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…
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