In a recent development in the payment space, payment solution provider Innoviti has secured Rs. 10 crore funding from Tata Capital and a group of three individual investors. Reported by ET, the high net worth individuals based in London and India have invested around 6 crores and the remaining has been loaned by Tata Capital.

The recent development comes close on the heels of Titan Industries having picked up a five per cent stake in the company in 2007.

Sharing thoughts on the latest funding, Rajeev Agrawal, CEO of the company stated that since the investors have sound faith on the business, it is the right time to go for debt funding.

Rajeev further added that the new round of funding will be used for scaling up operations in the Middle East and hiring mid and senior level management.

Founded in 2002, Innoviti works with retailers by giving them a swipe machine, embedded with Innoviti’s software. The software allows consumers to choose how they would like to complete the payment, such as EMI on credit, or debit cards, among other options. When transactions occur through the device, the company earns revenue.

Currently the company provides four types of solutions – uniPAY, quickEMI, pgEMI and fastCOLLECT. The company has clients like Meru Cabs, Reliance Retail, The Mobile Store, HTC, Dell, among others.

Going further the company is targeting Rs. 50 crore in revenue in the next two years.

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