Niyo, a consumer-facing banking-tech platform, has announced its second employee stock ownership plan (Esop) to reward its staff for contributing to the company’s growth.
Niyo has 500 employees and the buyback plan will cover those who stay in the company for over two years and show good performance ratings. The company had in April granted about ₹40 crore worth of Esops to employees. Founded in 2015, Niyo offers digital savings accounts and other banking services in partnership with banks. It serves over 5 million customers across banking and wealth management products and claims to add over 10,000 users daily to its platform.
The buyback announcement comes amid tough market conditions and demonstrates Niyo’s confidence in its business growth and also reflects its commitment to consistent wealth creation for its employees.
Vinay Bagri, co-founder and chief executive officer, Niyo said, “We have doubled our business volume over the last one year and have created a formidable brand. The growth is a testimony of the hard work demonstrated by our team members. We have always been an employee-centric company that believes in giving a sense of ownership for our employees. The second ESOP buyback plan is our humble effort to convey our gratitude to the team that has stayed with us.”
Despite the funding winter, Niyo 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 foray into credit cards and insurance.
