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Payments focused fintech startup Innoviti Payment has closed its Series D round by raising $15 million funding led by Singapore-based growth equity firm Panthera Growth Partners (PGP). This takes the total Series D funding to $45 million.

Panthera invested $15M from its recently announced Fund II, along with new investors, including Alumni Ventures, Patni Family Office, and existing investors FMO and Bessemer Venture Partners, Netherlands.

Innoviti has also raised debt from Trifecta Capital in this round. A clutch of individual investors such as Sanjoy Bhattacharya, Bharat Jaisinghani, and others also participated in the round.

According to the press statement, the funds raised will be used to expand the company’s mid-market product lines in electronics, fashion, and grocery. It will also be utilised for building products on top of UPI payment channels, enhancing product distribution, and making strategic acquisitions in the marketing technology and data sciences fields.

The company plans to double its revenue in 2022–2023. The enterprise division of the company is already profitable, and it expects to reach total break-even within the current financial year.

Rajeev Agrawal, CEO, Innoviti, said, “We are super excited that PGP decided to back us and look forward to the same magic here. One needs to design easy-to-use flexibility with military grade reliability and that too at scale for exceptional customer experience, we are proud to have done that.”

Founded in 2021, Panthera GP recently announced the first close of its $250 million Fund II. Fund I has backed sector leading companies such as Bigbasket, Pepperfry, Zivame, OfBusiness, etc. Avendus Capital was the exclusive financial advisor to Innoviti in this transaction.

Panthera’s Founder and Managing Partner Shilpa Kulkarni said, “As a growth-stage investor focused on disruptive technology led businesses, we are excited to partner with Innoviti. Innoviti’s cutting edge solutions help turn simple payment transactions into powerful purchase tools. We look forward to joining Innoviti on the journey to become a purchase partner for every consumer.”