Indian payment solutions provider Innoviti nabs INR10 crore in debt funding
Indian payment solutions provider Innoviti has secured INR10 crore in debt funding. High net worth individuals from London and India provided the INR6 crore while the rest came from Tata Capital, according to The Economic Times.
London-based investment banker Shantanu Baghwat said of the company: "They had a deep understanding of the payment space, and a transformational technology at a time when there is a huge opportunity for credit and debit card payments."
According to Innoviti Chief Executive Officer (CEO) Rajeev Agrawal, they will use the new capital to scale up its business in the Middle East. The Bangalore-based firm will also beef up its management team with additional personnel, the report added.
Innoviti's flagship product is an application embedded in a swipe machine that allows merchants to complete payment transactions. The software gives customers the choice of paying for their purchase either through credit, debit, or other options. The Indian payment company earns money by taking a fee in every completed transaction, The Economic Times detailed.