Innoviti Payment Solution has now secured Rs 80 crore in the debt funding round from the Trifecta Capital and some of the Non-Banking Finance Companies.
The firm, which deploys the Point of Sale terminals and processes card payments for the retailers, now has a plan to use the funds to expand operations, hire additional team members and strengthen the technology platform to ensure the smooth card payments.
“We have got a mix of venture debt and term loans. Trifecta has put in around Rs 30 crore while the rest Rs 50 crore has come from NBFCs,” said Rajeev Agrawal, CEO, Innoviti Payments Solutions.
The latest debt funds would help the company to raise funds without having to dilute the shares of the existing shareholders.
“We have used technology to ensure the terminals that are deployed in the market get used repeatedly and for quality transactions. Our statistics show that on average the value of card payments processed by us is three times higher than the national average,” said Agrawal.
“This segment of companies will never make money from plain vanilla card transactions,” said Aakash Goel, partner, Trifecta Capital. “They need to offer additional features like dynamic switching across current accounts of merchants, instant processing of transactions, same-day settlements, integrate billing with PoS. That is where money is set to be made.”
The company had also secured Rs 120 crore in the funding round of Series B in July 2017 from some of the investors which include the Bessemer Ventures, SBI-FMO, and Catamaran Ventures.
Picture Credits: Innoviti