Innoviti raises $45 million for its collaborative commerce platform
There is no doubt that digitization has given people more choices than ever before, making competition tough for all businesses, and this is especially the case for small businesses. Innoviti’s goal is to use its collaborative commerce platform to bring small and large businesses closer together and make more profit than would otherwise be possible. Innoviti even helps people make better buying decisions. Find out more about the company and what it plans for this round of funding in the article below.
Innoviti Payment Solutions Pvt Ltd, a collaborative commerce platform has raised $45m in a Series D funding round led by Panthera Growth Partners (PGP). The round also saw participation from Alumni Ventures, Patni Family Office, Bessemer Venture Partners as well as individual investors like Sanjoy Bhattacharya, Bharat Jaisinghani among others. Funds raised will be used to expand the company’s mid-market product lines in electronics, fashion and grocery. It will also be used to build products in addition to UPI payment channels, improve product distribution, and make strategic acquisitions in the areas of marketing technology and data science.
“We are happy to have Panthera join us, guide us and support us on our journey to become the buying partner for every India. PGP has a proven track record of supporting highly differentiated companies that have created lasting value in the Indian startup ecosystem. With the current Series D, we hope to become a sustainable company and be publicly listed within the next two years,” said Rajeev Agrawal, CEO of Innoviti.
The company plans to double its revenue from 2022 to 2023. The company’s enterprise division is already profitable and it expects to break even in the current fiscal year, the company claimed in a statement.
Launched in 2021, Innoviti’s GENIE product for mid-market mobile retailers has been a resounding success in providing affordable solutions that appeal to customers. It has already recorded more than INR 1,000 crore of annualized GTV, according to the company’s statement.
“As a growth-stage investor focused on disruptive technology-driven companies, we are thrilled to partner with Innoviti. Innoviti’s industry-leading solutions transform simple payment transactions into powerful purchasing tools. We look forward to joining Innoviti with the goal of becoming a buying partner for every customer,” said Shilpa Kulkarni, Founder and Managing Partner of PGP.
Founded in 2021, Panthera Growth Partners recently announced the first closing of its second $250 million fund. Fund I has backed industry-leading companies such as BigBasket, Pepperfry, Zivame, OfBusiness, etc., according to the company’s statement.
The original article can be found on the contractor’s website.
Spencer Hulse is editor at Grit Daily News. It covers affiliate, viral and marketing news.