Published on November 3rd, 2020
Move designed to expand Innoviti’s footprint in Electronics retail merchants through distribution.
- Innoviti, a leading provider of intelligent payment solutions, announced the induction of former Eureka Forbes Retail Head as Chief Revenue Officer – Channel Sales.
- An alumnus of Doon International University, Mr. Uprit is a retail industry veteran with 20+ years of diverse experience in General, Organized & ecommerce Channel Sales, Business Development, and Operations in consumer durables space, in leadership positions with brands such as Philips and Onida.
- Mr. Uprit will be heading Innoviti’s expansion in the Electronics retail merchant category using distribution channels. Bringing onboard senior talent like Mr. Uprit reaffirms Innoviti’s commitment to strengthen and rapidly scale up its category specific retail plans through specialized distribution models.
- Innoviti converts payment transactions into business collaborations by using payments technology to bring together banks, brands, and merchants to a common platform, and enabling them to partner and deliver new and unique experiences to their common consumer at the point-of-sale. This smart marketing platform is providing a fair and equal opportunity for small and large businesses to collaborate and accelerate sales with unmatched efficiency.
- In the Electronics category Innoviti has introduced its TotalEMI product over the past few months through a nuanced distribution approach, unlocking a large affordability potential lying untapped. The product adoption has rapidly grown over the past six months to become a self-sustaining product line.
- With Mr. Uprit’s hiring, over the next six months the company will be focusing on a rapid expansion of this product line not only through launch of a slew of exceptionally designed products across store-retail, online and QR channels for this category, but also through a rapid expansion of distribution nationally. Across payment channels Innoviti has a 5.14% market share in the Electronics category and aims to take it to 25% within the next 12 months.
- Innoviti processes over US$ 6.5 Billion payments with double-digit payments market share in several organized retail categories. With more than 22% market share of payments in Fashion & Apparel category, 14% in Food & Grocery and 12% in Healthcare, Innoviti is bringing the power of collaboration to these merchants and helping them accelerate sales while saving money.
- The company had turned EBITDA positive for the month of Sep 2020 and is on target to become PBT positive for the month of Dec 2020.
“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. Innoviti is already a leading payments provider to several retail categories in India. I am glad to be a part of this journey at a juncture when the company’s highly differentiated products are being introduced across the length and breadth of this country with the support of the emerging channel ecosystem. Innoviti’s technologies have been at the forefront of setting new benchmarks for how retail businesses can seamlessly, and cost effectively leverage their payment acceptance processing infrastructure into genuine drivers of business growth. I look forward to an exciting journey with Innoviti’s young and talented team,” said Mr. Manoj Uprit, Chief Revenue Office, Innoviti.
“We are excited to have an experienced business leader like Manoj on-board to spearhead our Retail & Channel strategy. His deep experience in building and nurturing distribution channels will be an asset as Innoviti looks to strengthen its leadership position in the payment solutions space,” said Ms. Amrita Malik, Chief Business Officer, 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 merchant payments 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. 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.
Sarath Chandra Nerella
Associate Vice President – Marketing Communications
Innoviti Payment Solutions Pvt. Ltd.