Innoviti is a technology company.
Innoviti provides a platform to accept payments through multiple payment tenders like cards, UPI, and loyalty points, helping businesses protect revenue.
Innoviti has raised $85.0M across 6 funding rounds.
Innoviti has raised $85.0M in total across 6 funding rounds.
Innoviti Technologies Pvt. Ltd. is India's leading payments-centric retail SaaS platform, specializing in in-store payment processing, credit distribution, and management solutions for enterprise merchants and their SME partners. It holds a 76% market share in enterprise merchant payments, processing over $10 billion annually across 1,000+ cities with 2x the national average volume per installation, serving large retailers like Reliance and Tanishq while expanding into SMEs and Tier 3-5 cities.[2][4][3] The platform enables digitization through tools like no-cost EMIs, cashback, and BNPL (Buy Now Pay Later), partnering banks, merchants, and brands to boost sales and provide consumer finance access, with 285-650 employees based in Bengaluru.[1][4]
Founded in 2002 by Co-Founder and CEO Rajeev Agrawal and others including VP Murali Murthy, Innoviti started as a payments technology innovator in Bengaluru, India, initially focusing on enterprise merchant solutions.[2][5][6] The idea emerged amid India's cash-heavy economy, pioneering tech to extract value from retail transactions via its uniPAY unified payment platform.[5] Early traction included Series A funding in 2015 ($5M from Catamaran and others), followed by growth to process billions in payments; pivotal awards like Mastercard’s Innovation Wizards, Deloitte Fastest Growing in Asia (2020), and SOC3 certification for security solidified its position, with patents filed (two awarded).[2]
Innoviti rides India's payments digitization wave, transforming a cash-reliant market (pre-UPI boom) by enabling in-store acceptance for enterprises/SMEs and consumer finance in underserved cities.[3] Timing aligns with rising e-payments post-2016 demonetization/UPI, where competition equalizes consumer access but small merchants struggle—Innoviti's platform levels this via collaborative tools, boosting sales 2x via promotions.[1][3] Market forces like BNPL growth, MSME credit needs, and retail SaaS demand favor it, influencing the ecosystem by partnering giants (Reliance) and investors (Bessemer, FMO) to digitize Tier 3-5 payments, enhancing financial inclusion.[2][4]
Innoviti's Series E momentum (₹40Cr+ raised by 2024, targeting expansion) positions it to dominate SME/BNPL segments, unlocking efficiencies for enterprise-SME networks amid India's retail fintech surge.[4][5] Trends like UPI 2.0, embedded finance, and rural digitization will propel growth, potentially scaling to $136M+ revenue via deeper Tier 2-5 penetration and new products.[4] Its influence may evolve as a full-stack retail SaaS leader, humanizing payments for small businesses while sustaining enterprise dominance—cementing its role as the go-to platform in collaborative commerce.[1][3]
Innoviti has raised $85.0M in total across 6 funding rounds.
Innoviti's investors include Abstract Ventures, Accel, Alumni Ventures, Andreessen Horowitz, Atomic, Bessemer Venture Partners, DFJ Growth, DST Global, General Catalyst, Khosla Ventures, Menlo Ventures, Quiet Capital.
Innoviti has raised $85.0M across 6 funding rounds. Most recently, it raised $14.0M Series E in March 2024.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| Mar 1, 2024 | $14.0M Series E | Abstract Ventures, Accel, Alumni Ventures, Andreessen Horowitz, Atomic, Bessemer Venture Partners, DFJ Growth, DST Global, General Catalyst, Khosla Ventures, Menlo Ventures, Quiet Capital, ZhenFund, Eric Ries, Jeffrey Lee, Marc Benioff, Othman Laraki | |
| Jul 1, 2022 | $25.0M Series D | 01 Advisors, Accel, Alumni Ventures, Bascom Ventures, Bessemer Venture Partners, Galaxy Digital, Grasshopper Capital, Javelin Venture Partners, Sand Hill Angels, WestCap, Ryan Tedder | |
| May 1, 2022 | $10.0M Series D | 01 Advisors, Alumni Ventures, Bascom Ventures, Galaxy Digital, Grasshopper Capital, Javelin Venture Partners, Sand Hill Angels, WestCap, Ryan Tedder | |
| Jan 1, 2022 | $11.0M Series D | Accel, Bessemer Venture Partners | |
| Mar 1, 2021 | $6.0M Series C | Accel, Bessemer Venture Partners | |
| Jul 1, 2017 | $19.0M Series B | Accel, Bessemer Venture Partners |