeam Avenues had shown strong growth and this could be evident from its Q3 FY24 numbers. Its revenue from operations grew 15.4% to Rs 912 crore in Q3 FY24 whereas the firm also managed to grow its profit marginally to Rs 40.8 crore during the above mentioned period.

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