Fintech soonicorn Innoviti has closed its Series M funding round at ₹104 Cr ($11.4 Mn). The round saw participation from new and existing investors, including Bessemer Venture Partners, Ola Electric backer Ashutosh Joshi, Arihant Patni of Patni Family Office, JuliaHub cofounder Deepak Vinchhi, among others.

Innoviti plans to utilise the capital to partly pay off its debt, strengthen sales and distribution of its payment collection offering ‘Innoviti Link’, and for product development, the startup said in response to Inc42’s queries.

“No investors have exited in the round, instead Bessemer Venture Partners and Patni have doubled down on their investment,” it added.

Inc42 exclusively reported about the startup raising ₹35 Cr in the first tranche of the round in March last year.

Meanwhile, Innoviti has now extended its IPO timeline and said it plans to file its IPO papers with markets regulator SEBI in the next 18-24 months. Notably, the startup first said in August 2024 that it planned to go public in 12 months. For now, it plans to focus on executing and building the business further.

The fintech startup has also been strengthening its operational efficiency as it prepares for a public listing, having trimmed its net loss by 12% in FY25 to ₹62 Cr. It claimed that its pre-tax loss will reduce by a further 60% in FY26, while EBITDA loss is expected to decrease by “over 50% to around 10%”.

“Revenue is broadly in line with targets,” it said. In FY25, Innoviti’s operating revenue stood at ₹142.6 Cr, up 35% YoY.

(The story will be updated soon)

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