NEW DELHI : Innoviti Payment Solutions Pvt. Ltd, which operates an eponymous payments-focused financial technology company, announced on Thursday that it had raised an additional 75 crore ($9.6 million) in its Series D funding round from existing investor FMO, the development finance institution of the Netherlands.

The fintech company will raise another 125 crore in the coming weeks towards the final close of its Series D round at 280 crore, it said in a statement.

Innoviti will use the latest capital to strengthen its technology and for acquisitions in the field of data science and marketing technologies. A portion of the funds will also be used for working capital needs and the marketing of its products.

Rajeev Agrawal, CEO of Innoviti, said in the statement that the company aims to become a sustainable business with the help of the Series D funding round and to list on exchanges within the next two years.

In January, the company raised 80 crore in this round from Trifecta Debt Fund, Patni Advisors and Bessemer Venture Partners in a mix of debt and equity. A group of individuals had also participated in the funding round at the time. VCCircle first announced the closing of the first stage of its Series D in January.

Launched in 2002, the company provides payment solutions and technology-driven point-of-sale terminals for enterprises, offline merchants and small retailers, by partnering with banks and digital payment providers. It also equips retailers with billing and customer relationship management (CRM) software solutions to help merchants and retailers.

The company claims to process more than 75,000 crore annualized purchase volume. Last year in July, it launched its product for middle-market electronics merchants called GENIE. Within six months, the product leads 1,000 crore annualized gross transaction value (GTV) which is expected to reach 7,000 crore over the next year, he said.

The company is also working with Visa to set up a remittance platform to help democratize access to credit.

“Innoviti will foray into India’s Tier 3-5 cities with the aim of digitizing payments in these cities, which will boost financial inclusion. We are excited to see the impact these digital payment solutions will have on end customers and merchants,” said Marieke Roestenberg, Program Manager FMO Ventures.

Fintech startups have continued to attract investor interest over the past few years. In a recent fintech deal, Fatakpay Digital Pvt. Ltd, co-founded by former KKR director Amit Lodha – mainly offering virtual credit cards and other financial services – has pocketed an undisclosed amount in funding from a group of angel investors.

India was the world’s third-largest fintech market at $31 billion in 2021 after the United States and China, according to a report by Mumbai-based venture capital firm BlinC Investment Management. The fintech sector is expected to grow at a compound annual growth rate (CAGR) of 22% over the next five years, the report adds.

To subscribe to Mint Bulletins

* Enter a valid email

* Thank you for subscribing to our newsletter.