Innoviti raises $18 million from SBI-FMO, Bessemer and Catamaran
Summary
Point-of-sale (PoS) terminal deploying company Innoviti Payments Solutions has raised $18 million (Rs 120 crore) in a round of funding led by Singapore-based private equity fund SBI-FMO and Bessemer Venture Partners, with participation from existing investor Catamaran Ventures. Innoviti’s clients include Reliance Retail, Titan, Landmark Group, INOX, Indigo, and Walmart among others. In July last year, Innoviti had raised Rs 30 crore from Catamaran Ventures and New India Investment Corporation. Prior to that, in March 2014, the company had secured Rs 10 crore funding from Tata Capital and a group of three individual investors, while Titan industries had picked up a 5% stake in Innoviti for an undisclosed amount back in May 2006. And in March this year, Innoviti powered the launch of mobile-based Unified Payments Interface (UPI) payments at Reliance Retail stores (3,553 stores across 686 cities) through a QR-code interface.