Innoviti Payment Solutions, a fintech firm that provides services to offline merchants/traders, today announced a $5 million Employee stock option plan (ESOP) buyback under which employees can sell their shares.
With this, The employees in the firm will be able to sell up to 40% of their vested options under the current ESOP buyback scheme. Additionally, This will also enable employees 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.
The ESOP at Innoviti is open to all full-time Innoviti employees, regardless of grade, with options awarded based on performance and loyalty. More than 30% of all full-time employees are eligible for ESOP buyback, ranging from senior leaders to system architects, marketers to field officers, and call center executives.
Employee stock ownership plans (ESOPs) allow these employees to accumulate significant wealth that would not be possible through salary-based lifetime savings, it said.
According to Rajeev Agrawal, CEO of Innoviti, the company’s spectacular growth into a leader in India’s enterprise offline payments segment is the result of our team’s tremendous hard work.
“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 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 pay. I hope that it will help them fulfill their dreams, as they help the company fulfills its,” he adds.
Innoviti transforms payment transactions into customer acquisition and retention tools for merchants, banks, and brands by bringing them onto a common platform and assisting them in delivering unique customer experiences. Each company gains access to three times as many loyal customers at a third of the cost, accelerating sales with unrivaled efficiencies
With the rapid growth in its business, The company now processes an annualized volume of over US$16 Billion of merchant payments from over 2,000+ cities with a volume throughput per installation that is 2X of the country’s average. Bessemer Venture Partners, USA, FMO, Netherlands, and Catamaran Ventures, India are investors in the company.
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.