Innoviti Adds Top Brands - HP, Bosch, Siemens, Voltas, & Blue Star - to Strengthen its Collaborative Commerce Platform
These acquisitions along with other portfolio brands give Innoviti access to 70% of the Consumer Durable & Information Technology [CDIT] market
BENGALURU, India, May 5, 2023 /PRNewswire/ -- Innoviti Technologies [formerly Innoviti Payment Solutions] expands its affordability portfolio through the strategic acquisition of key CDIT brands. High-valued brands like HP, BSH Home Appliances, Voltas and BlueStar will further enable the company in its intent to strengthen the merchants to offer more rewarding brand EMI to their end customers. Through a collaboration with Innoviti, high-performing brands benefit from an opportunity to better their brand performance while merchants gain from getting brand offers for their consumers.
Innoviti is a forerunner in launching new digital technologies to revolutionize the digital payment industry. Earlier this year through its collaboration with two banks - ICICI and Kotak Mahindra Bank, and Reliance Retail, Innoviti launched India's first acceptance of digital currency at an organised retail point of sale. Its collaborative commerce platform uniquely benefits all partners. While banks can expand their customer base, merchants and brands are able to attract the right consumers, and the end consumers can purchase premium products on easy EMIs. These brand acquisitions for Innoviti underscore the company's commitment to delivering innovative and affordable solutions to its consumers while raising the value proposition for all.
Inexperienced technology partners often lack the skill of providing data insights or technology tools that help assess growth opportunities for big brands. This challenge often leads brands to spend more on gaining insights, negatively impacting their profit margins. The Innoviti platform and its intelligent software not only help capture valuable purchase data but through its smart analytical capabilities it can produce razor-sharp consumer insights. These help brands to create better brand offers for consumers and in turn, help them partner more effectively with merchants and banks to build a win-win proposition for all. This uniquely positions Innoviti as a true growth partner for brands like HP, Bosch, Siemens, Voltas and Blue Star.
Speaking on the acquisition, Murali Gopalakrishna Rao, Vice President, Partners and Alliance - Innoviti Technologies said, "We are the preferred technology partner for growth-oriented businesses looking to increase their sales rapidly. Conventional payment aggregators lack the capabilities to provide an agile software platform that widens the growth opportunity for merchants, banks, and brands. Innoviti's growth tool has cross-functional and cross-purpose utility and will be particularly useful for brands that seek consumer insights to deploy better offers to improve their ROI. I am excited that Innoviti's unique 'Discoverability tool' and 'Purchase tool' will provide these brands with better insights into the consumer journey, enabling them to create better offers while we help them increase their sales at one-third of the cost."
Innovation has led Innoviti to emerge as a leader in the consumer finance industry, and the acquisition of these brands is a significant step towards furthering that status. The brand EMIs offered through the Innoviti platform will empower merchants to make it easier for consumers to buy their aspirational brand products. Consumers across India can buy their desired brands on easy EMI by simply swiping their credit or debit cards on an Innoviti platform at stores across India. No-cost EMIs not only allow consumers to access easy loans but also boost their credit scores and induce financial discipline.
The agile and simple Innoviti platform effectually processes digital payments, while enabling businesses to grow better profit margins through the use of its growth tools. These futuristic tools remain way ahead of the conventional solutions available in the market today.
About Innoviti Technologies Pvt. Ltd., Bangalore, India.
Innoviti Technologies (formerly, Innoviti Payment Solutions) is India's largest provider of collaborative commerce solutions to Enterprise merchants with a 79% market share of all purchases being paid for digitally in this segment. Innoviti vision is to help people make better purchase decisions by providing better purchase options. The company processes over 10B$ of purchases from over 2000+ cities with a volume throughput per installation that is 2X of the country's average. Bessemer Venture Partners, USA, FMO, Netherlands, Panthera Growth Partners, Singapore, Alumni Ventures, USA, Catamaran Ventures, and Patni Advisors are investors in the company. The company has 7 patents awarded with 20 more filed. Innoviti is the winner of Mastercard's Innovation Wizards Award, Reliance's Most Promising Growth Consumer Finance Award and Deloitte Fastest Growing Companies in Asia award in 2020.
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