Press release- Innoviti Payment Solutions -The provider of intelligent payment solutions to 0ffline merchants, today announced the acquisition of Digital Marketing Services startup xGrow that specializes in the integration of Google and FB tools for providing hyperlocal digital marketing services to SMBs. Currently, all existing digital marketing tools are designed mainly for online businesses but when it comes to Offline SMBs there is a lack of platforms that connects online ads and brings customers to offline stores, and engage these customers post-purchase also.
Innoviti’s strategically designed hyperlocal digital marketing platform G.E.N.I.E uses low code technology of Sales Force Automation (SFA) to integrate targeted advertising tools of Google and Facebook for hyperlocal targeting of customers for 1 million SMBs in India. With this SMBs will not only be able to advertise and run offers for their catchment customers but also track the consumer journey from advertisement to sale closure through a unique coupon technology. Machine Learning algorithms will continuously optimize the targeting based on actual customer purchase, rather than just intent, improving ROI multi-fold for SMBs. SMBs will be able to grow faster and easier at a fraction of the cost they incur today.
Innoviti uses payment technology in unconventional ways to help businesses extract better value from transactions than anyone else. By bringing banks, brands, and merchants on to a common platform, Innoviti helps each business access 3X more consumers at 1/3rd the cost, accelerating sales with unmatched efficiencies.
The acquisition of xGrow is a first for Innoviti and comes at a time when the company is on a superfast growth path and recently announced that in the year 2020-21 its GTV has crossed $10 Bn with net ARR doubling to $18 Mn. 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. The company’s revenue CAGR has accelerated from 54% to 74%, the highest in the offline payments industry. xGrow deal by Innoviti has both Cash & Stock components.
“xGrow acquisition is in line with Innoviti’s core philosophy of turning each payment transaction into customer acquisition opportunity and enable SMBs to advertise and acquire customers at the lowest cost and also extract higher value from each transaction, Through xGrow acquisition, we will integrate Digital consumer acquisition tools to Innoviti’s payments platform. This will help solve- Digital customer acquisition- one of the critical problems for SMBs and thereby augment digital marketing services for them ” said Ankur Shukla, Senior Vice President – Product Marketing, Innoviti.
The company has plans to onboard 100,000 local mobile dealers in the next three months to capture more than 50% market share of this space which is struggling with the lack of quality sales growth tools. The company is also launching short-term BNPL products in the Fashion and Food category to help consumers tide over the current economic challenges faced due to the pandemic.
Innoviti had raised a Series C in 2020 to further its differentiated strategy of servicing the retail market through category and segment-specific products.