While Rs 60 crore is earmarked for equity infusion in the company, around Rs 10 crore is earmarked for debt.
Speaking to ET, Rajeev Agrawal, CEO of Innoviti, said US-based venture fund Random Walk Solution led the round along with participation from existing investors Bessemer Venture Partners, Patni family office and Alumni Ventures.
With the closing of this round, Innoviti has raised around Rs 400 crore since inception. Agrawal said the company had reached a valuation of $230 million after this round.
“We are on track to submit our DRHP for public listing in the next three to four months,” he said.
Agrawal intends to use the money to boost the company’s online merchant payments business. The Bengaluru-based company received a payment aggregator license from the central bank earlier this year.
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Innoviti operates in the offline merchant payments space focusing on large organized retailers such as Reliance Retail, Tanishq and Buyers stop“We have some debts in our portfolio. With these funds we aim to clean up the balance sheet and boost growth in the online sector,” said Agrawal.
In a separate statement, the company said it is operating at an annualised rate of Rs 160 crore with negative annualised earnings before tax, depreciation and amortisation of Rs 8 crore. The company aims to become operationally profitable in the next two quarters.
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