- Leading provider of Intelligent payment solutions, Innoviti, today announced the launch of G.E.N.I.E, India’s first smart marketing app for local mobile dealers in Tamil Nadu. Keeping the interests of mobile dealer community who has been facing the onslaught of online, especially during the ongoing Covid 19 pandemic – G.E.N.I.E is designed to bring online customers back to retail shops.
- The Covid-19 pandemic has triggered a significant move from offline to online, affecting the businesses of local mobile and consumer durable dealers. Consumers have also been impacted with salary cuts, job losses and need affordable EMI plans to buy productivity tools. With G.E.N.I.E, Innoviti aims to revive sales for merchants & fuel growth by attracting more walk-ins for them, more conversions, and more profits, while helping consumers access affordable EMI plans.
- G.E.N.I.E. provides three benefits to local mobile dealers to help them fight this impact:
1) Extra margin of 0.5% to 1% on every sale of branded mobile phones. This helps them increase profits.
2) Provides them with a G.E.N.I.E EMI Wallet that they can use to provide zero cost EMI on any product to the customer. This helps them convert more sales increasing sales.
3) Provides instant G.E.N.I.E discount coupons on 110+ bank credit/debit cards that they can use to attract more customers, increasing walk-ins.
- In Feb 2021 using GENIE the local mobile merchants in Bengaluru and Mysuru have increased their average monthly sales by over 23%. The product has already amassed an impressive market share of over 55% of high-value mainline mobile merchants in these markets, which is pegged to significantly increase as the markets open after the Covid 19 lockdowns. Last week, GENIE was launched in the states of Andhra Pradesh and Telangana, where 12% of mainline mobile retailers in both states have pre-registered for GENIE terminals until the day of launch.
- Over 6% of top mainline mobile retailers from Tamil Nadu have also pre-registered for GENIE terminals and we expect to gain a leading market share in Tamil Nadu markets by September 2021. Innoviti is committed to rapidly scaling up G.E.N.I.E. across Tamil Nadu and then across India. Our aim is to reach 100,000 local mobile dealers pan-India by Sep 2021.
- Ms. Amrita Malik, Co-Founder & CBO – New Business Initiatives, Innoviti Payment Solutions, said, “Local mobile dealers provide the touch, feel and trust to consumers when they are selecting their electronic products. They educate them, guide them. However, at the end they lose the consumer to Online just because they don’t have the digital tools required to create and provide better offers. We have collaborated with banks and brands to empower local mobile dealers in Tamil Nadu with superior offers than available anywhere.
- We believe GENIE will help SMBs revive their fortunes through use of better technology.”
- Innoviti processes over US$ 10 Billion payments with over 76% market share in the Enterprise merchant categories. We now want to bring the benefits of digital technology provided to Enterprises to SMBs, providing them a level playing field for competing better and growing faster and easier than possible otherwise.
- Innoviti is backed by marquee investors including Bessemer Venture Partners, USA, FMO, Netherlands and Catamaran, India.
About Innoviti Technologies Pvt. Ltd., Bangalore, India.
Innoviti Technologies 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.