Bengaluru: Innoviti Payment Pvt. Ltd, which helps small and medium businesses (SMBs) get loans from banks and other financial institutions, said it raised $5 million in a round led by N.R. Narayana Murthy-backed Catamaran Ventures India and New India Investment Corporation, Canada.
The new round of funding would be used to expand its real-time distribution of credit to SMBs as well as for marketing, product development and scaling its overall payments infrastructure, the company said in a statement.
Innoviti had raised ₹ 10 crore in January from investors, including Titan Co Ltd.
Innoviti, which started its payments business in 2008, said it distributes loans worth more than ₹ 400 crore across 20 cities.
The platform has both private and public sector banks, including HDFC Bank Ltd, ICICI Bank Ltd, Axis Bank Ltd, State Bank of India, Standard Chartered, Kotak Mahindra Bank Ltd, Citibank, apart from non-banking financial companies, or NBFCs, such as Bajaj Finance among others.
Innoviti chief executive officer Rajeev Agrawal said a portion of the fund will be used to get regional banks on its platform to increase its reach.
Innoviti’s clients include Reliance, Titan, Indigo, Yatra, WalMart and Sikkim Manipal University among others.
Masterkey Holdings was the sole adviser to the transaction.