We have taken an approach of designing tools usability that solve one problem at a time – today’s problem being getting more walk-ins and converting more walk-ins.
NET EYE GTV SOFTWARE
The traditional approach to creating technology solutions for small businesses has been prescriptive, bundling lots of software into a terminal or computer that leaves the merchants flummoxed.
If they cannot liquidate their inventory, how will loans help them? Giving loans in such situations is likely to fuel defaults. While the industry focus has been on providing loans to these merchants, we believe a much larger problem for them is sales. They are facing stiff competition from modern trade and e-commerce. The problem we are solving today for small merchants is one of access to consumers. Our aim is to level this playing field using payment technology as a channel to distribute digital services.
However, unequal access to digital technology for small businesses has increased competition for them disproportionately. This has resulted in increased competition for all businesses. In a statement, Rajeev Agrawal, CEO, Innoviti said, “Digitization provides an equal opportunity for every business, whether large or small, to access consumers. Launched in April 2021 in Bangalore, the product gained 5% share within four weeks, before the lockdown prevented further roll-out. Launched initially in Mysore, the product gained market share, crossing 30% within six weeks of launch. This product not only supports conventional Brand EMI schemes, but also unique and exclusive EMI and cashback schemes not even available online. The company launched GENIE, a marketing application for local mobile dealers to help them fight back with online by bringing to them the same technology as used by online merchants to attract consumers. This has not only resulted in a better customer experience, but also in gross margins crossing 70%, the highest in the industry. The company has setup warehouses pan-India, automated the supply chain, and put in place predictive detection of failures and support needs using advanced machine learning algorithms. The launch of new services such as BNPL, EMI, and product-linked promotions for brands, has further helped businesses discover new and unique ways of attracting and retaining customers and enabled the launch of new products for smaller merchants.Ĭost rationalization has been brought about through deep investments in setting up of a distributed support and supply chain structure. The revenue increase has come on the back of several customers migrating to Innoviti’s digital technology as the pandemic brings fore the importance of quality digital solutions, beyond mere payment terminals and QR stickers.
The company uses payment technology in unconventional ways to help businesses extract better value from transactions than anyone else.
NET EYE GTV SERIES
Innoviti had raised a Series C in 2020 to further its differentiated strategy of servicing the retail market through category and segment specific products.
NET EYE GTV OFFLINE
The company’s revenue CAGR has accelerated from 54% to 74%, highest in the offline payments industry. The company’s enterprise business, which provides solutions to leading enterprise merchants in food, lifestyle, healthcare and electronics categories strengthened its operating margins to 25% with the business now commanding a dominant 76% market share. Innoviti has announced that in the year 2020-21 its GTV has crossed $10 billion with net ARR doubling to $18 million.
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