Innoviti gets Rs. 10 crore Debt & Equity Funding from Tata Capital and Others

28th March 2014 | By Mouseworld Now Correspondent |

 

 

innoviti logo

Bangalore, India, 27 March, 2014: Innoviti, a Bangalore-based company that deals in innovative payment solution technologies, has raised Rs 10 crore in funding as part of its growth investment. Nearly 60% of this 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.

Innoviti Embedded Solutions is a leading provider of transaction processing solutions for various verticals such as financial inclusion, payment, presence monitoring and loyalty. Using its portfolio products like Unipay, QuickEMI and PGEMI the brand offers useful EMI options.

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.

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.

Innoviti, which has made a few strategic hires at senior and mid level in last the few months, would continue hiring to transform its current 110 member team into a robust team.

Innoviti Founder & CEO Rajeev Agrawal said, “The payment space is increasingly becoming an exciting space for all the stakeholders. The retail sector can make a marked
difference by introducing secure and smart payment systems at their PoS. Innoviti has been helping organizations to build payment models that will revolutionize electronic payments across market.”

“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,” he added.

One of the principal investors, Shantanu Bhagwat 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.”

In 2013, Innoviti restructured its operations to make it fully compliant with latest security mandates set by RBI and other independent bodies. The company is fully compliant with all RBI mandates including TLE, EMV and Pin@PoS, and only PA-DSS 2.0
(Payment Application – Data Security Standard) certified company providing integrated billing and payment systems.

PA-DSS 2.o is the latest mandatory certification issued by PCI (Payment Card Industry) Council a body formed by Visa, MasterCard, JCB, Amex that governs the standards for secure management of card data for all organizations providing payment software.

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