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Innoviti receives USD 10.7 mln in ongoing Series D round

Wednesday 5 January 2022 15:05 CET | News

India-based fintech Innoviti has secured USD 10.7 million so far in Series D round led by Trifecta Debt Fund, Patni Advisors and Bessemer Venture Partners.

The funds raised will be used to fund the working capital for its enterprise business, marketing, and strengthening technology. Innoviti also plans to simultaneously acquire data science and martech businesses.

The company plans to raise USD 53 million in primary Series D funding in the upcoming months before it files for an IPO in 2024-2025. The merchant-focussed fintech startup claims to have processed over 527 million transactions worth USD 22 billion and set up over 80 thousand POS terminals.

Founded in 2002, the startup deploys POS terminals and processes card payments for retailers. It claims to have turned its core enterprise business of processing card payments for organised retailers cash positive. Innoviti claims to process more than USD 10 billion of purchase volume annually and has 76% of the market share in the enterprise category.


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Keywords: startup, investment, IPO, POS, payment processing, fintech
Categories: Payments & Commerce
Companies:
Countries: India
This article is part of category

Payments & Commerce