Bangalore-based Innoviti Payment Solutions Pvt Ltd has named S Subramaniam, chief financial officer at watch and jewellery maker Titan Company Ltd, on its board.
Subramaniam joins Innoviti as a nominee of Titan, which had picked up a 5 per cent stake in the payment solutions firm in 2007.
In a press release, the company said Subramaniam will guide Innoviti's leadership on the financial and operational aspects of business strategy. This is the second board-level appointment at Innoviti in four months. In October last year, Innoviti had appointed G Ravishankar, former president of human resources and strategy at credit rating firm CRISIL, on its board to oversee the creation of its smelending.com platform that caters to small and medium enterprises.
A chartered accountant as well as cost accountant by profession, Subramaniam joined Titan in March 2011. Prior to that, he had a long stint in the telecom sector where he worked with companies including Essar Telecom Business Group and BPL Mobile Communications Ltd.
Founded in 2002 by Agrawal, Innoviti provides swipe machines to retailers. According to the company, this machine embedded with Innoviti software improves operational efficiency and enhances customer experience in payment transactions. Innoviti started its payments business in 2008 and uses a patented payments platform. It claims to have technological capability to process payment transactions across online and offline channels.
In July last year, Innoviti secured $5 million from NR Narayana Murthy's investment arm Catamaran Ventures and Canada-based New India Investment Corporation.