With Alumni Ventures on board, Innoviti raises Rs 160 cr in Series D funding

BANGALORE: Alumni Ventures has joined Innoviti’s Series D round, taking the funds raised to Rs 160 crore ($22 million). Alumni Ventures has funds from alumni of MIT, Harvard, Princeton, Yale, Stanford, and other US universities.

Innoviti had carried out a second round of Rs 75 crore from FMO NV, a development finance bank, from the Netherlands in 2022. The company said it will be raising another Rs 140 crore over the next few weeks towards the final closing of a Rs 300 crore Series D round.

Digitization has made it easy for any business to reach their target consumer and make them aware of their products. Innoviti provides a collaborative commerce platform that brings together merchants, banks, and product brands, enabling them to reduce the cost of conversion by acquiring customers together. The platform claims that it enables these diverse businesses to partner and turn payment transactions into attractive purchase tools that can be used at a point of purchase to urge consumers to buy better products and more products.

Innoviti utilized its Series C funds to design and launch GENIE, its product for mid-market electronics merchants. The product launched in July 2021 helps these merchants fight against online by providing attractive EMI and BNPL schemes to their customers. Within six months GENIE has reportedly grown to driving Rs 1,000 crore of annualized GTV that is targeted to grow to Rs 7000 crore. Innoviti is also working on an installment platform with Visa to democratize access to credit by enabling any bank’s customers to opt for a loan at the time of purchase.

It aims to provide operational, financial, and marketing benefits to businesses, helping them grow with lesser effort. "Innoviti brings a deep technical background and understanding of their market to retail point of sale. We are not seeing anyone else doing this at the scale that Innoviti is, and this scale helps give them an advantage that is hard to beat," said Tom Meyer, Managing Partner, Nassau Street Ventures, Alumni Ventures, in a statement.