Innoviti Payment Solutions Pvt. Ltd, which provides payment solutions to offline enterprise merchants, has launched a $5 million employee stock option (ESOP) buyback programme for its full-time employees, the company said in a statement.
More than 30% of all full-time employees from call center executives to senior leaders are eligible for the ESOP buyback, payout of which is scheduled on the Diwali day, based on their performance and loyalty, the company said.
Eligible employees can sell as much as 40% of their vested options, potentially earning up to 30 times of the exercise price of the options, the company added.
“Nothing can substitute the long hours they (employees) 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,” said Rajeev Agrawal, CEO, Innoviti.
Innoviti offers payments services to enterprise offline merchants in the food, fashion, healthcare and electronics categories. The company said it processes an annulised volume of $16 billion from more than 2,000 cities.
Innoviti was founded in 2002 by Agrawal, who holds a B.Tech degree and PhD from IIT-Bombay. Before becoming an entrepreneur, he had worked with technology firm Sasken Communications in Bengaluru.
The company had raised $18 million (Rs 120 crore) in a Series B round led by the SBI-FMO Fund, Bessemer Venture Partners LP and existing investor Catamaran Ventures in 2017.
In Feb 2020, it had raised Rs 35.6 crore ($5 million) in debt funding from Dutch development back FMO which also further participated in June 2020 in Innoviti’s Series C funding round. The Series C funding round had also seen investment from US-based Bessemer Venture Partners.