Payment gateway and PoS firm Innoviti closes Series E funding

• Innoviti, a payment gateway and PoS provider, has secured Rs 70 crore ($8.5 million) in a mix of equity and debt in the second tranche of its Series E round.
• The funding round was led by Random Walk Solutions with participation from existing investors Bessemer Venture Partners USA, Patni Family Office India, and Alumni Ventures.
• Innoviti plans to work towards its IPO within the next 12 months after closing Series E.
• The company provides payment gateway and PoS devices to major clients like Reliance, Tanishq, and Shoppers Stop, and claims significant growth in its enterprise POS and electronics EMI solutions.
• Innoviti aims to become operationally profitable in the next few quarters, with a current annualized run-rate of Rs 160 crore and an EBITDA of Rs -8 crore.

Source: Entrackr