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Last Updated : Mar 18, 2019 07:39 PM IST | Source: Moneycontrol.com

Innoviti raises Rs 80 cr to augment its Digital Payment platform

Less than 10% of India's retail payments are currently digital, creating a market opportunity of more than $500 Bn annually.

Innoviti Payment Solutions announced financing of Rs.80 Crores (USD 12 million) to further its vision of digitally organizing the flow of money for businesses across the retail supply chain. The current round was led by Trifecta Capital and a clutch of other NBFCs.

Less than 10% of India's retail payments are currently digital, creating a market opportunity of more than $500 Bn annually. Relentless growth in payments has however brought forth the need for dramatic improvements in the speed and reliability of payments platforms.

At the same time the opportunity that payment pipes provide to cloud enable offline retail and then deliver services through these pipes is large. Innoviti's goal is to lay the best possible pipes, deeply integrate them with merchant operations to enrich the data flowing through the pipes and then create use cases from insights gathered from the data to deliver payment, lending and marketing services to the merchants and their consumers.

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This obsessive focus on assuring payment transaction speed and reliability for its customer base has helped Innoviti to more than double its revenue run-rate in past 9 months while increasing gross margin to over 70%, the highest in this industry. With annualized payment processing of 5Bn dollars, it now processes nearly 5% of all offline POS-based digital transaction volumes in India. At nearly Rs.6 Lac transaction volume per terminal, Innoviti terminals typically process nearly 3X of national average.

"A rapidly growing Indian economy with fledgling infrastructure needs a different approach to delivery of payment solutions. An approach that first focusses on making every transaction happen, and happen fast. Innoviti with its deep technology expertise has built possibly the best payments platform in the country for doing this. Its throughput per terminal per month at USD 9000, 3X of national average, is testimony to this. With our Enterprise business turning cash positive we have blended our fund raise strategy with debt, that we believe will help in delivering superior returns to all stakeholders," - said Mr. Rajeev Agrawal, CEO, Innoviti.

Innoviti's payment platforms serve a marquee client base of merchants including Reliance Retail, Titan, Landmark Group, INOX, Indigo, Walmart and several others. Leading banks such as HDFC, ICICI, Axis, SBI, Standard Chartered, Kotak and Citibank use the platform to access customers for processing their payments and distributing to them loans.
First Published on Mar 18, 2019 07:34 pm
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