Innoviti Technologies, a payments company specializing in merchant solutions, has successfully secured Rs 70 crore (approximately $8.3 million) in a funding round that includes both equity and debt components. This funding marks one of the final major investment rounds for the company before its planned public offering.
Of the total, Rs 60 crore was raised through equity investment, while the remaining Rs 10 crore was acquired through debt. The funding round was led by US-based venture fund Random Walk Solutions, with contributions from existing investors including Bessemer Venture Partners, the Patni family office, and Alumni Ventures.
With this latest investment, Innoviti has accumulated approximately Rs 400 crore in funding since its inception. The company’s valuation has reached $230 million following this round. Rajeev Agrawal, CEO of Innoviti, indicated that the company is preparing to file its Draft Red Herring Prospectus (DRHP) for a public listing within the next three to four months.
Agrawal plans to use the new funds to expand the company’s online merchant payment services. Earlier this year, Innoviti received a payment aggregator license from the central bank. The company primarily serves large organized retailers such as Reliance Retail, Tanishq, and Shoppers Stop in the offline payments sector.
Agrawal also noted that the funds will help address existing debt and drive growth in the online payment space. Currently, Innoviti operates with an annualized run rate of Rs 160 crore and reports an annualized negative earnings before tax, depreciation, and amortization (EBITDA) of Rs 8 crore. The company aims to achieve operational profitability within the next few quarters.
