Published on July 8th, 2020
Move in line with Innoviti’s aggressive plans of building exceptionally large market opportunities
- Leading provider of intelligent payment solutions, Innoviti Payment Solutions announced the addition of former Britannia and Unilever senior executive, Mr. Neeraj Chandra, to its Board of Directors as an Independent Director. This position was created as a part of the structuring carried out during the recent fund raise from FMO and Bessemer.
- An alumnus of IIM Ahmedabad and IIT Kanpur, Mr. Neeraj Chandra brings over 30 years of experience in diverse sales, marketing & business roles with exposure to 25+ countries in Asia & Middle East. He was previously associated with Emami Limited as the CEO of their Consumer Care Division. Prior to that he held a variety of leadership roles including VP & COO at Britannia and Regional Brand Director for Asia at Unilever.
- Neeraj Chandra’s appointment is in-line with Innoviti’s aggressive plans of a) building exceptional, large new market opportunities through vertical focused products that connect to the customers in truly innovative ways, and b) building specialized market building & distribution models to rapidly scale up these markets while delivering high quality service.
- 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. Architected as a network of networks, Innoviti is using 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. 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 company leads monthly terminal throughput at 7000$ per terminal, 2X of India’s average of all other payment providers (RBI data). The use of technology to relentlessly drive reliability and automate processes has further fuelled gross margins, making Innoviti the most capital-efficient company in this space (based on publicly available data).
- Innoviti is backed by marquee investors including Bessemer Venture Partners, USA, SBI Venture Capital, Singapore, FMO, Netherlands, and Catamaran, India. Series C funding was led by FMO and Bessemer.
“We believe designing great products requires an obsession with differentiation and excellence. In a complex disruptively changing world of opportunities, Neeraj’s guidance will help sharpen delivery to our vision of creating great payment products.
Our customer centricity and focus on delivering sustainable value has already helped us become the most capital efficient company in this space. A stronger Board will help prepare us for the next exciting phase of our journey as we leap and lead our market.” – said Mr. Rajeev Agrawal, CEO, Innoviti.
About Innoviti Payment Solutions Pvt. Ltd., Bangalore, India.
Innoviti Payment Solutions 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 offline merchant payments (~5% of India’s offline merchant payments volume as per RBI data), from over 1000+ 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.
Sarath Chandra Nerella
Associate Vice President – Marketing
Innoviti Payment Solutions Pvt. Ltd