Innoviti gets “in-principle” authorization from RBI to operate as a Payment Aggregator under the Payments & Settlements Act
26 July 2022
(Innoviti’s Collaborative Commerce Platform is ushering in a new wave of sales acceleration tools through payment channels.)
- To ensure the safety of merchants and consumers the Reserve Bank of India (RBI) in 2020 issued a payment aggregator framework requiring payment gateways acquiring to have a license for acquiring merchants and providing them with payment solutions.
- Payment aggregators (PAs) are entities that facilitate e-commerce sites and merchants, both B2C and B2B, to accept payments from customers without the need to create a separate payment integration system of their own. In the process PAs pool payments from customers and transfer them to merchants. They also provide various value-added services such as reconciliation, dispute management, loan origination, marketing services and others to help merchants grow efficiently.
- Digitization has made it easy for any business to reach their target consumer and make them aware of their products. However, it has done so for their competition too. This has led to an increased cost of conversion for digital businesses. Innoviti provides a collaborative commerce platform that helps digital businesses collaborate and acquire customers together, by turning payment transactions into new and unique purchase tools that urge consumers to buy better products and more products, right at the point of purchase. Enriching payment channels with data technology, Innoviti’s collaborative commerce platform is ushering in a new wave of sales acceleration tools for digital businesses struggling with increased cost of conversion due to increased competition.
- Processing over Rs. 75,000 Cr. ($10B) of annualized purchase volume, Innoviti commands a dominant market share of > 70% in the enterprise category, providing category specific purchase tools to grocery, fashion, healthcare, and electronics merchants. Innoviti’s platform processes purchases originating from over 2000+ cities from over 20,000 stores, with more than 90M unique consumers buying annually through the platform. More than 1000 unique purchase tools are configured at any given time on the platform. Product brands, merchants and banks collaborate to craft these purchase tools, their partnership helping them not only improve the chance of conversion, but also dramatically reducing the cost through sharing.
- Innoviti raised a $45M Series D in July 22, led by Panthera Growth Partners (PGP), Singapore, Alumni Ventures, USA, and Patni Capital India, with existing investors FMO, Netherlands and Bessemer Venture Partners, USA also participating.
“We are excited to receive an in-principle authorization from RBI to operate as a Payment Aggregator under the Payments & Settlements Act. We have seen the Indian payment ecosystem grow by leaps and bounds in the past few years due to a progressive regulatory and market environment and have been contributing in a small way to it through responsible and useful innovation. We are cognizant of the responsibility that this authorization brings, to not only continue to innovate and contribute to digital payments growth, but to do so through solutions that are safe, secure and value additive to the ecosystem.
We believe our collaborative commerce platform is ushering in a new era of sales acceleration tools, that will help businesses, small and large, accelerate sales better than possible otherwise. We are eliminating the friction of clunky, rigid, and high management co-brand marketing programs to create a fresh wave of context-specific and time-bound co-brand programs right at the point of purchase. In doing so we are not only helping consumers make better purchase decisions, but also helping businesses grow faster with lesser efforts.
Technology required for bringing innovation to payment channels is of an altogether different complexity. One needs to design easy-to-use flexibility with military grade reliability and that too at scale. Only then can one deliver exceptional customer experience in a safe and secure way. This is hard, very hard to put together. We are proud to have done that, our four patents, including one US patent are evidence of that.”– said Mr. Rajeev Agrawal, CEO, Innoviti.
About Innoviti Payment Solutions Pvt. Ltd., Bangalore, India.
Innoviti Payment Solutions Pvt. Ltd. is India’s largest provider of Collaborative Commerce Platforms, helping diverse businesses such as banks, product brands, and merchants, partner to acquire consumers together. The platform helps these businesses turn payment transactions into attractive purchase tools delivered right at the retail point of sale, urging consumers to buy better products and more products. The company has a dominant share of >70% in providing such purchase solutions to the leading enterprises of India, managing over 10B$ of annual purchases.
Bessemer Venture Partners, USA, FMO, Netherlands, Catamaran Ventures, Panthera Growth Partners, Singapore and Alumni Ventures are investors in the company. The company has four patents, including one US patent and 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. The company is Great Place to Work certified and strives to create a workplace where people can learn more to earn more.
For more information, please visit – https://innoviti.com/