Published on September 19, 2016
Move designed to foster design centric product innovations while strengthening productization capabilities and scaling up of Innoviti’s business
- Hari Charan Rao, a University of Florida, Gainesville alumnus joins Innoviti as Vice President of Software Engineering.
- Hari brings in 20+ years of experience in Software Product Development post successful stints with Reliance Jio, Oracle, Informix Software (now IBM). In his previous assignment, he was the AVP at Reliance Jio managing the Data Sciences & Analytics and Cloud Engineering Teams.
- Hari has 5 invention disclosures filed with the United States Patent & Trademark Office with 4 Patents issued.
- Hari’s appointment reaffirms Innoviti’s goal of building a world-class payments company by bringing talent from lateral industries which have used technology to create large scale businesses.
- Innoviti is a leading player in the payment automation and credit distribution space, currently processing over Rs. 14,000 cr. (US$ 2.1bn) of payment transactions including Rs. 1,200 cr. (US$ 180mn) credit to consumers & MSMEs. The MSME platform (smelending.com) is India’s largest SME credit distribution platform.
In a recent top-deck appointment, Innoviti Payment Solutions, a leading provider of Payment Automation and Credit Distribution Solutions has roped in Hari Charan Rao, erstwhile AVP at Reliance Jio, as Vice President of Software Engineering. Hari was managing their Data Sciences & Analytics and Cloud Engineering divisions.
A University of Florida, Gainesville alumnus Hari brings with him 20+ years of rich Software Product Development experience post successful stints with blue-chip companies like Reliance Jio, Oracle India, Oracle Corporation, USA and Informix Software (now IBM). In his earlier stint at Oracle Corporation, USA & Oracle India, Hari progressed through leadership roles to become Director of Product Development at Oracle India. He has 5 invention disclosures filed with the United States Patent & Trademark Office with 4 Patents issued.
Speaking on the appointment, Rajeev Agrawal, CEO, Innoviti said, “Innoviti has had a track record of using technology for solving hard problems. With Hari we are aiming to take our platform to the next level, where it will allow for people to find new problems to solve. This is a fundamental change in our thinking that will open up possibilities for innovation in payments that hitherto didn’t exist,” he added.
Innoviti has been a pioneer in solving tough real-world payment & credit distribution problems. The Payments and Consumer lending business drives Innoviti’s uniPAY product to solve two problems, a) reducing the cost of accepting electronic payments for a seller and b) improving money supply for a buyer at the point of purchase. The company today processes over Rs. 14,000 Cr. of payment transactions, reducing cost for the seller in every transaction. It further helps originate consumer loans worth Rs. 800 Cr. at the point of purchase.
Innoviti’s smelending.com is an online marketplace that facilitates a seamless trade credit between manufacturers or suppliers, their large number of credit-seeking dealers and trade finance lenders who are eager to tap this profitable but fragmented lending opportunity. More than 24,000 dealers avail credit of 14/28 days through this platform with 150,000 loans worth Rs. 400 Cr. being distributed annually across 30+ Indian cities, making it India’s largest SME lending marketplace.
“I joined Innoviti due to its ambitious vision, aggressive plans and clear strategy to break new ground in Payment Automation and Credit Distribution sectors. I’m excited to participate in driving the next phase of the company’s growth,” commented Mr. Hari Charan Rao.
Source: PR Newswire
About Innoviti Payment Solutions Pvt. Ltd., Bangalore, India.
Innoviti Payment Solutions Pvt. Ltd. (formerly Innoviti Embedded Solutions Pvt. Ltd.) has been a pioneer in the use of technology to solve real-world payment acceptance problems of merchants. Using its indigenous developed technology and constant innovation, Innoviti has delivered differentiated solutions for payments automation, consumer credit distribution and SME lending that have become a benchmark in their markets. Innoviti processes over Rs. 8,000 Cr. of payment transactions annually including Rs. 1000 Cr. of credit. Innoviti’s smelending.com is #1 in the segment of SMElending, processing over Rs 400 Cr. per year. uniPAY is India’s only omni-channel payment platform for managing payment automation. The company has won Deloitte Asia Pacific award three years in a row and Red Herring Asia award twice. Innoviti is backed by marquee investors such as Titan Company (JV between Tata Group and TIDCO), Catamaran Ventures and New India Investment Corporation, Canada.