Reliance Jio’s Praveen Boda Joins Innoviti as Vice President – Finance & Legal
22 December 2017
Move designed to further accelerate Innoviti’s revenue expansion plans
- Praveen Boda joins Innoviti Payment Solutions as Vice President – Finance & Legal. A Chartered Accountant & Cost Accountant with over 15 years of corporate experience, Praveen till recently was AVP – Finance at Reliance Jio Infocomm.
- The new appointment is in line with the scaling up of Innvoiti’s business operations post its latest fund raise of US$ 18 million in a Series B funding round led by the Singapore-based SBI FMO Emerging Asia Financial Sector Fund (the ‘SBI-FMO Fund’ jointly setup by SBI Holdings Group of Japan and FMO of Netherlands), Bessemer Venture Partners and existing investor Catamaran.
- Currently, Innoviti’s uniPAY NEXT payments platform processes over US$3 billion of annual transaction volume through over 50,000+ POS terminals across India. Innoviti’s volume/terminal is 2x of national average, indicative of the superior acceptance of the platform.
- Using predictive algorithms for improving reliability in payment transactions, the company has today increased transaction reliability to upwards of 96% where the industry average stands at 82%.
Leading payments solution provider, Bangalore-based Innoviti Payment Solutions, today announced the appointment of Mr. Praveen Boda, erstwhile AVP Finance at Reliance Jio Infocomm as its new Vice President – Finance & Legal. The appointment is part of Innoviti’s aggressive growth plans post its recent US$18 million Series B fund raise in July 2017.
A Chartered Accountant & Cost Accountant by profession, Praveen brings with him over fifteen years of rich Corporate Finance experience post successful stints with blue-chip companies like NVIDIA Graphics, Microsoft & Qualcomm.
Speaking on the appointment, Mr. Rajeev Agrawal, MD & CEO, Innoviti Payment Solutions said, “We are delighted to welcome Praveen on board as our Vice President – Finance & Legal. His deep knowledge in Strategic Planning, Corporate Finance and strong financial oversight make him a great addition to our leadership team as we scale up our business lines.”
“Joining Innoviti, a company with ambitious vision, aggressive growth plans and a clear strategy at a time when the company is growing exponentially is exciting. I look forward to working with Innoviti’s highly experienced team and participate in driving the next phase of the company’s growth,” said Mr. Praveen Boda.
About Innoviti Payment Solutions Pvt. Ltd., Bangalore, India.
Innoviti Payment Solutions runs a payment platform that has a unique ability to add intelligence to traditional payment channels, enhancing their value. Merchants, brands and financial service providers use these intelligent payment channels to reduce cost and drive sales of their products. Innoviti processes over Rs. 40,000 Cr. of payment transactions, about 6% of all offline merchant payment transactions in India. This also includes Rs. 1.500 Cr. of transactions involving distribution of loans to consumers and small businesses. The most capital efficient company in this space, Innoviti processes more volume for every $ raised than any other payments company. The company is backed by marquee investors such as Catamaran Ventures, SBI Venture Capital and Bessemer Venture Partners.
For more information, please visit – https://innoviti.com/
Sarath Chandra Nerella
Associate Vice President – Marketing Communications
Innoviti Payment Solutions Pvt. Ltd.