Innoviti Ropes In Nish Kotecha to Advisory Board Ahead of IPO

Digital payments solution startup Innoviti Technologies has roped in fintech veteran Nish Kotecha to its advisory board. 

The appointment comes as Innoviti prepares for its initial public offering (IPO) over the next one year.

Kotecha, the chair and cofounder of fintech firms Finboot and Agam, will advise Innoviti on building new consumer payment solutions and guide its IPO strategy. 

“I am excited to formally be part of the Innoviti team at this key stage their growth and look forward to not only guiding them on their product roadmap, but also their IPO plans,” Kotecha said.

Notably, he brings experience from senior roles at Lehman Brothers, JP Morgan, and Barclays, along with expertise in financial technology and enterprise growth.

Meanwhile, Rajeev Agrawal, cofounder and CEO of Innoviti, said, “…Kotecha brings with him a unique combination of consumer insights and financial technologies that will help us further enhance our highly differentiated payments-centric retail SaaS toolset to create unique value-added solutions.”

Founded in 2002 by Agrawal, the company allows users to accept payments and integrate real-time sales data into critical business processes. 

It claims to process over INR 84,000 Cr of purchase volume annually from across 2,000 Indian cities and over 20,000 offline and 3,000 online merchants. 

Recently in August, the company raised INR 75 Cr in its Series E funding round led by Random Walk Solutions.

In March, it secured an online payment aggregator (PA) licence from the Reserve Bank of India (RBI) to operate its PA ‘Innoviti Link’. It said that Innoviti Link is growing at a 10% month on month rate. 

Besides its PA business, the company offers Enterprise POS solution uniPAYNext, which it claims is operating at an EBITDA of 20%, and growing at a 23% annualised rate. It also claims that its Electronics EMI solution, GENIEPlus, is growing at 80%  annually and is expected to breakeven by March 2025.