- Innoviti Payment Solutions – The largest provider of smart payment solutions for offline merchants, today announced the acquisition of digital marketing services startup xGrow, which specializes in integrating Google and FB tools to provide digital marketing services. hyperlocal to SMEs. Currently, all existing digital marketing tools are designed primarily for online businesses, but when it comes to offline SMEs, there is a lack of platforms that connect online ads and drive customers to offline stores and engage these customers afterwards. of the purchase.
- Hyperlocal strategically designed by Innoviti GENIE digital marketing platform applications low code technology of Sales Force Automation (SFA) to integrate specific advertising tools from Google and Facebook to hyperlocal targeting customers for 1 million SMEs in India. With this, SMEs will not only be able to advertise and execute offers for their recruitment clients, but also track the consumer’s journey from advertising to closing the sale through a unique coupon technology. Machine learning algorithms It will continually optimize targeting based on actual customer purchase, rather than just intent, improving ROI multiple times for SMBs. SMEs will be able to grow faster and more easily at a fraction of the cost they incur today.
- Innoviti uses payment technology in unconventional ways to help businesses get better value from transactions than anyone else. By bringing banks, brands and merchants together on a common platform, Innoviti helps each business access 3 times more consumers at 1/3 the cost, accelerating sales with unmatched efficiencies.
- The xGrow acquisition is Innoviti’s first and comes at a time when the company is on a super-rapid growth path and recently announced that in the 2020-21 year its GTV has been crossed over. $ 10 billion with net ARR doubled to $ 18 Mn. The company’s enterprise business, which provides solutions to leading enterprise merchants in the food, lifestyle, healthcare and electronics categories, strengthened its operating margins to 25% and the business now dominates a dominant market share of 76% . The company’s revenue CAGR has accelerated from 54% to 74%, the highest in the offline payments industry. Innoviti’s xGrow deal has cash and equity components
- The company has plans to onboard 100,000 local mobile distributors in the next three months to capture more than 50% of the market share of this space that is struggling with a lack of quality sales growth tools. The company is also launching short-term BNPL products in the Fashion & Food category to help consumers overcome the current economic challenges they face due to the pandemic.
- Innoviti had raised a Series C in 2020 to promote its differentiated retail service strategy through category and segment specific products.
“The XGrow acquisition is in line with Innoviti’s core philosophy of turning every payment transaction into a customer acquisition opportunity and allowing SMBs to advertise and acquire customers at the lowest cost and also extract greater value from each transaction. Through the xGrow acquisition, we will integrate digital consumer acquisition tools for Innoviti Payment Platform. This will help solve, the acquisition of digital customers, one of the critical problems for SMEs and, therefore, will increase the digital marketing services for them.,” saying Ankur shukla, Senior Vice President of Product Marketing, Innoviti.
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