Payment solution provider Innoviti has secured Rs 10 crore funding from Tata Capital and a group of three individual investors, reports The Economic Times. Of this, Rs 4 crore has been loaned by Tata Capital and the rest Rs 6 crore is from individual investors. The company will be using this investment to strengthen its operations in Middle East and for hiring.
It’s worth noting that Titan industries had picked up 5% stake for an undisclosed amount in Innoviti Solutions in May 2006.
Founded in 2002, Innoviti provides payment solutions to retailers which enables their consumers to make payments through EMIs on credit & debit cards among others. These solutions comprise of a swipe machine embedded with Innoviti’s software.
Innoviti currently provides four types of solutions – uniPAY, quickEMI, pgEMI and fastCOLLECT and has clients like Meru Cabs, Reliance Retail, The Mobile Store, Univercell, CaratLane, Inox and others.
Yesterday, Bangalore based mobile point of sale (PoS) payments startup Ezetap had raised an undisclosed amount of investment from American Express in return for a minority stake in the company. The company was planning to use the investment to enable additional value added services like loyalty points and rewards for consumers and expand to other geographies.
In November 2013, Japanese electronics conglomerate Hitachi had acquired Chennai-based Prizm Payments Services for $250 million by entering into a share transfer agreement with all the company shareholders including Winvest Holdings (India) Private Limited, Sequoia Capital, Axis Bank and other minority shareholders.