Innoviti mops up Rs 120cr from SBI-FMO-led PEs

12 Jul 2017

Fintech firm Innoviti on Wednesday said it has raised Rs 120 crore from a clutch of investors, including the SBI-FMO priavte equity, for business expansion activities.
The Bengaluru-based company raised the money from Singapore-based SBI FMO Emerging Asia Financial Sector Fund (jointly setup by SBI Holdings Group of Japan and FMO of the Netherlands), Bessemer Venture Partners and existing investor Catamaran, Innoviti said in a statement.
This is the second round of funding after a USD 5 million infusion in June 2015.
"Innoviti is a company focused on developing unique solutions for the Indian payments context and we like companies with the ability to create intellectual property," SBI-FMO Fund's manager Suramya Gupta said.
He further said the same solutions can be used in other markets in Asia and the fund will extend its network to the new company in its portfolio.
The money raised in the current round will be used for market expansion of its payments platform as well as small businesses finance platform, the release said.
The company counts Reliance Retail, Titan, Landmark Group, Inox, Indigo, Walmart, and banks like HDFC, ICICI, Axis, SBI, Standard Chartered, Kotak and Citibank as its clients. (PTI)