Fintech startup Niyo rolls out ESOP buyback plan
Digital banking fintech startup Niyo on Wednesday announced an ESOP buyback plan to reward its employees with business crossing pre-COVID level.
According to official statement, this programme aims to benefit 100+ employees who have completed two years in the company.
Commenting on this development, Niyo Co-founder and 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,” added Bagri.
Earlier in July, Niyo 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.
Niyo is among the fastest growing fintech startups in India with a customer base of two million+ and 9,000+ corporates. Backed by marquee investors such as Social+Capital, JS Capital and Prime Venture Partners, the startup had so far raised about $49 million in funding.
Founded in 2015 by Vinay Bagri and Virender Bisht, Niyo is an alternate payments mechanism for the salaried to help them increase their cash flows by claiming tax-saving allowances on the CTC disbursed by the employer.
Founders of NiYO (L to R) - Virender Bisht and Vinay Bagri
Niyo claims to have a large presence in the blue-collared salaried segment through Niyo Bharat Payroll Solution, where it drives financial inclusion with tech innovations by providing banking services hitherto available only to the privileged segment.
“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.