1 min read.Updated: 03 Nov 2021, 03:51 PM ISTNikhil Patwardhan
Innoviti claims to be a leader in enterprise offline merchants in the food, fashion, healthcare and electronics categories, processing 76% of all digital payment volume happening there. The company said it processes an annualized volume of $16 billion from more than 2,000 cities
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NEW DELHI: Innoviti Payment Solutions Pvt. Ltd, which claims to be India’s largest provider of payment solutions to offline enterprise merchants, has launched a $5 million employee stock option (ESPO) buyback programme for its full-time employees, the company said in a statement on Wednesday.
More than 30% of full-time employees right from call center executives to senior leaders are eligible for the ESOP buyback, payout of which is scheduled on the day of Diwali, based on their performance and loyalty, the company added.
Eligible employees can sell as much as 40% of their vested options, thus earning up to 30 times of the exercise price of the options.
“Innoviti's spectacular growth into a leader in India's enterprise offline payments segment is the result of the tremendous hard work that our team has put in. 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 their Diwali a little brighter and sweeter," said Rajeev Agrawal, CEO, Innoviti.
Innoviti claims to be a leader in enterprise offline merchants in the food, fashion, healthcare and electronics categories, processing 76% of all digital payment volume happening there. The company said it processes an annualized 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 (about ₹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 February last year, it had raised ₹35.6 crore ($5 million) in debt funding from Dutch development back FMO which also participated in Innoviti’s Series C funding round in June 2020. The Series C funding round saw investment from US-based Bessemer Venture Partners as well.