New and existing investors participated in the Series M raise, including Bessemer Venture Partners and Arihant Patni of Patni Family Office
The company plans to utilise the funds toward paying outstanding debts along with scaling product development, sales and distribution
Innoviti claimed that its pre-tax loss will reduce by a further 60% in FY26, while EBITDA loss is expected to decrease by over 50%
Fintech soonicorn Innovate has closed its Series M funding round at ₹104 Cr ($11.4 Mn). The round saw participation from new and existing investors, including Bessemer Venture Partners, Ola Electric backer Ashutosh Joshi, Arihant Patni of Patni Family Office, JuliaHub cofounder Deepak Vinchhi, among others.
Innoviti plans to utilise the capital to partly pay off its debt, strengthen sales and distribution of its payment collection offering ‘Innoviti Link’, and for product development, the company said in response to Inc42’s queries.
“No investors have exited in the round, instead Bessemer Venture Partners and Patni have doubled down on their investment,” it added.
Inc42 exclusively reported about the company raising ₹35 Cr in the first tranche of the round in March last year.
Meanwhile, Innoviti has now extended its IPO timeline and said it plans to file its IPO papers with markets regulator SEBI in the next 18-24 months. Notably, the startup first said in August 2024 that it planned to go public in 12 months. For now, it plans to focus on executing and building the business further.
The fintech company has also been strengthening its operational efficiency as it prepares for a public listing, having trimmed its net loss by 12% in FY25 to ₹62 Cr. It claimed that its pre-tax loss will reduce by a further 60% in FY26, while EBITDA loss is expected to decrease by “over 50% to around 10%”.
“Revenue is broadly in line with targets,” it said. In FY25, Innoviti’s operating revenue stood at ₹142.6 Cr, up 35% YoY.
Founded in 2002 by Rajeev Agrawal and Amrita Malik, the company enables merchants to accept payments and integrate real-time sales data into critical business processes. It claims to process over ₹80,000 Cr of purchase volume annually from across 2,000 Indian cities.
Its two main offerings are sales acceleration software ‘Innoviti Genie’ and link-based payment collection app ‘Innoviti Link’. Some of its prominent clients include Tanishq, Adani Gas, Shoppers Stop, Inox and Reliance Retail.
Innovate first received RBI’s nod to operate as an online payment aggregator in March 2024, which was expanded to include physical (in-store) payments last month.
Innoviti operates in a crowded fintech space which has over 850 funded startups and 24 unicorns. The startups in the sector cumulatively raised $2.5 Bn in 2025 alone. Innoviti competes with the likes of Razorpay, Paytm and Pine Labs in the merchant-facing fintech space.
The sector is expected to have a total addressable market of over $2.1 Tn by 2030, according to Inc42’s India Fintech Public Markets Report, 2025. This highlights the significant growth opportunities for new and existing players in the segment.
Comments are closed.