Alumni Ventures joins Innoviti’s Series D funding

Alumini Ventures

Bangalore: Alumni Ventures, a Manchester, New Hampshire – US-based venture capital firm has joined Innoviti’s Series D round. Alumni Ventures’ participation has led to Series D funding of Rs.160 crore ($22 million) in Innoviti.

Alumni Ventures has funds from alumni of MIT, Harvard, Princeton, Yale, Stanford, and other top US universities. It has over 1,000 portfolio companies and more than $1 billion in assets under management,

Innoviti had carried out the second close of Rs.75 crore from FMO N.V., the Netherlands-based entrepreneurial development finance bank in May 2022.

With Alumni joining the cap table, Innoviti has raised Rs.160 crore in Series D to date. The company will be raising another Rs.140 crore over the next few weeks towards the final closing of an Rs.300 crore Series D funding round.

Innoviti’s collaborative commerce platform brings together merchants, banks, and product brands. It enables them to reduce the cost of conversion by acquiring customers together. The platform enables diverse businesses to turn payment transactions into attractive purchase tools that can be used at a point of purchase, urging consumers to buy better products and more products.

Processing over Rs.75,000 crore ($10 billion) of annualised purchase volume, Innoviti is extracting more value from payment transactions than anyone else. Innoviti has a dominant market share of over 70% in the enterprise category, providing category-specific purchase tools to grocery, fashion, healthcare and electronics merchants.

Innoviti utilised its Series C funds to design and launch GENIE, its product for mid-market electronics merchants. The product launched in July 2021 helps merchants provide attractive EMI and BNPL schemes to their customers.

Within six months GENIE has rapidly grown to drive Rs.1,000 crore of annualized GTV (gross transaction volume) and it aims to grow to Rs.7000 crore over the next 12 months. Innoviti is also working on an instalment platform with Visa to democratise access to credit by enabling any bank’s customers to opt for a loan at the time of purchase.

Innoviti will utilise the raised funds as working capital for its enterprise business and marketing mid-market products. And will further strengthen the technology platforms for online and B2B payments and tactical acquisitions in the areas of data sciences and marketing technologies.

“We are excited to support Innoviti and its mission. Innoviti brings a deep technical background and understanding of their market to retail point of sale. We were especially impressed with the unique technology and solutions they developed to deliver value directly at the point of purchase to the consumers, retailers, banks and brands,” said Tom Meyer, Managing Partner, Nassau Street Ventures, Alumni Ventures.

“We are pleased to welcome Alumni Ventures to the cap table. Alumni Ventures represents interest from alumni of some of the world’s top universities such as MIT, Harvard, Princeton, Yale, and others and opens doors for us to access their network and community as we further our strategy of using technology to deliver exceptional customer experiences,” said Rajeev Agrawal, CEO, Innoviti.

“With the current Series D, we hope to become a sustainable business and list on the exchanges over the next couple of years,” added Agrawal.

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