Innoviti successfully navigates through the variable times – Expands pan-India employee base of tech & business professionals
10 August 2021
Reaffirms Innoviti’s commitment to build robust teams that solve merchant problems, even the ones arising due to the pandemic and bring online consumers back to retail shops
- Leading provider of intelligent payment solutions, Innoviti is working in a mission mode to support its merchant partners facing tough situations arising due to the pandemic with new product innovations and superior customer support. The company believes that this is a result of their emphasis on employee value proposition and successful engagement of high-performing talent by creating newer growth opportunities for them.
- The teams at Innoviti have come up with industry acclaimed innovations such as UPI@Bill and G.E.N.I.E. during the pandemic. UPI@Bill enabled restaurants and other door-delivery providers to collect electronic payments, in a contactless manner since the initial months of the pandemic. G.E.N.I.E connects consumers searching for mobile phones online with mainline mobile retailers at their closest proximity and creates a level-playing field for them to compete with online, especially during the pandemic.
- Innoviti’s front-line operations teams have worked through the public health crisis, supporting the smooth functioning of payment operations across the company’s merchant partners who offer essential services during the pandemic. These include some of the largest hospitals, pharmacy chains, and food & grocery stores.
- Expressing gratitude & appreciation of the employees who have worked through the pandemic, Innoviti rolled out two increment cycles, annual bonuses, and performance-linked variable. The company introduced hybrid working models as the lockdowns eased out, increased group medical coverage sum insured by 3-4 times, offered special incentives to the front-line field resources, and has run vaccination programs for its employees placed across the country.
- Towards building a diverse talent pool, the company on one hand, has implemented best-in-class employee retention initiatives and has brought the attrition rate down to 3%, much below the industry average. On the other hand, it implemented a robust employee onboarding program by hiring and acqui-hiring lateral talent from various industries to support its ambitious growth plans. High performers from within the company have been elevated to senior/ leadership roles. This helped Innoviti preserve the high-performance company culture built over the years while augmenting it with best practices from other industries that our newer talent pool brought in.
- Innoviti uses payment technology in unconventional ways to turn payment transactions into customer acquisition and retention tools for merchants, bank, and brands, by bringing them on to a common platform, and helping them deliver unique customer experiences. Each business gets access to 3X loyal consumers at 1/3rd the cost, accelerating sales with unmatched efficiencies.
- Innoviti had raised a Series C in 2020 to further its differentiated strategy of servicing the retail market through category and segment specific products.
“At Innoviti, we firmly believe that high performance teams build high performance organizations. Over the years, we as an organization have created a competitive and engaging employee environment and nurtured an organizational culture that encourages customer centricity, identifies, and implements solutions for merchants’ real-world problems”, – said Mr. Panchakshari Math, Vice President – Human Resources, Innoviti. “We aim for our employees, both incumbents and new-hires to feel motivated, and empowered to service our merchant partners efficiently, and help them grow their businesses,” he added.
About Innoviti Payment Solutions Pvt. Ltd., Bangalore, India.
Innoviti Payment Solutions Pvt. Ltd. is India’s largest provider of payment solutions to Enterprise merchants with a 76% market share of all payments happening in this segment. It has been a pioneer in using technology to help businesses extract better value from retail transactions than anyone else. The company processes over 10B$ of merchant payments from over 1000+ cities with a volume throughput per installation that is 2X of the country’s average. Bessemer Venture Partners, USA, FMO, Netherlands and Catamaran Ventures, India are investors in the company. The company has several patents filed for with two awarded. Innoviti is the winner of Mastercard’s Innovation Wizards Award, Reliance’s Most Promising Growth Consumer Finance Award and Deloitte Fastest Growing Companies in Asia award in 2020. Innoviti is the only Indian payments SaaS company to be awarded the coveted SOC3 seal of excellence for adherence to principles of trust in privacy, security, confidentiality, availability, and processing of transactions.