Niyo, one of the leading digital banking fintech startups has announced an ESOP buyback plan to reward its employees with business crossing pre-COVID-19 level. As per the official statement given, this program aims to give benefit to 100+ employees who have completed two years in the company.
Niyo offered about 10-12 percent salary hikes and bonuses to all its employees in July during the COVID-19. Eligible employees are also rewarded with ESOP, taking the total stock grants to over Rs 100 crore. The company will now help its eligible employees by buying back up to 25 percent of vested stocks eligible. Niyo is among the fastest-growing fintech startup in India founded in 2015 by Vinay Bagri and Virender Bisht. The company has a customer base of two million+ and 9000+ corporates. The startup has raised about $49 million in funding and it is supported by marquee investors such as Social+Capital, JS Capital, and Prime Venture Partners.
Niyo is an alternate payments support for the salaried people to help them to increase their cash flows by claiming tax-saving allowances on the CTC disbursed by the employer. Niyo Bharat Payroll Solution, which drives financial inclusion with tech innovations by providing banking services available only to the privileged segment. This helps to have a large presence in the blue-collared salaried segment.
Niyo Co-founder and CEO Vinay Bagri said that COVID-19 has accelerated the digital adoption of financial services among white-collar and blue-collar employees. He also added that employees are the asset of an organization and ESOP buyback is an attempt to reward their employees. The team has worked diligently to accomplish the company’s goals and objectives.
The company announced the acquisition of Goalwise at the beginning of the year. Goalwise is a new-age mutual funds platform, to launch a vertical under the brand name ‘Niyo Money. Niyo Money is led by Goalwise founders and it offers financial solutions like robo advisory, auto investments in domestic stocks, and mutual funds. The venture claims that it has played an important role in promoting branchless banking culture during the pandemic and was one of the first fintech in India to launch a co-branded savings account. Niyo played a typical model in educating India’s labor force with contactless payment and digital banking.
