Kovai.co rewards $1.62M in bonuses to long-term employees
Employees who joined on or before December 31, 2022, and completed three years of service will receive 50% of their gross annual salary as a bonus.
, a B2B SaaS firm, on Wednesday announced a $1.62 million (Rs 14.5 crore) bonus distribution to around 140 employees as part of its Together We Grow initiative. Employees who joined on or before December 31, 2022, and have completed three years of service will receive 50% of their gross annual salary as a bonus.
The first batch of 80 employees will receive bonuses with their January 31 salary payouts, the company said in a statement. The Coimbatore-based firm introduced the Together We Grow bonus in 2022 as a way to share profits with employees.
“I have always believed that employees who contribute to the company’s success and profits must be rewarded. It has also been my dream to come up with ways to share and distribute wealth,” said Saravana Kumar, CEO and Founder of Kovai.co.
“We considered employee stock ownership plans or shares. But that is ‘paper money’ that is not realised unless the company raises external capital or decides to list its shares," he said, adding, "People can use it [cash] to close a loan, put a down payment on a house, or invest in anything they want or really need."
Kovai.co is a multi-product enterprise SaaS firm with three key offerings—BizTalk360, Document360, and Turbo360—serving over 2,500 customers globally. The bootstrapped firm surpassed $16 million ARR in 2023 and operates with a 260+ member team across offices in London, Chennai, and Coimbatore.
The firm recently acquired Bengaluru-based Floik to further expand its product portfolio. The details of the deal size remain undisclosed.
Founded in 2022 by Vartika Bansal and Vidyasankar Krishnamurthy, Elevation Capital-backed Floik claims to have served over 8,000 users worldwide with tools that improve software adoption through interactive product demos and guides.
Edited by Suman Singh