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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