Innoviti Ropes in Global Semi-conductor Major Business

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Move Designed to Strengthen Technology Depth, Productization Capabilities and Scaling Up of Innoviti’s Businesses

– Ravi Manik joins Innoviti as Business Head for their Payments and Consumer Lending Business, which currently processes over Rs. 10,000 Cr. of transactions annually.

– Manik, erstwhile Business Development Director of Broadcom for South and SE Asia, has earlier led product management and engineering roles in Broadcom and Conexant, US.

– Manik’s appointment reaffirms Innoviti’s goal of building a world-class payments company by bringing talent from lateral industries which have used technology to create large scale businesses.

– Innoviti had raised Rs. 30 Cr. in Series B funding in 2015 from Catamaran Ventures and New India Investment Corporation, Canada.

In a recent high-profile appointment, Innoviti Payment Solutions has roped in Ravi Manik, erstwhile Business Development Director of global semi-conductor major, Broadcom as Business Head for their Payments and Consumer Lending business.

A University of California, Los Angeles alumnus, Manik brings rich business development and product engineering experience in the hi-tech product space across US and Asian markets. He steered Broadcom’s business to a sizeable scale in South and SE Asia regions, prior to which he helmed a range of product management roles with them in the US. In his earlier stint, he headed the engineering and program management functions at Conexant, US, driving their ADSL and VDSL businesses.

Innoviti has been a pioneer in solving tough real-world payment problems. The Payments and Consumer lending business drives Innoviti’s uniPAY product to solve two problems, a) reducing the cost of accepting electronic payments for a seller and b) improving money supply for a buyer at the point of purchase. The company today processes over Rs. 10,000 Cr. of payment transactions, reducing cost for the seller in every transaction. It further helps originate consumer loans worth Rs. 600 Cr. at the point of purchase.

Quotes:

“We wanted to bring talent from an industry that uses high-end technology and operates in a hyper-competitive market. We are excited about Ravi joining us and bringing his expertise in product engineering and business development with the US semiconductor industry to Innoviti. We believe this will propel our leadership in the payment solutions space to an altogether different level,” said Mr. Rajeev Agrawal, CEO, Innoviti.

“I’m thrilled to join Innoviti at a time when the company is growing exponentially and leading the development of some truly innovative payment solutions in the Indian market. I look forward to working with Innoviti’s highly experienced team to drive our common goals, ” said Mr. Ravi Manik.

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