Innoviti Technologies is weighing a new funding round that could value the Indian fintech startup at around $350 million, according to people familiar with the matter.
The startup, backed by Infosys billionaire founder Narayana Murthy's venture capital fund Catamaran Ventures, is looking to raise around $25 million in a round, the people said. Some of Innoviti's early investors could also tag along and sell shares worth about $25 million, said one of the people, who asked not to be identified as the information is private.
Innoviti plans to use the new capital for adding more customer segments and expanding its lending business with new products, the person said. Considerations are at an early stage and details of the fundraising plan could still change, the people said. A representative for Innoviti declined to comment.
The Indian firm is looking for fresh funds at a time when some of the country's most iconic startups are in turmoil. Byju's, the education-technology company that lost its auditor and three board members in one week, has been trying to assure investors that the company will finally release its long-delayed financials and strengthen its accounting processes. Other prominent startups that have recently been entangled in scandal include fintech firm BharatPe, which sued its co-founder and his wife for allegedly embezzling and misusing company money.
Founded in 2002, Innoviti processes more than $10 billion of purchases annually from customers in over 2,000 cities, its website shows. It was among the first digital lending platforms in India to provide short-term working capital for small or family-owned merchants. Its investors also include Bessemer Venture Partners and Netherlands state development bank FMO.
