Innoviti’s accelerating growth hits 3,000cr monthly processing volume
19 September 2019
- Leading payments player, Innoviti Payment Solutions announced that its fast-growing payments business crossed a significant milestone in August 2019 with monthly transaction processing volume zooming past the Rs. 3,000 crore milestone. At an annualized processing volume of over US$ 5bn, Innoviti now accounts for over 5% market share of overall digital transaction processing volume in India.
- The accelerating momentum of Innoviti’s growth can be seen from the fact that transition from 2,000 to 3,000 cr. monthly volume took the company about a year, vs the two years for the corresponding move up from 1,000 – 2,000 cr. This is also reflected in Innoviti’s growth rate significantly outpacing that of the overall payments processing industry. Innoviti’s processing volume growth of over 50%, is more than double the overall payments industry growth rate of +24.9% as per RBI data in the same period.
- The company also announced that its revenue growth leading up to August’19 had surged to +92%, outstripping even the +50% volume growth. This is attributed to higher contribution of newer, more value-added services like UPI payments acceptance at POS for players like Google Pay, Phone Pe etc., Employee-benefit cards acceptance for players like Sodexo, Accor etc., Dynamic Currency Conversion (DCC) transactions processed for foreign card users, and various promotional offer-enabled transactions like credit card EMI and Cashback Offers.
- Across India Innoviti processes over US$ 5bn of payments annually from over 1,000+ cities, with a throughput per point of acceptance of 7,000$, 2X of India’s average (as per RBI data). Innoviti provides payment solutions to merchants doing digital billing, by integrating their billing and payment operations into one seamless flow.
- Innoviti is backed by marquee investors including Bessemer Venture Partners, USA, FMO, Netherlands, SBI Venture Capital, Singapore and Catamaran, India.
About Innoviti Payment Solutions Pvt. Ltd:
For more information, please visit – http://www.innoviti.com