Budget for women and children welfare increased from Rs 1,56,528 crores to Rs 1,84,632 crores for 2017-18
. PTI takes no editorial responsibility for the same). Innoviti Raises Rs. 120 Crores (~US$ 18 Million) to Grow its Payments and Lending Businesses.
"Catamaran's choice to partner with Innoviti because of the company's innovative approach to credit distribution built on top of a robust payments platform continues to yield positive results. Over the years, Rajeev has proven that he is a great custodian of capital and has demonstrated perseverance, commitment, flexibility and drive through an important phase of his business. He is an entrepreneur with a solid reputation across the ecosystem and has leveraged his strengths to build confidence and traction across marquee customers and partners alike. With a strong foundation and a well-capitalized balance sheet, Innoviti is well poised to strengthen its market position in what continues to be a receptive ecosystem for well-designed digital payment and lending solutions," said Mr. Abishek Laxminarayan, Director, Catamaran.
"We are excited to partner with Innoviti as we jointly build the leading digital payments platform in India. Innoviti is a company focused on developing unique solutions for the Indian payments context and we like companies with the ability to create IP. We believe these solutions will also be valuable to other countries in Asia and we will work with Innoviti to extend our network in this region to them. We also look forward to working with our co-investors Bessemer and Catamaran," said Mr. Suramya Gupta, Fund Manager, the SBI-FMO Fund
"We like Innoviti's vision of organizing the flow of money across the supply chain. It is large and very relevant to India as it is emerging now. We believe this vision, coupled with Innoviti's superior technology, will drive them to leadership in the payment ecosystem," said Mr. Vishal Gupta, Managing Director, Bessemer Venture Partners.
About Innoviti Payment Solutions Pvt. Ltd., Bangalore, India
Innoviti Payment Solutions Pvt. Ltd. (formerly Innoviti Embedded Solutions Pvt. Ltd.) has been a pioneer in the use of technology to solve real-world payment acceptance problems of merchants. Using its indigenous payments platform, Innoviti has delivered differentiated solutions for payments automation, consumer credit distribution and SME lending that have become a benchmark in their markets. Innoviti processes over Rs. 20,000 Crores of payment transactions annually including Rs. 1000 Cr. Of credit. It is India's only payments company that can process transactions through any channel - be it web, mobile, in-store or at the time of delivery. The company has won Deloitte Asia Pacific award three years in a row and Red Herring Asia award twice.
For more information, visit: http://www.Innoviti.Com.
About Catamaran, Bangalore, India
Catamaran is an evergreen domestic investment firm with interests in VC/PE, joint venture partnerships and public market investing.
We invest in a few selected talented entrepreneurs and investors each year. Our portfolio spans FMCG, healthcare, manufacturing, financial services, education, medical devices, media and other sectors. We are active across stages: seed/angel, expansion, and public market investing. Across all our investments, we are a fundamental long-term oriented investor looking for teams with strong values addressing large opportunities in a differentiated and capital-efficient way. We have a preference for companies that are altering the fundamental fabric of life in India, or earning greater respect for our country overseas.
About the SBI-FMO Fund
The SBI-FMO Fund is a Private Equity fund based in Singapore which invests in FinTech and financial services companies across Emerging Asia. The Fund has been setup by two global institutions - The SBI Holdings Group
(http://www.Sbigroup.Co.Jp/english/), a leading Internet-based financial services conglomerate in Japan that was spun-out from SoftBank, and FMO (https://www.Fmo.Nl/), the Dutch development bank. The SBI Holdings Group is the leading FinTech conglomerate in Japan and one of the best performing Japanese Private Equity/Venture Capital Asset Managers with an AUM in excess of USD 5 Billion. FMO is one of the world's largest Development Finance Institutions. The SBI-FMO Fund leverages the joint strengths of both its sponsors to help companies benefit from the Fund's global networks.
About Bessemer Ventures
Bessemer Venture Partners (BVP) is a $4B venture capital firm that funds consumer, enterprise and healthcare startups around the world, from seed stage to growth. BVP funded the early stages of Blue Apron, Pinterest, Skype, Bigbasket, Swiggy, Motilal Oswal, Shriram City Union Finance, Home First Finance and Twitch and helped build 117 IPOs including Twilio, Yelp, LinkedIn, Shopify, MindBody and Wix. Follow us @BessemerVP.
Sarath Chandra Nerella
Senior Manager - Marketing
Innoviti Payment Solutions Pvt. Ltd.
Source: Innoviti Payment Solutions Pvt. Ltd.