Fintech firm, Innoviti Payment Solutions, which offers services to offline merchants/ traders has announced a $5 million Employee stock option plan (ESOP) buyback under which the employees can sell their shares. Under the current ESOP buyback scheme all eligible employees will be entitled to sell up to 40% of their vested options. Employees will get to earn up to 30X of the exercise price of the options, creating significant wealth, the company said in a statement. The payout is scheduled on Diwali day.
Innoviti’s ESOP is open to all full-time Innoviti 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. ESOPs provide an opportunity to these employees to create significant wealth that would not be possible through lifetime savings from salaries.
Rajeev Agrawal, CEO, Innoviti said that the company’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. I hope it will help some of them buy their first house, their first scooter, car, or a new smartphone. I hope it will help them reinforce their confidence in themselves, that sincerity and hard work always pays,” Agrawal added.
Innoviti 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 with unmatched efficiencies.
With rapid growth in its business, the company today processes an annualized volume of $16 billion from more than 2,000 cities. Innoviti has grown rapidly in the past year as leading enterprises chose Innoviti as their partner for their future growth. With a sharply segmented product strategy for each category of retail, Innoviti today is a leader in enterprise offline merchants in the food, fashion, healthcare and electronics categories, processing 76% of all digital payment volume happening there
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