Innoviti Payment Solutions (formerly Innoviti Embedded Solutions) has raised Rs 30 crore ($5 million) in a founding round from N R Narayana Murthy’s Catamaran Ventures and New India Investment Corporation, Canada, a wholly-owned subsidiary of Gravitas Financial Inc.
In January last year, Innoviti had raised Rs 10 crore in a combination of debt and equity. Second round of funding would be primarily to expand its business of credit distribution to small and medium enterprises, the Bengaluru-based company said.
Founded in 2002 by Rajeev Agrawal, who has BTech and PhD degrees from IIT-Bombay, Innoviti started its payments business in 2008. Using an indigenously developed and patented payments platform, the company now processes Rs 8,000 crore of payment transactions a year. Some of its clients are Reliance, Titan, Indigo, Yatra, Walmart, Sikkim Manipal University, HDFC, ICICI, Axis and State Bank of India.
“We believe 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,” said Agrawal, also the chief executive officer for Innoviti.
Previous funders includeds a few international and domestic angel investors, and Titan.