India Digest: Innoviti Technologies, Arthan Finance raise funding – shareandstocks.com
Innoviti Technologies is said to be raising about $13.7 million in its Series E funding round, while Arthan Finance has raised about $6 million.
Alumni Ventures invests $9m in Innoviti
Innoviti Technologies Pvt Ltd., a payment-centric retail SaaS platform for enterprise brands and their SME channel partners, is raising about $13.7 million (Rs 115 crore) in its Series E funding round, per media reports.
The company kickstarted its Series E round in April this year when it announced raising Rs 40 crore from Bessemer Venture Partners and Patni Family Office. Early angels and founders also joined that round.
In the latest tranche, Innoviti is raising about $9 million led by Alumni Ventures. The Series E round is expected to close by the end of June.
The investment proceeds will be used to drive the company’s mid-market expansion which had started in 2021 and fuel the online business that it claims has grown 4X in the last 12 months. The company will initiate its IPO planning subsequently.
Innoviti provides software tools through payment channels to enterprise brands such as Reliance, Tanishq, and Shoppers Stop. The company had last raised funds in 2022, where Bessemer, FMO, Patni, and other investors had participated.
Arthan Finance raises $6m from Incofin, others
Non-banking financial company (NBFC) Arthan Finance, specialising in loans for self-employed nano and micro entrepreneurs, has raised about $6 million (Rs 50 crore) from investors such as Incofin India Progress Fund and the Michael and Susan Dell Foundation.
To date, Arthan Finance has raised Rs 83 crore ($10 million).
The Mumbai-based startup will use the latest funding proceeds to grow its assets under management, expand its geographic footprint, and invest in advanced AI and ML-based underwriting systems, it said in a statement.
Founded by Kunal Mehta, Pravash Dash, and Gowrisankar Rao Alamanda in 2018, Arthan Finance provides loans to self-employed nano and micro entrepreneurs in tier-II, III and IV cities across Maharashtra, Odisha, Andhra Pradesh, and Telangana.
The company claims to have disbursed over Rs 500 crore to more than 20,000 borrowers, with loan amounts ranging from Rs 2,000 to Rs 20 lakh.
