Tata Capital along with 3 London based HNI’s have invested INR 10 crores in the payment solution provider, Innoviti reports ET. As a part of the deal, INR 6 crores have been secured from HNI’s against the company’s equity while rest amount was taken in the form of loan from Tata Capital.
The Bangalore based firm will be utilizing the raised funds for scaling up operations in the Middle East and in hiring mid and senior level management. The team further aims to touch a revenue of INR 30 crores by 2016. Previously, in 2007, Titan Industries also picked up a five percent stake in the company.
Innoviti was founded in 2002 by Rajeev Agarwal, a B.Tech and Ph.D from IIT Bombay. The company makes use of POS technology to increase efficiency on the payment front across all channels viz. online, mobile or consumer facing interactions.
It currently provides products such as uniPAY, quickEMI, pgEMI and fastCOLLECT. These can be accessed by a retailer via a swipe machine installed with a required software. The clientele includes brands such as Reliance, Croma, Hotspot, Westside, Nokia, Infibeam, Bluestone, and many more.
Cobboc, the developer of mobile POS payment app, Eashmart raised an undisclosed amount from CIIE, IIM-A’s incubator, and two other angel investors, last month. Also, recently another Bangalore based payment firm Ezetap raised an undisclosed amount from credit card company American Express.
Other players in this space include Yeldi, iKaaz, Mswipe, Paymate, and Mobiswipe (One97).