Fintech Start-Up Niyo Rolls Out ESOP Buyback Plan
- Covid-19 , Payments , Banking , FinTech StartUps
- 09.12.2020 08:33 am
With business crossing pre-covid level and operating profit in sight, Niyo, India’s premier digital banking fintech has announced an ESOP buyback plan to reward its employees. This program announced today will benefit 100+ employees who have completed two years in the company.
Earlier in July, Niyo had offered 10-12% salary hikes and bonuses to all its employees. The company also offered ESOPs to eligible employees, taking the total stock grants to over Rs.100 crore. The company will now buy back upto 25% of vested stocks from all its eligible employees.
Commenting on this development, Niyo Co-founder & CEO Vinay Bagri said: “Employees are the biggest asset for any company. Both my co-founder Viren and I have been employees for the first 15 years of our life and that helps us to resonate with our employees’ sentiments. In the last eight months, our team has worked relentlessly towards meeting company’s goals and objectives. With their unparalleled rigour and perseverance, we have been able to get our business better than pre-covid level. Our ESOPs buyback offering is a humble attempt to reward our employees.”
Earlier this year, the company announced the acquisition of Goalwise, a new-age mutual funds platform, to launch a vertical under the brand name ‘Niyo Money’. Niyo Money is headed by Goalwise founders and it offers financial solutions like robo advisory, auto investments in domestic stocks and mutual funds.
Niyo has also been playing a significant role in increasing branchless banking culture during the pandemic. Niyo was one of the first fintechs in India to launch a co-branded savings account. Niyo also played a quintessential role in educating India’s labour force with contactless payment and digital banking.
“With branchless banking and contactless payment being the new norm, Covid-19 has indeed accelerated the digital adoption of financial services among both white-collar and blue-collar workers in India. It has been a great opportunity for a fintech startup like Niyo to ride the digital wave”, Bagri added.
Niyo is among the fastest growing fintech start-ups in India with a customer base of 2 million+ and 9,000+ corporates. The company is backed by marquee investors such as Social+Capital, JS Capital and Prime Venture Partners, and has raised about $49 million in funding so far.