Innoviti Payment Solutions, a mobile payments startup, has raised Rs120 crore in its latest round of funding from SBI-FMO and Bessemer Venture Partners. The startup, backed by Infosys Ltd co-founder N.R. Narayana Murthy’s Catamaran, is expected to use the capital to boost its business across the retail supply chain. The payments technology firm helps merchants accept payments across channels such as the web, mobile, in-store or at the time of delivery. It also operates smelending.com, a platform that helps small merchants get short-term loans to manage their cash flows.
Rajeev Agarwal, CEO of Innoviti, said that “The new round of funding will be used to expand the market for the uniPAY Next platform and smelending.com product to target payment and lending to facilitate working capital loans to kirana stores, small merchants and brand franchisees right across the supply chain”. UniPAY is an offering that allows merchants to accept digital payments through various modes such as cards, wallets as well as UPI. The startup processes ~INR20,000 crore worth of transactions annually, and claims that it has grown 100% in terms of value and volume of transactions y-o-y.
Suramya Gupta, fund manager at SBI-FMO fund, further added that “The space of digital payments in India is huge and is heavily under-penetrated. After the Indian government’s initiative and support in helping digitization, it further boosts our aspirations to invest in such businesses in India”.