Niyo rolls out stock grants worth over Rs 100 cr for employees; to hire for tech, product teams

The salary increment and bonuses will be credited to the employees' accounts by the end of this month, according to a statement. The company employs around 1,000 people and the employee stock ownership plan (ESOP) programme will cover about 70 per cent of the staff.

Fintech firm Niyo on Thursday said it is offering 10-12 per cent salary hikes, bonuses and ESOPs, taking the total stock grants to over Rs 100 crore for all eligible employees. The salary increment and bonuses will be credited to the employees' accounts by the end of this month, according to a statement.

The company employs around 1,000 people and the employee stock ownership plan (ESOP) programme will cover about 70 per cent of the staff. Employees who have been working with the company for over a year will be eligible.

Niyo is also planning to ramp up its tech and product teams by the end of March 2021, and will add about 100 more people. It has about 150 people in the tech and product teams. "Niyo has continued to invest in product development even during lockdown, which paid rich dividends in the form of quick business rebound and the successful launch of India's first co-branded savings account," the statement said.

The company added that it believes that COVID-19 will accelerate the digital adoption of financial services and that the current crisis offers a great opportunity to ride the digital wave. "We strongly believe that if employees have a feeling of ownership, they can make a significant contribution to our vision of providing great customer value and experience," Niyo co-founder and CTO Virender Bisht said.

Bisht added that while the past four months have been difficult for the company, all teams have been putting in their best efforts to contribute to Niyo's continued success and realising its long-term vision Niyo has a customer base of 1.5 million people and over 6,000 corporates. The company is backed by investors like Social+Capital, JS Capital and Prime Venture Partners, and has raised about USD 49 million in funding so far..