India Digest: Innoviti, Annapurna Finance raise $15m each in latest rounds

Rajeev Agrawal- CEO, Founder of Innoviti

Payments player Innoviti annd micro-finance lender Annapurna Finance have raised $15 million each in their latest funding rounds.

Innoviti raises an additional $15m in Series D

Innoviti Payment Solutions, which operates an eponymous payments-focused financial technology firm, has raised an additional $15 million from Singapore-based growth equity firm Panthera Growth Partners (PGP).

Just last month, the startup raised $22 million as part of its Series D round from Alumni Ventures.

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 plans to double revenues in 2022–2023.

Annapurna Finance raises $15m from Proparco

Annapurna Finance has raised $15 million from Proparco, the private-sector financing arm of the French Development Agency (AFD), in a Series A2 funding round.

This is the fourth capital raise by Annapurna in the last 15 months, taking the total capital infusion to $100 million.

In March 2021, the company had raised $30 million from Nuveen Global Impact Fund followed by a $20 million funding from DEG in November, and $35 million from Encourage Capital, Accion and its existing investor Oikocredit in December.

The company said it will utilise the funds to grow its loan book, invest in technology, expand geographically, and further its vision of enabling financial inclusion at scale, it said in a statement.

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