Innovity – one of India’s largest collaborative commerce platforms, today announced that it has signed up to join the ONDC network and is in the process of completing the technology integration. Innovity helps businesses grow faster with less effort by transforming payment transactions into new and unique buying tools that urge their consumers to buy better products and more. Innoviti processes digital purchases of Rs. 75,000 crore annually from 2000+ cities.
The ONDC network will help millions of small sellers participate in the digital revolution by connecting them to millions of digital consumers. At the same time, it helps consumers to reach more sellers through an open network, democratizing digital marketplaces to enable best buying connections between buyers and sellers.
However, to compete effectively small sellers may need digital tools like what mature e-commerce marketplaces can provide. Tools like zero-cost EMI, cashback and upgrade offers funded through banks and brands are the mainstay of sales growth for large e-commerce marketplaces. Innoviti hopes to address this problem of co-funded offers for small sellers through its collaborative commerce platform. Through its seller app integrated with ONDC network, Innovity will help sellers to not only publish their products on the network, but also help sellers to engage with products to be visible to all buyer apps, which banks and may be co-funded by brands. Help them sell more. This will help create a level playing field for small sellers, increasing the chance of conversion while reducing conversion costs.
Speaking on the occasion, Rajeev Agarwal, Founder and CEO, Innoviti said, “Innoviti will unlock access for small merchants to millions of customers not only by improving their searchability through the ONDC network, but also by bringing access to purchases. sees a great opportunity to do so. Offers co-funded by banks and brands, which can help them get more customers, more sales and more profits than they otherwise would.” T Koshy – CEO ONDC said, “We are delighted to bring Innoviti to the ONDC network . Innoviti’s participation in ONDC will help small sellers and their proposition to develop specialized solutions for such small sellers could be further value addition that can help them to fully benefit from the network which is in sync with their existing constraints. Could be a challenge.” About Innoviti Payment Solutions Pvt Ltd. Ltd., Bangalore, India: Innovity Payment Solutions Pvt. Ltd. is one of India’s largest collaborative commerce platform, which helps diverse businesses such as banks, product brands and merchants, partner to achieve consumers together. The platform helps these businesses convert payment transactions into attractive buying tools delivered at the retail point of sale, urging consumers to buy better products and more. Innoviti holds an “in-principle” payment aggregator license from India’s central bank, the RBI. The company has a major share of >70% in providing such procurement solutions to India’s leading enterprises, which manage over $10B$ of annual purchases. Bessemer Venture Partners, FMO, Catamaran Ventures, Panthera Growth Partners and Alumni Ventures are investors in the company. The company holds four patents, including a US patent and is the winner of Mastercard’s Innovation Wizards Award, Reliance’s Most Promising Growth Consumer Finance Award and Deloitte Fastest Growing Companies in Asia Award. Innoviti is the only Indian payments SaaS company to have been awarded the coveted SOC3 Seal of Excellence for adhering to the principles of confidentiality, security, confidentiality, availability and trust in the processing of transactions. The company is certified Great Place to Work and strives to create a workplace where people can learn more to earn more. Click for more information: http://www.innoviti.com About ONDC: Open Network for Digital Commerce (ONDC) is an open network for all aspects of the exchange of goods and services over a digital or electronic network. An initiative aimed at promoting ONDC should be based on an open-source methodology, using open specifications and open network protocols independent of any specific platform. ONDC is expected to make e-commerce more inclusive and accessible to consumers. Consumers can potentially search for any vendor, product or service using any compatible application or platform, thereby increasing the freedom of choice for consumers. This will enable the consumers to match the demand with the optimum available supply. It will also give consumers the freedom to choose their preferred local businesses. Thus, ONDC will standardize operations, promote inclusion of local suppliers, increase efficiency in logistics and increase value for consumers.
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