Journey of Rajeev Agrawal: Founder & CEO of Innoviti Technologies -Entrepreneur
Biography of Rajeev Agrawal:
A Spark at IIT Bombay
Rajeev Agrawal’s journey started at the prestigious Indian
Institute of Technology, Bombay, where he earned both his B.Tech and Ph.D. in
Electrical Engineering. During his undergraduate years from 1986 to 1990, he
immersed himself in photography, dramatics, and organizing events, even serving
as the secretary of the Photography Club. His deep curiosity and sharp
intellect laid the foundation for what would be a remarkable professional path.
Exploring the World of Research
After completing his B.Tech, Rajeev spent a year at the
Raman Research Institute in Bangalore as a research assistant. There, he
contributed to building radio frequency transceivers for one of the world’s
lowest-frequency radio telescopes at Gauribidanur. This experience sparked a
lifelong interest in developing innovative solutions through technology.
Diving into Doctoral Research
Rajeev returned to IIT Bombay for his doctoral studies
between 1991 and 1994. His Ph.D. research focused on understanding how digital
processes affect the geometry and structure of objects. Using number theory and
set theory, he created equivalent digital representations of shapes like lines
and circles, linking them back to their real-world counterparts.
Corporate Climb at Sasken
After completing his Ph.D., Rajeev joined Sasken
Communications in 1995. Over nearly eight years, he rose through the ranks to
become Vice President. He led the Signal Processing and later the Broadband
Technologies and Internet Access divisions. His leadership helped the company
grow in areas critical to telecom innovation during that era.
The Birth of Innoviti
In December 2002, driven by a bold vision, Rajeev founded
Innoviti Technologies in Bangalore. The goal was to build a retail
payments-centric SaaS platform that could revolutionize the point-of-sale
experience. By uniting retail and payment processes, Innoviti aimed to uncover
value often hidden in plain sight.
Redefining the Point of Sale
Under Rajeev’s leadership, Innoviti focused on enhancing the
buying experience by combining transaction data with marketing tools. The
platform enabled retailers to increase customer footfall, boost conversions,
and improve margins—all by leveraging intelligence at the point of consumption.
Innoviti’s First Big Breakthrough
In 2008, Innoviti launched India’s first cloud-based payment
acceptance platform in collaboration with Reliance. This marked a major
milestone, pushing the company’s transaction volume to $100 million. It was
just the beginning of Innoviti’s climb to the top of India’s retail payment
landscape.
Journey of Rajeev Agrawal: Founder & CEO of Innoviti Technologies -Entrepreneur#startup#age#net worth#investor#startup#Innoviti Technologies story
Empowering Small Retailers
By 2010, Innoviti introduced a short-term working capital
platform for kirana stores and Walmart buyers, further embedding itself into
India’s retail fabric. This innovation helped small merchants access timely
credit and sustain their operations more effectively.
Transforming EMI Payments
In 2011, Rajeev led Innoviti to roll out India’s first
credit card EMI loans directly at retail points-of-sale. This transformed how
customers shopped, offering flexibility and encouraging larger purchases, which
benefited both shoppers and merchants.
Smelending: A Sister Venture
In 2015, Innoviti expanded its footprint in the financial
services sector with the launch of smelending.com. This platform allowed
short-term working capital financing through multiple lenders. That same year,
Innoviti crossed a transaction volume of $1 billion, establishing its position
as a trusted fintech partner.
Leading the UPI Revolution Offline
Innoviti made another industry-first move in 2017 by
launching UPI@POS—India’s first UPI-based payment solution for offline retail.
With this, the company touched a transaction volume of $3 billion, capturing a
growing share of India’s payment landscape.
Innoviti POS and Smart Marketing
In 2018, the company introduced its own point-of-sale
terminal that enabled same-day fund transfers. And in 2021, Rajeev oversaw the
launch of Genie, India’s first smart marketing app designed to help mobile
retailers boost walk-ins and conversions. These innovations took Innoviti’s
volume to $7 billion.
A Decade of Disruption
By 2023, Innoviti rebranded itself from Innoviti Payment
Solutions to Innoviti Technologies. This symbolic shift represented a broader
vision. The company’s transaction volume soared to $10 billion, contributing to
6% of India’s offline payment volume. The platform now supports ₹60,000 crore
in GTV annually and boasts 100% logo retention across 28 states.
The Team and the Vision Ahead
Rajeev Agrawal remains at the helm of Innoviti Technologies,
supported by co-founder Amrita Malik and a diverse board that includes
experienced professionals like Vishal Gupta, Suramya Gupta, Subramaniam
Somasundaram, Shilpa Prabhakar Kulkarni, and Neeraj Chandra. With 650 employees
and a mission to unlock value where others overlook, Innoviti continues to be a
frontrunner in India’s retail tech revolution—driven by a visionary who started
out as a curious engineer at IIT Bombay.
Timeline of Rajeev Agrawal's journey:
- 1986–1990:
B.Tech at IIT Bombay; active in clubs and event organization
- 1990–1991:
Research Assistant at Raman Research Institute, Bangalore
- 1991–1994:
Ph.D. at IIT Bombay on digital geometry
- 1995–2002:
Joined Sasken; rose to Vice President
- Dec
2002: Founded Innoviti Technologies in Bangalore
- 2008:
Launched India’s first cloud-based payment platform with Reliance
- 2010:
Introduced working capital for kirana stores and Walmart buyers
- 2011:
Rolled out India’s first POS-based credit card EMI loans
- 2015:
Launched smelending.com; crossed $1B in transactions
- 2017:
Introduced UPI@POS for offline retail; hit $3B transaction volume
- 2018:
Launched Innoviti POS terminal with same-day settlements
- 2021:
Released Genie smart marketing app; hit $7B in volume
- 2023:
Rebranded as Innoviti Technologies; reached $10B volume, 6% of offline
payments in India
