India Digest: Riverwalk launches fund; Innoviti raises more capital from FMO

Riverwalk Holdings, an early-stage India-focused venture capital fund, has announced the launch of a new fund while Innoviti Payment Solutions has raised additional capital from existing investor FMO.

Riverwalk Holdings launches new fund

Riverwalk Holdings has announced the launch of its Rs 150 crore ($19.3 million) fund anchored by  Singapore-based Thakral Group. The vehicle also has the backing of leading business houses across India and Singapore.

The fund will invest up to Rs 10 crore in the seed-to-Series A stage across the enterprise SaaS, fintech, consumer-tech and brand spaces.

It has already made four investments in AI-based contract automation startup Spotdraft; Ayurveda platform The Ayurveda Experience; parent community & commerce platform Mylo and housing finance platform Homeville. Riverwalk aims to deploy the fund within 18 months.

Innoviti raises more capital from Dutch FMO

Innoviti Payment Solutions, which operates an eponymous payments-focused financial technology firm, has raised an additional Rs 75 crore ($9.6 million) as part of its Series D funding round from existing investor FMO, the development finance institution of the Netherlands.

The company hit the first close of the round in January when it raised Rs 80 crore through a mix of debt and equity from Trifecta Debt Fund, Patni Advisors, and Bessemer Venture Partners, besides a clutch of individual investors. The company said it will be raising another Rs 125 crore over the next few weeks to close the Series D round at Rs 280 crore.

With its Series C proceeds, Innoviti designed and launched GENIE, its product for mid-market electronics merchants. It will use the capital to strengthen its technology and for acquisitions in data science and marketing technologies. A part of the funds will also be used for working capital and product marketing.

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