(Sharp focus on use of technology to design exceptional payment experiences multiplies volumes, revenue, and margins)
- Series C funding led by FMO: Entrepreneurial Development Bank, Netherlands and Bessemer Venture Partners, USA.
- Innoviti is designing intelligent payment solutions that help every merchant extract the full power of digital payments, not possible with stand-alone terminals and QR stickers. Using the power of data and user-centric design, Innoviti’s solutions are thoughtfully crafted to not only simplify lives by releasing time and reducing anxiety, but to also inspire merchants to think of extra sales, extra savings, and extra customers through digital partnerships with brands and banks.
- Architected as a network of networks, Innoviti uses data intelligence to bring together merchants with brand and bank networks, helping them connect, collaborate, and create new and unique offers for their common customers. This helps networks use the power of modern technology to intelligently target customers, create superior offers, and grow their sales faster with unmatched efficiency.
- Processing over 6.5B$ of annualized offline merchant payment volume (~5% of India’s offline merchant volume, based on RBI data), Innoviti is transforming digital payments at scale. The product strategy has translated into a 250% revenue growth over a 180% merchant volume growth since Series B, underlining the increase in value and margins from every $ of volume added. An obsessive focus on customer-centric design has led to a 2X increase in usage from every installation over this period. Use of technology to relentlessly drive reliability and automate processes has further fueled gross margins, making Innoviti the most capital efficient company in this space (based on publicly available data).
- The funds raised will be used for a) furthering the customer-centric intelligent payments strategy by crafting new solutions for new market segments, and b) building specialized distribution models that can support these solutions at scale while delivering high quality service. With this funding Innoviti aims to become cash positive by March 2021.
Quotes:
“Innoviti has been using payments technology to find new and unique ways of helping small businesses grow efficiently. In a fast-developing economy like India, use of technology is critical to make MSME’s competitive in the marketplace and provide them with efficient and sustainable access to financial services. We are excited about partnering with Innoviti through our recently established Ventures Program.” – Jaap Reinking, Director Private Equity (FMO).
“We are excited to continue to back Innoviti given their leadership and innovations on payment software platforms for merchants and MSME’s.” – Vishal Gupta, Managing Director, Bessemer Venture Partners.
“Digital payments can do far more for businesses than move money. The usefulness of vanilla terminals and QR stickers is limited as businesses demand more from payment solution providers, more intelligence, more reliability, and more savings.
A key differentiator for us has been developing sophisticated technology and delivering it through simple, exceptionally crafted payment experiences. This is hard, very hard to put together. We are proud to have done that.
Mr. Rajeev Agrawal, CEO, Innoviti:
This customer centricity and a relentless focus on excellence has helped us become the most capital efficient company in this space. The current funding is a huge endorsement of our strategy and we look forward to achieving our goal of becoming self-sustainable with this funding.”
About Innoviti Technologies Pvt. Ltd., Bengaluru, India.
Innoviti Technologies Pvt. Ltd. has been a pioneer in the use of technology to add intelligence to payment transactions helping merchants, banks and brands utilize the full power of digital payments to drive business growth. The company processes over 6.5B$ of merchant payments from over 1,000+ cities with a volume throughput per installation that is 2X of the country’s average. Catamaran Ventures, SBI Capital, Bessemer Ventures and FMO 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 for its instant onboarding innovation, and Reliance’s Most Promising Growth Consumer Finance Award for its #KuchBhiOnEMI innovation in 2019. Innoviti is the only Indian payments SaaS company to be awarded the SOC3 seal of excellence for adherence to principles of trust in privacy, security, confidentiality, availability, and processing of transactions.