Indian fintech firm Innoviti Payment Solutions has secured a funding of $45m in its Series D investment round lead by Singapore’s Panthera Growth Partners (PGP).
The round was also joined by new investors such as Alumni Ventures, Patni Family Office as well as current investors FMO and Bessemer Venture Partners, Netherlands.
Several individual investors including Sanjoy Bhattacharya, Bharat Jaisinghani, and others also took part in the funding round.
As part of the latest investment, PGP has injected $15m from its recently announced Fund II.
Avendus Capital served as the exclusive financial advisor to Innoviti in the funding round.
Innoviti plans to use the newly secured capital to strengthen its mid-market product lines in electronics, fashion, and grocery sectors.
The company also aims to use the fund to develop products on top of UPI payment channels and improve product distribution.
It also plans to carry out strategic acquisitions in the fields of marketing technology and data sciences.
In addition, Innoviti seeks to increase its revenues by two-fold in 2022–2023 and aims to reach total break-even within the ongoing financial year.
Innoviti Payment Solutions CEO Rajeev Agrawal said: “PGP has had a track record of backing highly differentiated businesses that have created lasting value in the Indian start-up ecosystem.
“We are super excited that they decided to back us and look forward to the same magic here. One needs to design easy-to-use flexibility with military grade reliability and that too at scale for exceptional customer experience, we are proud to have done that.
“Our four patents, including one US patent are proof of that. This has translated into our collaborative commerce platform powering more than 70% of purchases that happen digitally in enterprise retail today.”
Recently, PGP announced the first closing of its $250m second fund to support the tech companies.
Established last year, PGP raised $84 from global institutional investors through its Fund I round.