Infosys’s founder and former chairman Narayana Murthy’s Catamaran Ventures has invested $5 million in payment solutions provider Innoviti Payment Solutions (IPS). The round also saw participation from Canada-based New India Investment Corporation. The company aims to utilize the raised funds to expand the company’s SME loans category as well as for marketing, product development and scaling its overall payments infrastructure.
Prior to this, Innoviti has received Rs 10 crore in January from investors including Tata Capital and a group of London and India based individual investors. Bengaluru-based firm was founded by Rajeev Agrawal, it counts Reliance, Titan, Indigo, Yatra, Walmart, Sikkim Manipal University, HDFC, ICICI, Axis and SBI among its clients.
Innoviti is a lending marketplace that distributes over Rs 400 crore of loans to more than 10,000 SMEs across 20 cities annually and claims to process Rs 8,000 crore of payment transactions a year. It competes with startups like FortunePay and Ezetap Mobile Solutions Pvt. Ltd. among others.