Innoviti Eyes IPO In 12 Months, Allots Fresh ESOPs Worth INR 25 Cr

Digital payments solutions provider Innoviti seems to have extended its IPO timeline and is now looking to list on the stock exchanges in the next 12 months.

In a statement, founder and CEO Rajeev Agrawal said that Innoviti is targeting operating profitability in the next two quarters. “The company is planning for operating profitability within the next two quarters, and has initiated IPO planning with an aim to list in the next 12 months,” he added.

Notably, in August last year, Innoviti said that it was looking to make its market debut in the next 12 months. 

Meanwhile, in the run up to the IPO, the company has allotted additional ESOPs worth INR 25 Cr to 110 employees. With this, Innoviti’s total ESOP pool now stands at INR 106 Cr. 

In the statement, the company said that the new grants vary from INR 3 Cr to INR 1 Lakh. Innoviti also said that while half of the new ESOPs have been granted to employees that have spent more than a year at the company, the remaining 50% have been given to select employees for their “outstanding contributions”.

Agrawal said that the fintech SaaS company clocked a 67% revenue growth and 58% reduction in EBITDA loss in the “last few quarters”. He did not provide any further details on the matter, including which quarters did the data pertain to. 

However, the company said that it is currently operating at an annualised run rate (ARR) of INR 160 Cr and an annualised EBITDA loss of less than INR 8 Cr. Innoviti also added that its electronics merchants-focussed sales negotiation software “innoviti genie” grew at an annualised rate of 192% “last year”. 

Additionally, the company also said that its enterprise payments software “innoviti unipay” reported a 15% annualised growth over last year with 28% EBITDA.

Founded in 2002 by Agrawal, the company enables merchants to accept payments and integrate real-time sales data into critical business processes. It claims to process over INR 80,000 Cr of purchase volume annually from across 2,000 Indian cities and over 20,000 merchants. 

In March 2024, it secured an online payment aggregator (PA) licence from the Reserve Bank of India (RBI) to operate its PA ‘Innoviti Link’. 

In August 2024, the company announced the close of its Series E funding round at INR 70 Cr. 

Backed by Bessemer Venture Partners, FMO, Catamaran Ventures, among others, Innoviti has raised over $100 Mn in funding to date. It reported revenue from operations of INR 110.2 Cr in the financial year 2022-23 (FY23), while loss stood at INR 86.56 Cr. 

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