- Innoviti Technologies, India’s largest provider of payment solutions to offline enterprise merchants today announced the launch of G.E.N.I.E, India’s first smart marketing app for local mobile dealers in Maharashtra. Keeping the interests of mobile dealer community who have 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 merchants. 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, and
3) Provides G.E.N.I.E instant rewards on 110+ bank credit/debit cards that they can use to attract more customers, increasing walk-ins.
- Since its launch 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. In the last 6 months, GENIE was launched across other south Indian states including Andhra Pradesh, Telangana, and Tamil Nadu, where it acquired a notable market share of over 12% of high-value mainline mobile dealers.
- Over 9% of top mainline mobile dealers from Pune & Nashik have also pre-registered for GENIE terminals and we expect to gain a leading market share in these markets by October 2021. Innoviti is committed to rapidly scaling up G.E.N.I.E. across India. Our aim is to reach 100,000 local mobile dealers pan-India by December 2021.
- Innoviti processes US$10 Billion of annualized offline merchant payment volume (~ 6% of India’s offline merchant volume, based on RBI data), turning payment transactions into business collaborations by creating software that brings merchants, banks, brands together to create new and unique ways of providing superior experiences to their common consumers.
- Innoviti uses payment technology in unconventional ways to turn payment transactions into customer acquisition and retention tools for merchants, bank, and brands, by bringing them on to a common platform, and helping them deliver unique customer experiences, such as this one. Each business gets access to 3X loyal consumers at 1/3rd the cost, accelerating sales with unmatched efficiencies.
- Innoviti had raised a Series C in 2020 to further its differentiated strategy of servicing the retail market through category and segment specific products.
Ms. Amrita Malik, Co-Founder & CBO – New Business Initiatives, Innoviti Payment Solutions, said, “Local mobile dealers provide the touch, feel and trust to consumers when they are selecting their electronic products. They educate them, guide them. However, at the end they lose the consumer to Online just because they don’t have the digital tools required to create and provide better offers. We have collaborated with banks and brands to empower local mobile dealers in Maharashtra with superior offers than available anywhere. We believe GENIE will help SMBs revive their fortunes through use of better technology.”
About Innoviti Technologies Pvt. Ltd., Bangalore, India.
Innoviti Technologies Pvt. Ltd. is India’s largest provider of payment solutions to Enterprise merchants with a 76% market share of all payments happening in this segment. It has been a pioneer in using technology to help businesses extract better value from retail transactions than anyone else. The company processes over 10B$ 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.