Singapore-based growth equity firm Panthera Growth Partners (PGP) is the lead investor in a $45 million combination Series D fund-raise by collaborative commerce platform Innoviti Payment Solutions.

Panthera has invested $15 million from its recently announced Fund II, along with new investors including Alumni Ventures, Patni Family Office and existing investors FMO and Bessemer Venture Partners, Netherlands.

Innoviti has also raised debt from Trifecta Capital in this round. A clutch of individual investors such as Sanjoy Bhattacharya, Bharat Jaisinghani, and others also participated in this funding round, the company said in a statement.

Digital businesses are finding it hard to scale up profitably, Innoviti provides a collaborative commerce platform that helps them collaborate with other businesses and acquire customers together. They can partner to turn payment transactions into new and unique purchase tools that urge consumers to buy better products and more products, right at the point of purchase.  

The funds raised will be used to expand the company’s mid-market product lines in electronics, fashion, and grocery. It will also be utilised for building products on top of UPI payment channels, enhancing product distribution, and making strategic acquisitions in the marketing technology and data sciences fields. 

More than 20,000 retailers from 2000 cities participate in Innoviti's platform, which handles more than 90 million unique customers' purchases each year, as per the statement. 

Avendus Capital was the exclusive financial advisor to Innoviti in this transaction.

“We are happy to have Panthera join, guide, and support us in our journey of becoming the purchase partner to every Indian.  We are super excited that they decided to back us and look forward to the same magic here. One needs to design easy-to-use flexibility with military grade reliability and that too at scale for exceptional customer experience, we are proud to have done that. Our four patents, including one US patent are proof of that. This has translated into our collaborative commerce platform powering more than 70% of purchases that happen digitally in enterprise retail today,” said Rajeev Agrawal, CEO, Innoviti.

The company plans to double revenues in 2022–2023. The enterprise division of the company is already profitable, and it expects to reach total break-even within the current financial year.

“As a growth-stage investor focused on disruptive technology led businesses, we are excited to partner with Innoviti.  Innoviti’s cutting edge solutions help turn simple payment transactions into powerful purchase tools. We look forward to joining Innoviti on the journey to become a purchase partner for every consumer,” said Panthera’s founder and managing partner, Shilpa Kulkarni.

Founded in 2021, Panthera GP recently announced the first close of its $250 million second Fund. Fund I, has backed sector leading companies such as BigBasket, Pepperfry, Zivame, OfBusiness, etc.