Job Designation: Senior Manager - Recruitment

Company Information:

Five years back if you had bought something from a Reliance store and paid through a card, it would have been swiped on a bank machine. Today you will find an Innoviti machine there. Not just in Reliance but in 2 out of top 3 retailers in India and 3 out of 3 wholesalers in India you will find Innoviti machines. Why is that?

Traditional payment channels built by banks are good at moving money. However, they are not effective in moving information related to the transaction. Innoviti has created a multi-sided payments platform that in real-time can add intelligence to traditional payment channels making them more valuable to various parties involved in a transaction. These channels are delivered through offline POS terminals.

The company started in 2002 and pivoted to the payments platform business in 2008. Today the company processes over 3.5B$ worth of payments annually from 800+ cities - about 5% of all offline payment transactions of India. The company has marquee brands such as Reliance Retail, Landmark Group, Indigo, Inox, PVR, Titan, ABRL, Walmart and others on the platform. Besides this over 20 banks including HDFC, ICICI, Axis, SBI, HSBC, Citibank, Amex and others are on the platform. The company raised a Series A in 2015 and since then has grown at a CAGR of 50+%. The company today has deployed more than 60,000 POS machines and drives an ARPU (Average Revenue Per Unit Per Month) of 10$ that is 2.5X of the country's average delivering a 65%+ gross margin.

The capability to add intelligence attracts businesses of various kinds to join the platform for different benefits.

Merchants join it to add billing information to the channel that helps them in better control and reducing back-office operations. They form the anchor customer for Innoviti on the platform which then attracts other types of businesses, these are:

a) Brands who sell their products to these merchants. They join to drive preference through tightly controlled promotions, driving better returns on their marketing investments.

b) Acquiring banks who want to access payment transactions happening at these merchants: They join it to save on their fixed infrastructure investments by participating in a shared infrastructure at a variable cost. They also benefit by being able to select which transactions they would like to process to improve their profitability.

c) Payment instrument providers such as wallets and employee benefit providers, who want to access customers coming to these merchants: They join to access and drive preference for their instruments with the customers buying at these merchants.

d) Lenders such as credit card issuers, banks and NBFCs: They join to offer attractive loans against purchases to customers buying from these merchants at a lower cost and risk.

e) Each of these parties joining the platform in turn benefits the merchant enhance their sales, creating a network effect. This unique multi-sided platform is today automatically attracting more parties by the day to join and make the platform thicker.

The company's business model is to charge for every transaction happening on the platform. Since a transaction may benefit multiple parties at the same time, each party pays for it, driving higher ARPUs.

The core technology elements of the platform deal with making the platform thicker, more reliable and faster. Towards this the company used its Series A funding to focus on three technology elements - speed, reliability and flexibility. The platform today processes transactions at an average of 3 seconds vs industry average of 7 seconds. Its reliability is at 94% vs. an industry average of 82%. A patented declarative rule engine allows for several hundred use cases to be flexibly designed and implemented within minutes.

Armed with the new platform the company raised a Series B in 2017 to drive business growth through an expansion into new geographies, new market segments and new use cases. The key themes towards this are:

a) Driving distribution by making it simpler and faster for a new merchant to on-board. Towards this Innoviti has recently launched a Do-It-Yourself (DIY) product model, called - innoviti pos- .

b) Driving lending to small and medium merchants for their working capital. Towards this Innoviti has launched a SME lending service called - smelending.com- .

c) Driving international expansion of the platform to countries in Asia Pacific. Towards this Innoviti is launching a pilot in Sri Lanka.

The company's target over the next 3 years is to power 1 million units through the platform at an ARPU of 30$ delivering a gross margin of 80%+.

To drive this roadmap the company is looking for talent who are ready to do what no payments platform has done before and what every payment platform will do thereafter.

Designation: Senior Manager - Recruitment

Reporting to: Associate Vice President - Human Resources

Location: Bangalore

Objective:

Ensure timely, cost effective and smooth execution of the hiring needs of the organization.

Roles & responsibilities:

- Manage a team of recruiters for various teams.

- Manage recruitment consultants for various needs.

- Make sure hiring cost is minimum - own employees or consultants.

- Understand: Seek to actively engage with the internal stakeholders to get a detailed understanding of the needs at all levels and for all teams - Sales, Technology, Finance, Operations, Field team, etc.

- Stay engaged with candidates before they join and after they join to make sure they join and perform well in the organization.

- Make sure the hiring gets completed within defined TAT.

- Keep the respective Heads updated about their hiring needs through daily report.

- Get the sourcing done through portals, references, networking sites, etc.

- Should be able to negotiate the packages, benefits, etc. with candidates.

- Should be able to explain policies and compliances to candidates at different levels.

Skills and Qualifications:

1. MBA with atleast 10+ years of experience in which atleast 3 years as a Recruiting head of a fast-growing organization.

2. The strong network of people.

3. Proven track record of having introduced impactful changes in the hiring function that had a lasting effect on the organization.

4. Demonstrated ability to have taken tough decisions to strengthen team productivity.

5. Prior experience of working in a start-up would be preferred.

6. Need to have urgency for the closure of open activities.

Personality:

The ideal person for this role would be someone who loves the challenge of an entrepreneurial environment and is able to deal with complexity and rapid change.

Needless to mention, the person would be self-driven, results-oriented with a positive outlook and impeccable integrity. He/She would have a track record of delivering results consistently in uncertain environments. Excellent communication skills with an ability to manage crucial conversations with senior stakeholders.

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