With business crossing pre-covid level and operating profit in sight, fintech startup Niyo on Wednesday 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 percent 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 up to 25 percent of vested stocks from all its eligible employees.
Commenting on this development, Niyo co-founder and chief executive officer 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.
The venture claims it has played a significant role in increasing branchless banking culture during the pandemic and 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.
Founded in 2015, Niyo offers co-branded products in partnership with leading banks in India. Its products include a Payroll card for blue collared employees, Global card for international travellers and a savings account for millennial.
Among the fastest growing fintech start-ups in India, Niyo has a customer base of over 2 million and over 9000 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.