Bangalore-based payment solutions provider Innoviti Embedded Solution Pvt Ltd has raised Rs 10 crore ($1.6 million) from Tata Capital and a group of HNIs (High Net-worth Individuals) based out of India and London, according to a report by The Economic Times, citing its CEO Rajeev Agrawal.
According to the report, three HNIs put in Rs 6 crore for a minority stake in the company, while the rest came from Tata Capital as a loan. The proceedings from this round will be used to expand its operations to the Middle East and scale the team.
Innoviti was founded in 2002 by Agrawal, who holds B Tech and PhD from IIT Bombay. He earlier worked at Sasken Communications in Bangalore. Prior to that, he worked as a research assistant at Raman Research Institute, Bangalore.
Innoviti provides swipe machine to retailers. According to the company, this machine embedded with Innoviti software improves operational efficiency and enhance customer experience in payment transactions. Its clients include Reliance Retail, Star Bazaar, Next, eZone, Croma, UniverCell and Titan.
Mobile payments is one of the hottest sectors which has seen many investments in India. Recently, Ezetap Mobile Solutions Pvt Ltd, another Bangalore-based mobile payments service provider, raised an undisclosed amount from American Express. Last month, Mumbai-based mobile POS services provider Mswipe Technologies Pvt Ltd raised funding led by existing investor Matrix Partners. In January this year, Delhi-based Cobboc Pvt Ltd, which offers a mobile-based payments app Eashmart, raised an undisclosed amount in funding from IIM-A's tech incubator CIIE and two unnamed angel investors. In the same month, Bangalore-based mobile payment solutions provider iKaaz raised an undisclosed amount in seed funding led by Ananda Kallugadde, managing director of NeoBytes Software Solutions.
(Edited by Joby Puthuparampil Johnson)