Innoviti, the Bangalore-based leader in transforming payment solution technologies announced that it has raised Rs 10 crores in funding as part of its growth investment. The 60% of this payment has been raised via equity investments by a group of HNI angel investors based out of United Kingdom and India and the rest of 40% has been raised as debt investment from Tata Capital. This marks the company’s next phase of growth. With an initial investment from Titan Industries, the board of Innoviti comprises of mixed equity group of HNI, private investors and Institutional investors.
Innoviti forayed into the payment space in 2008 and ever since has shown a steady growth recording a computed average growth (CAG) of 60-65% per annum. In 2007 it received an initial investment from Titan Industries. Thereafter a follow up investment was received in 2008 from Institutional and High Network Individuals (HNI) from UK and India.
The 2014 funding will see the company invest into product innovation, new strategic hires, create a global standard in payment operations and expand its business market beyond India starting with Dubai in the Middle East.
In last few months Innoviti has already made a few strategic hires at senior and mid level. It will continue the hiring process until it can transform its current 110 member team into a robust team.
Innoviti today processes over 8% of all credit/debit card payment transactions in India. Innoviti powers over 15000 devices across India by deploying its premium products like uniPay and QuickEMI. Innoviti technologies are the trusted partners to some of India’s top brands like Reliance, Tata (Westside, Star bazaar, Landmark), Lifestyle, HDFC banks, Axis Bank, SBI, UniverCell, Mobile Stores, Titan group of stores to name a few. With expansions in place across Middle East Innoviti expects to serve over 50,000 PoS over the next 12 months.
“The payment space is increasingly becoming an exciting space for all the stakeholders. While the retail sector can definitely make a marked difference by introducing secure and smart payment systems at their PoS, the consumers will certainly benefit from technology intervention to help gain better choices in making payments. This will definitely boost their aspiration fulfilment level while giving them a chance to them to exploit well their purchasing power. Innoviti is an active partner and leader in building payment models that will revolutionize electronic payments across market” says Rajeev Agrawal, Founder & CEO, Innoviti
He further added “the fresh round of funding establishes our credentials as a serious innovator in payment product space and this will fuel our growth plan to leap frog into a new era of payment options marked by high security and convenience to elevate the customer satisfaction. The market will soon see some exciting new solutions that will facilitate larger masses with flexibility to spend conveniently”
Shantanu Bhagwat, one of the principal HNI investors based in UK said “Innoviti is company based on trust and commitment. It has a deep knowledge of the payment space that it has converted into adding simple, innovative products such as multi-bank EMI payment gateways that have constantly transformed the payments space. It has grown steadily through the last six years and earned a remarkable market reputation. The brand’s innovative technologies will certainly build profits for the retailer community, consumers and all its stakeholders.”
Innoviti has restructured its entire operations in 2013 to make it fully compliant with latest security mandates set by RBI and other independent bodies. Today, not only Innoviti is fully compliant with all RBI mandates including TLE, EMV and Pin@PoS, its India’s first and only PA-DSS 2.0 (Payment Application – Data Security Standard) certified company providing integrated billing and payment systems.”