Innoviti’s enterprise POS solution, uniPAYNext, is expanding at a 23% annualized pace and operating at an EBITDA of 20%
Innoviti, a provider of payment gateways and point of sales (PoS), owns a debt and equity combination of Rs 70 crore ($8.5 million). Bessemer Venture Partners USA, Patni Family Office India, Alumni Ventures, and other current investors participated in the second tranche of the Series E funding round, which was led by Random Walk Solutions.
The Bengaluru-based business raised its Series E funding in April of this year. After Series E closes, the company will spend the following 12 months preparing for its initial public offering.
To collect card-based payments, Innoviti offers merchants payment gateways and point-of-sale (PoS) devices. Among its high-end customers include Shoppers Stop, Tanishq, and Reliance.
According to Innoviti, its enterprise point-of-sale solution, uniPAYNext, is expanding at a 23% annualized pace and operating at an EBITDA of 20%, while its electronics EMI solution, GENIEPlus, is operating at an EBITDA of -18% and increasing at a rate of 80% yearly. At the same time, GENIEPlus is anticipated to break even by the end of FY25, the current fiscal year.
With an EBITDA of Rs -8 crore, the company claims to be operating at a yearly run-rate of Rs 160 crore overall. In the upcoming quarters, it hopes to turn a profit on operations.
Innoviti’s operating revenue increased by 48% to Rs 110.2 crore in FY23, although the company has not yet submitted audited financials for FY24. The company’s losses for FY23 totaled Rs 86.5 crore, although its ARR and current EBITDA claims show a turnaround. For Innoviti in FY23, service fees from these facilitations constituted the only source of operational income.
Additionally, Innoviti was granted final permission by the RBI to function as an online payment aggregator earlier this year.
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