Innoviti Payment Solutions announced Monday (July 20) it secured Rs 30 Crores (roughly $5 million) in funding to bolster its payments business and expand real-time credit distribution to small- and medium-sized enterprises (SMEs).
Innoviti Payment Solutions announced Monday (July 20) that it secured Rs 30 crores (roughly $5 million) in funding to bolster its payments business and expand real-time credit distribution to small and medium-sized enterprises (SMEs).
The round was co-led by India-based Catamaran Ventures and New India Investment Corporation, a wholly owned subsidiary of Gravitas Financial located in Canada. Innoviti confirmed the new capital would also be used for increased marketing efforts, product development and to scale up its overall payments infrastructure.
“We believe that only a merchant-centric approach to solving payment problems can create sustainable solutions. This funding from marquee investors is a huge endorsement for our approach and business plan,” Innoviti CEO Rajeev Agrawal said in a company release.
“Our unique ability to extend loans for SMEs in real time at their points of purchase solves a real-world SME lending problem. We believe that our platform is a game changer and are eager to utilize this round of funding to rapidly scale our presence.”
According to Innoviti, it distributes more than Rs 400 crores (roughly $75 million) in loans to more than 10,000 SMEs across 20 cities, utilizing multiple lenders each year. The company provides the only platform in India where payments can be processed in both online and offline channels.
Vikas Ranjan, president of New India Investment, explained why Innoviti was considered a worthwhile investment: “We are very excited to be a part of the growth story Innoviti presents. The payment solutions space in India is a great place to be and has tremendous scope to grow across many fronts. Innoviti is one of the leaders and continues to innovate to make its offerings attractive to businesses and consumers who are looking to transact either online or offline. The executive team of Innoviti is strong and experienced, and the company has built the foundation for a potential rapid growth in the future.”
The investment in Innoviti comes at a time when reports of India’s rapidly growing startup community and emergent B2B presence continue to increase.
Former head of R&D at Yahoo India, Sharad Sharma, believes India’s startup scene is uniquely positioned to become a bastion of B2B innovation.
“The Indian consumer is not the same animal as the Western consumer,” Sharma told The Times of India earlier this year. “And it’s very hard to solve a Western consumer problem sitting in India. We are more likely to see large companies emerge on the B2B side.”
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