Innoviti Raises $8.5 Million in Series E Round, Aims for IPO within 12 Months
Bengaluru-based payment gateway and Point of Sales (PoS) provider Innoviti has secured a substantial $8.5 million (Rs 70 crore) in a combination of equity and debt as part of its Series E funding round. The second tranche of funding was led by Random Walk Solutions, with the participation of existing investors Bessemer Venture Partners USA, Patni Family Office India, and Alumni Ventures.
This latest investment is the second tranche of Series E funding, following the initial closing in April of this year. Post the Series E round, Innoviti aims to list its shares on the Indian stock exchange within the next 12 months.
Innoviti offers payment gateway and PoS solutions to merchants, enabling them to accept card-based payments. The company has already secured several high-profile clients, including Reliance, Tanishq, and Shoppers Stop.
According to Innoviti, its flagship enterprise POS solution, uniPAYNext, has achieved an impressive EBITDA of 20% while growing at a 23% annualized rate. Meanwhile, its electronics EMI solution, GENIEPlus, has recorded an EBITDA loss of -18%, but is expected to break even by the end of the current fiscal year (FY25).
As of now, Innoviti claims to be operating at an annualized run-rate of Rs 160 crore, with an EBITDA of Rs -8 crore. Despite incurring losses of Rs 86.5 crore in FY23, the company aims to achieve operating profitability within the next couple of quarters.
Innoviti has also received the final authorization from the Reserve Bank of India (RBI) to operate as an online payment aggregator earlier this year, marking a significant milestone in its growth journey.
