India-based Innoviti Payment Solutions has raised INR800m ($11.5m) in a fresh debt funding round led by Trifecta Capital and a clutch of non-banking finance companies (NBFCs).
The company, which was founded in 2002, deploys point-of-sale (POS) terminals and processes card payments for retailers. Its clients include Reliance Retail, watchmaker Titan, Inox Leisure and Walmart.
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Trifecta Capital partner Aakash Goel said: “We have been impressed with the thoughtfulness and patience that Innoviti has brought to the enterprise payments business. It is a good example of a company which has kept ears close to the customer and led by product innovation while being capital efficient.
“We are very excited to partner with Rajeev in this phase of growth where our structured debt solution can help the company get to its goals faster and in a more capital friendly manner.”
Innoviti intends to use the funds to expand operations, bolster the technology platform and hire more people.
Commenting on the fund raising, Innoviti CEO Rajeev Agrawal said: “Innoviti with its deep technology expertise has built possibly the best payments platform in the country for doing this. Its throughput per terminal per month at $9000, 3X of national average, is testimony to this.
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By GlobalData“With our Enterprise business turning cash positive we have blended our fund raise strategy with debt, that we believe will help in delivering superior returns to all stakeholders.”
The latest fund raise comes close on the heels of Series B round in July 2017 in which the company raised $18. That round was joined by Bessemer Venture Partners, Singapore-based private equity fund SBI-FMO and Catamaran Ventures, backed by Infosys co-founder Narayana Murthy.
Innoviti claims that it has more than double its revenue run-rate in past nine months and increased gross margin to over 70%.
The company claims that it drives $5bn of transactions annually, which is almost 5% of all offline POS-based digital transaction volumes in India.
This week, another Indian acceptance solutions provider Mswipe Technologies raised INR2.2bn ($31.6bn) from existing investors in a Series-E funding round.
