- Leading payments player, Innoviti Payment Solutions announced that its fast-growing payments business crossed a significant milestone in August 2019 with monthly transaction processing volume zooming past the Rs. 3,000 crore milestone. At an annualized processing volume of over US$ 5bn, Innoviti now accounts for over 5% market share of overall digital transaction processing volume in India.
- The accelerating momentum of Innoviti’s growth can be seen from the fact that transition from 2,000 to 3,000 cr. monthly volume took the company about a year, vs the two years for the corresponding move up from 1,000 – 2,000 cr. This is also reflected in Innoviti’s growth rate significantly outpacing that of the overall payments processing industry. Innoviti’s processing volume growth of over 50%, is more than double the overall payments industry growth rate of +24.9% as per RBI data in the same period.
- The company also announced that its revenue growth leading up to August’19 had surged to +92%, outstripping even the +50% volume growth. This is attributed to higher contribution of newer, more value-added services like UPI payments acceptance at POS for players like Google Pay, Phone Pe etc., Employee-benefit cards acceptance for players like Sodexo, Accor etc., Dynamic Currency Conversion (DCC) transactions processed for foreign card users, and various promotional offer-enabled transactions like credit card EMI and Cashback Offers.
- Across India Innoviti processes over US$ 5bn of payments annually from over 1,000+ cities, with a throughput per point of acceptance of 7,000$, 2X of India’s average (as per RBI data). Innoviti provides payment solutions to merchants doing digital billing, by integrating their billing and payment operations into one seamless flow.
- Innoviti is backed by marquee investors including Bessemer Venture Partners, USA, FMO, Netherlands, SBI Venture Capital, Singapore and Catamaran, India.
About Innoviti Payment Solutions Pvt. Ltd., Bangalore, India.
Innoviti Payment Solutions is transforming offline commerce by cloud-enabling physical retail data using payment channels, and using it to drive unparalleled sales efficiencies for brands, suppliers, merchants, banks and lenders. Innoviti’s payments platform deeply integrates with merchant ERP to extract and cloud-enable data and deliver payments, lending and marketing services to merchants and consumers shopping at these merchants. The company today processes over Rs. 36,000 Cr. of payment transactions, about 5% of all offline merchant payment transactions in India. This also includes Rs. 1,500 Cr. of transactions involving distribution of loans to consumers and small businesses. The company has raised a total of US$ 22 million of funding till date from marquee investors such as Bessemer Venture Partners, USA, FMO, Netherlands, SBI Venture Capital, Singapore and Catamaran, India. For more information, please visit – www.innoviti.com.
Release Date: 19th September 2019
Sarath Chandra Nerella
Senior Marketing Manager