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. A spokesperson from Innoviti confirmed this to MediaNama.

The funds will be used for marketing its omni-channel payment platform uniPAY NEXT and to expand its dealer trade credit platform smelending.com, including extending loans to B2B businesses. The company provides short-term loans (as low as Rs 30,000 for 15 days) through smelending.com, and claims to process over 150,000 loans annually for more than 30,000 small businesses. Currently, Innoviti has deployed 50,000 uniPAY PoS terminals in 720 cities. 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.

Last month, Innoviti tied-up with employee benefits services provider Sodexo to expand the network of outlets where Sodexo is accepted digitally. 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.

Competition

  • One of Innoviti’s primary competitors, Mswipe raised $31 million last month. Plus, Mswipe acquired PayU’s PoS business in May. Currently, Mswipe has a network of 246,000 PoS terminals spread across 550 cities.
  • Bangalore-based PoS company Ezetap acquired FortunePay, which offers banks a platform that allows them to give a mix of digital payments solutions as well as physical payment solutions, also in June this year. Ezetap currently serves clients such as Airtel, BigBasket and Urban Ladder among others.
  • One of the new entrants in this space is ItzCash, which forayed into the PoS terminal business after demonitisation, and has deployed more than 30,000 devices since then and plans to increase it to 100,000 by the end of the financial year. And in May, NASDAQ listed Ebix acquired 80% stake in ItzCash for Rs 800 crore.