With patents and strong R&D, Innoviti has been working towards helping retailers adopt fintech solutions while retaining their own identity
By Srinath Srinivasan
Catamaran Investment and Bessemer Venture backed Innoviti has been working towards digitalising some important financial processes in various supply chains. The startup aims to utilise a consumer’s consumption pattern, as evident from her transaction details with the brand, to help the brand with inventory, retargeting/marketing and to provide a more personalised experience for the consumer.
“Whenever there is a payment, it triggers a transaction at various points in the supply chain. It is an opportunity for retailers and brands to get to know the consumer more and accordingly serve better while managing their inventory more efficiently,” says Rajeev Agrawal, founder and CEO, Innoviti Payment Solution. He says that the startup boasts of one of the highest patent filings in the industry with 26 patents applied and two awarded. The startup has raised $35 million in the last five years. “We have a rather long term approach and a very Indian approach to the market,” says Agrawal, talking about how the solutions are built.
The company works with trained partners to understand what local retailers want and enable them to tailor their solutions on Innoviti’s platform. “There are some advantages to this. The innovation becomes decentralised and happens where the actual users are. Then, our partners also make money tailoring solutions for very specific purposes of our customers,” says Agrawal. According to him, this is done for one important purpose that benefits the retailer. “Today, a retailer enjoys the identity his business has and any solution must be tailored to enable him to maintain that. Sometimes he may lose it in the course of adopting a solution. This could be as simple as the ambience of a store or how he transacts with customers. We do not wish to change the retailer’s identity with our solution,” says Agrawal.
The startup also enables retailers and brands to incorporate dynamic pricing, creating offers and useful lending channels for customers. “Once we know the history of the customer with a brand, it becomes easy to personalise any interaction with the customer. As a result, the brand’s customer retention rate improves. This can be extended to retargeted marketing campaigns and providing competitive intelligence to brands,” he says.
In addition to helping retain customers, the startup also makes payment modes, offers and lending options simpler across various card networks, government infrastructure like UPI and at any point-of-sale device. “The complexity involved in unification and providing a common platform make the work interesting and challenging. We have to do it at scale for various types of retailers,” he says.
Agrawal says the role of a retailer today has evolved and a retail outlet is an asset serving multiple purposes. “Today a retailer may be doing the inventory for certain products. He could send the product to another outlet in the same city and that outlet could be delivering it. The end customer will not know this. This operation at scale opens up a huge market,” he adds.