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Payments platform Innoviti in talks for pre-IPO fundraise

VCCircle

VCCircle · 1y ago

Payments platform Innoviti in talks for pre-IPO fundraise

Fintech company Innoviti Technologies Pvt Ltd is reportedly seeking to raise a pre-IPO round of funding from new and existing investors. Innoviti operates as a payments platform, offering technology-enabled payment solutions and point-of-sale terminals. The company is aiming to raise funds to support its growth plans as it prepares for an initial public offering (IPO).

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Zepto in talks to raise $400-mn at $5-bn valuation

The Arc Web

The Arc Web · 1y ago

Zepto in talks to raise $400-mn at $5-bn valuation

As per The Information (a publication in the US), Zepto is in talks to raise $400Mn at $5B valuation. This comes after their fundraise of of $650 Mn at $3.5B Valuation. The startup is also preparing for their IPO.

Innoviti’s revenue goes past Rs 110 Cr in FY23

Entrackr

Entrackr · 1y ago

Innoviti’s revenue goes past Rs 110 Cr in FY23

Payment gateway PoS provider Innoviti Technologies reported operating revenue of Rs 110.2 crore in FY23, a growth of 48.7% from the previous fiscal year. Innoviti offers payment gateway and PoS devices to facilitate card-based and online payments. The firm's expenses, including employee benefits and subcontractors charges, increased during the same period. Despite facing losses and challenges, Innoviti has built a strong client base and may be considered for acquisition by investors with competing investments in similar firms.

Catamaran-backed Innoviti gets payment aggregator licence

VCCircle

VCCircle · 1y ago

Catamaran-backed Innoviti gets payment aggregator licence

Indian retail SaaS platform Innoviti has been granted a payment aggregator licence by the Reserve Bank of India (RBI). The company, which services enterprise brands and their SME channel partners, received final approval on 22 March to operate as an online payment aggregator under the Payments and Settlements Act, 2007. Innoviti has already started onboarding merchants and claims to have experienced 4x growth in its online business over the past year. The company provides technology-led payment solutions and point-of-sale terminals for businesses, offline merchants and small retailers.

Now, Innoviti Bags Payment Aggregator Licence From The RBI

Inc42 · 1y ago

Now, Innoviti Bags Payment Aggregator Licence From The RBI

India-based digital payments solutions company, Innoviti, has obtained an online payment aggregator (PA) licence from the Reserve Bank of India (RBI). Innoviti's PA, 'Innoviti Link', currently serves around 2,500 online merchants. This approval comes two years after Innoviti received in-principle permission to operate as a PA. The company offers payment processing solutions, point of sale terminals, and customer relationship management solutions to retailers. Innoviti claims to process over $10bn in purchase volume annually and has a presence in 28 Indian states. The RBI has been actively issuing PA licences to digital payment players, with a total of 13 granted in 2024.

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

Entrackr

Entrackr · 1y ago

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

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.

Innoviti Payments, Concerto Software get RBI payment aggregator licences

Economic Times

Economic Times · 1y ago

Innoviti Payments, Concerto Software get RBI payment aggregator licences

Innoviti Payments and Vegaah have obtained the online payment aggregator licence from the Reserve Bank of India, joining the ranks of MSwipe, Razorpay, Cashfree, and Zomato. This licence allows these companies to settle ecommerce transactions and puts them under the regulatory purview of the RBI. Innoviti has a large base of online merchants using its payment system, Innoviti Link, and aims to provide a unified payment experience for customers both online and offline. MSwipe also received the licence recently and offers online payment services to its offline customers for an omnichannel experience.

Infra.Market bags ₹1,050 crore at $2.8 billion valuation

Inshorts · 5m ago

Infra.Market bags ₹1,050 crore at $2.8 billion valuation

IPO-bound Infra.Market has raised ₹1,050 crore in its pre-IPO round at a valuation of about $2.8 billion, a jump of over 10% from its valuation of $2.5 billion during the previous funding round. The fundraise, termed as its Series F round, saw participation from existing investors Tiger Global, Foundamental GmbH, Evolvence, among others.

Payment gateway and PoS firm Innoviti closes Series E funding

Entrackr

Entrackr · 11m ago

Payment gateway and PoS firm Innoviti closes Series E funding

Payment gateway and point of sales (PoS) provider Innoviti has Rs 70 crore ($8.5 million) in a combination of equity and debt. The second tranche of Series E round was led by Random Walk Solutions, with participation from existing investors Bessemer Venture Partners USA, Patni Family Office India, and Alumni Ventures. The Bengaluru-based company raised the first tranche of Series E in April this year. Post closing Series E, the company will be working towards its IPO within the next 12 months. Innoviti provides payment gateway and PoS devices to merchants to collect card-based payments. Its big ticket-size clients include Reliance, Tanishq, and Shoppers Stop among others. As per Innoviti, its enterprise POS solution, uniPAYNext, is operating at an EBITDA of 20%, and growing at a 23% annualized rate while the electronics EMI solution, GENIEPlus, is growing at 80% annually, and operating at a -18% EBITDA. Meanwhile, GENIEPlus is expected to breakeven by the end of this fiscal year (FY25). Overall, the company claims to be operating at an annualized run-rate of Rs 160 crore with an EBITDA of Rs -8 crore. It targets to become operating profitable in the next couple of quarters. While Innoviti is yet to file audited financials for FY24, its operating revenue grew 48% to Rs 110.2 crore in FY23. The company’s ARR and current EBITDA claims indicate a turnaround as its losses stood at Rs 86.5 crore in FY23. Service fees charged from these facilitations were the sole source of operating revenue for Innoviti in FY23. Earlier this year, Innoviti also received the final authorization from RBI to operate as an online payment aggregator.

PhysicsWallah plans ₹2,500 crore takeover of Drishti IAS

Inshorts · 3m ago

PhysicsWallah plans ₹2,500 crore takeover of Drishti IAS

Alakh Pandey-led edtech startup PhysicsWallah is in talks to acquire Drishti IAS coaching in a deal that could be valued at around ₹2,500 crore, reports claimed. Reports of potential acquisition come as PhysicsWallah gears up for its IPO. Earlier this month, Moneycontrol reported that PhysicsWallah filed draft papers through the confidential pre-filing route to raise ₹4,600 crore via an IPO.

Fintech Niro in talks for pre-Series B funding, eyes valuation bump

VCCircle

VCCircle · 1y ago

Fintech Niro in talks for pre-Series B funding, eyes valuation bump

Bengaluru-based consumer fintech startup Niro is in talks to secure pre-Series B funding at a higher valuation than before. The company, backed by Elevar Equity and GMO Ventures, is an embedded lending platform. It is currently raising funds for its pre-Series B funding round.

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