Innoviti raises Rs. 30cr to strengthen its payment biz

|July 21, 2015 0
It distributes over Rs 400 Cr. of loans to more than 10,000 SMEs across 20 cities

BANGALORE, INDIA: Innoviti Payment Solutions Pvt. Ltd., has announced that it has raised financing of Rs. 30 Crores to further strengthen its payments business.

The round was co-led by Catamaran Ventures, India and New India Investment Corporation, Canada. Previous investors include international and domestic angel investors and Titan Company Limited (a joint venture between Tata Group and Tamil Nadu Industrial Development Corporation).

Innoviti distributes over Rs 400 Cr. of loans to more than 10,000 SMEs across 20 cities through multiple lenders annually.

                                 

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The funding will be additionally used for marketing, product development and for scaling up its overall payments infrastructure.

Driving an asset-light business model and a technology led approach, the company today processes over Rs. 8,000 Cr. of payment transactions and originates over Rs. 1000 Cr. of loans.

Coupled with the use of technology for real-time processing and analytics, the platform assists banks, NBFCs and other financial institutions to a) reduce the cost of loan distribution and b) reduce the risk of lending.

The platform today serves a marquee base of merchants including Reliance, Titan, Indigo, Yatra, Walmart, Sikkim Manipal University and several others. Leading banks such as HDFC, ICICI, Axis, SBI, Standard Chartered, Kotak, Citibank and NBFCs such as Bajaj Finance and others use the platform to distribute loans to customers of these merchants.

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