Fintech company Innoviti has successfully closed its Series M funding round, raising ₹104 Cr ($11.4 Mn) from a mix of new and existing investors. The funding will be used to pay off debts, enhance product development, and boost sales and distribution efforts. Bessemer Venture Partners and Patni Family Office are among the key investors who participated in this round.
Innoviti has reported a reduction in pre-tax and EBITDA losses for the current fiscal year, indicating improved operational efficiency. The company has also extended its IPO timeline, planning to file IPO papers with SEBI within the next 18-24 months. Despite the delay, Innoviti remains focused on business growth and execution.
With a strong revenue performance in the previous fiscal year and ongoing efforts to streamline operations, Innoviti is poised for further expansion and market presence. The company’s commitment to financial stability and growth aligns with its strategic goals, setting a solid foundation for future success.
Source: Inc42 Media