Indian fintech firm bags $45m from SG’s Panthera Growth, others

Innoviti, an India-based fintech firm, has raised US$45 million in a series D round led by Panthera Growth Partners (PGP). The round also saw a capital injection from Trifecta Capital in the form of debt financing.

Innoviti founder and CEO Rajeev Agrawal / Photo credit: Innoviti

Established in 2002, Innoviti is a collaborative commerce enabler that provides a payment terminal that links banks, product brands, and merchants. The platform also helps its clients drive up sales and operate more efficiently by leveraging payment transaction data to target customers.

The company said it is handling more than 90 million unique purchases each year and over US$10 billion in annual gross transaction value. The firm also aims to double its revenues by the end of next year.

Innoviti’s founder and CEO Rajeev Agrawal said the company is planning to go public in the next few years.

Innoviti will use the fresh capital to expand its product lines and make new acquisitions in the marketing technology and data science fields.

The latest round marks PGP’s first major investment after the firm announced the first close of its US$250 million Fund II last week. According to a statement, the Singapore-based VC firm pumped US$15 million into Innoviti in this round.

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Other investors in this round include:

• Alumni Ventures
• Patni Family Office
• FMO
• Bessemer Venture Partners
• Sanjoy Bhattacharya
• Bharat Jaisinghani