Monday, June 29, 2020
Innoviti Enhances ESOP Pool to US$10 Million to Create Payments Business
Leading provider of intelligent payment solutions, Innoviti, announced has that it has enhanced its ESOP pool to US$ 10 million. This pool was created as a part of the structuring carried out during the recent fund raise from FMO and Bessemer.
Innoviti’s ESOP scheme, constituted during pre-Series A, is open to all full-time employees of the company and is awarded based on performance and loyalty. With the recent enhancement, more than 30% of all employees, from senior leaders to system architects, field officers and call center executives are now covered. The objective is to motivate, retain, and attract employees to participate in Innoviti’s vision of transforming digital payments in India at scale. ESOPs provide an opportunity to these employees to create significant wealth, that would not be possible through life-time savings from salaries.
Innoviti’s payment solutions help merchants extract the full power of digital payments by using data and design intelligence, not possible with stand-alone terminals and QR stickers. Innoviti's solutions help merchants get extra sales, extra savings, and extra customers, by using data intelligence to form digital partnerships with banks and brands, enabling them to collaborate and create targeted offers for common customer pools and intelligently and instantly enabling them at the point of sale, driving unmatched marketing efficiencies.
Processing over 6.5B$ of annualized offline merchant payment volume (~5% of India’s offline merchant volume, based on RBI data), Innoviti is transforming digital payments at scale. The company leads monthly terminal throughput at 7000$ per terminal, 2X of India’s average of all other payment providers (RBI data). The use of technology to relentlessly drive reliability and automate processes has further fuelled gross margins, making Innoviti the most capital-efficient company in this space (based on publicly available data). This reflects the speed and scale of impact, number of lives touched and the exponential learning team Innoviti has created along the way.
Innoviti is backed by marquee investors including Bessemer Venture Partners, USA, SBI Venture Capital, Singapore, FMO, Netherlands, and Catamaran, India. Series C funding was led by FMO and Bessemer.
“Great companies require great teams, and great teams need exceptional talent. We love to spot and nurture talent that demonstrates outstanding levels of commitment, curiosity, and capability. While for these people their joy is their high in discovering and solving tough problems, ESOPs are one other way to make their contributions to the company worthwhile for them.
As a start-up our team members fight against several odds to create successes. It is a difficult journey and its moving to see how some people relentlessly drive this fight, dedicating their time, often way beyond office hours, to leap over hurdles and create phenomenal successes. ESOPs are a small token to make those victories that much sweeter.
Our shares have been quite liquid, and over the years several of our team members have sold their shares to fulfill their dreams. When we hear stories from our former team members of how they used this wealth to build their home, buy a car or even start their own business, the real purpose of ESOPs comes alive - to enable employees to fulfill their dreams, as they help the company fulfills its.
We are very thankful to our investors who have supported the company time and again in not only expanding the ESOP pool, but also making it accessible and attractive for team members to see meaningful benefits during their journey at Innoviti.” – said Mr. Rajeev Agrawal, CEO, Innoviti.