Innoviti announces $5 M ESOP buyback this Diwali
Innoviti Payment Solutions on Wednesday announced a special ESOP buyback worth $5 million and the payout is scheduled on Diwali day.
Under the current ESOP buyback scheme, all eligible employees will be entitled to sell up to 40 percent of their vested options. Employees will get to earn up to 30X of the exercise price of the options, according to a press release.
Innoviti’s ESOP is open to all its full-time employees, irrespective of their grade, with options being awarded based on performance and loyalty. More than 30% of all full-time employees, from senior leaders to system architects, marketers to field officers and call center executives are eligible for ESOP buyback.
Innoviti Payment CEO Rajeev Agarwal said, “Innoviti's spectacular growth into a leader in India's enterprise offline payments segment is the result of the tremendous hard work that our team has put in. Nothing can substitute the long hours they put in to find new ways to make things happen. This ESOP buyback scheme is a small token to make their Diwali a little brighter and sweeter.”
Innoviti payment Solutions founder & CEO Rajeev Agarwal
Innoviti is a provider of payment solutions to enterprise merchants and claims a 76 percent market share of all payments happening in this segment.
According to Innoviti, it processes an annualised volume of $16 billion from over 2,000 cities. Bessemer Venture Partners, USA, FMO, Netherlands and Catamaran Ventures, India are investors in the company.
Innoviti claims that it uses payment technology in unconventional ways to turn payment transactions into customer acquisition and retention tools for merchants, banks, and brands, by bringing them on to a common platform, and helping them deliver unique customer experiences. Each business gets access to 3X loyal consumers at 1/3rd the cost, accelerating sales.
ESOP has become a very important tool for corporates and startups alike to hire and retain talent especially in the present times when there is literally a scramble to get the best available resources. This has also led to spiraling of the wages.