Niyo, a consumer-focused banking tech platform, has announced its second Employee Stock Ownership Plan (ESOP) to reward employees who contribute to the growth of the company.
Niyo has 500 employees, who have been with the company for more than two years, and those with high performance ratings are eligible for a buyback plan. The company granted his Esops worth about Rs 400 crore to his employees in April. Founded in 2015, Niyo partners with banks to offer digital savings accounts and other banking services. With banking and wealth management products, he serves over 5 million customers and claims that over 10,000 users are added to the platform every day. The buyback announcement comes amid difficult market conditions, demonstrates Niyo’s confidence in the growth of its business and reflects its commitment to consistently create wealth for its employees.
Niyo co-founder and CEO Vinay Bagri said: This growth is a testament to the hard work of our team members. We have always been an employee-centric company that believes in empowering our employees. Our second ESOP buyback plan is a humble attempt to thank the team that was with us. ”
Despite a fundraising winter, Niyo has raised $100 million in a Series C round led by Accel and Lightrock India. In July, Niyo raised $30 million from Multiples, a BFSI-focused private equity firm. The company also announced its forays into credit cards and insurance.