Enterprise solution provider Innoviti expands ESOP pool to $10M
Enterprise payments solution provider Innoviti said it has enhanced its ESOP (employee stock ownership plan) pool to $10 million.
The pool is part of the structuring carried out during the recent fund raised from FMO and Bessemer Venture Partners, the company said in a statement.
Netherlands-based FMO: Entrepreneurial Development Bank and US-based Bessemer Venture Partners had invested an undisclosed amount of funding in Innoviti's Series C round.
"As a startup, our team members fight against several odds to create successes. It is a difficult journey and its moving to see how some people relentlessly drive this fight, dedicating their time, often way beyond office hours, to leap over hurdles and create phenomenal successes. ESOPs are a small token to make those victories that much sweeter," said Rajeev Agrawal, CEO at Innoviti.
Founded in 2002, Innoviti, with its recent round of funding said it will be developing new solutions, expand to larger markets and aims to become cash positive by March 2021.
Innoviti's ESOP scheme was constituted during pre-Series A and is open to all its full-time employees, awarded based on performance and loyalty. According to the company's statement, the objective behind this is to motivate, retain and attract employees to participate in Innoviti's larger vision.
Innoviti processes over $6.5 billion of offline merchant payments from over 1000 cities. It is backed by Catamaran Ventures, SBI Capital, Bessermer Ventures, Tata Capital, Trifecta Advisors, and FMO.
Edited by Aparajita Saxena