Murthy's Catamaran invests in payment solutions start-up

Infosys co-founder N.R. Narayana Murthy's Catamaran Ventures has invested an unspecified amount in city-based start-up Innoviti Payment Solutions Ltd., it was announced on Wednesday.

Along with Catamaran Ventures, Canada-based New India Investment Corporation, an arm of Gravitas Financial Inc, was involved in the start-up's funding.

In the first round of funding in January 2014, Innoviti raised Rs.10 crore through debt and equity from domestic and overseas angel investors, including watch maker Titan company.

"We will use the latest fund to expand our business of real-time distribution of credit to small and medium enterprises (SMEs), whose capital requirement is still unmet," the start-up said in a statement.

The seven-year-old payments solutions gives Rs.400-crore of loans to over 10,000 SMEs in 20 cities across the country through multiple vendors annually.

"We will use the fresh fund also for marketing, product development and scaling-up our payments infrastructure," Innoviti chief executive Rajeev Agrawal said.