Innoviti completes first close of its pre-IPO round with Rs 40 crore fundraise

Mumbai: Innoviti Technologies, India’s largest payments-centric retail SaaS (software as a service) platform, has successfully raised Rs. 40 crore in the first close of its Series E funding round. The company plans to float in initial public offering in the next 12 months.

The round was led by Bessemer Venture Partners and Patni Family Office, with early angels and founders also participating. Innoviti is a key player in providing software tools for enterprise brands like Reliance, Tanishq, and Shoppers Stop, enabling secure and efficient payment acceptance.

“We have seen Innoviti’s ability to retain and grow their relationships in the tough Indian enterprise retail market and are excited to support the next phase of their growth journey in the mid-market and online spaces,” said Vishal Gupta, partner and India head, Bessemer Venture Partners.

According to Arihant Patni, his family office decided to invest in the company after seeing the strategic positioning Innoviti enjoys in the Indian enterprise retail space. Innoviti is led by Rajeev Agarwal founder and CEO with FMO, Netherlands and Catamaran Ventures (Mr. Narayana Murthy’s family office) as key investors.

The enterprise segment has been profitable for 10 consecutive quarters, while the mid-market and online sectors are rapidly growing and expected to turn profitable by September 2024, the company said.

The current funding will drive mid-market expansion initiated in 2021 and support the 4X growth of the online business in the past year. Further capital raise is planned by April to fuel future growth and pave the way for an IPO within the next 12 months. Innoviti also obtained RBI authorization earlier this year to operate as an online payment aggregator, enhancing its operational capabilities.


Stay informed with the latest Business News on Times of India. Explore updates on International Business, gain insights with Financial Literacy tips, and make use of Financial Calculators. Don’t forget to check the list of Bank Holidays in 2025, including Bank Holidays in January.


Ready to Master Stock Valuation? ET’s Workshop is just around the corner!