Innoviti Facilitates Third Round of Employee Share and ESOPs Resale; Kickstarting the New Financial Year with a Bang
Highlights
- The share sale carried at a 17% premium to the ESOP buyback against the November 2021 sale
- More than 25% of employees with vested shares availed the opportunity to create additional wealth as a pay-out for their hard work
- In the second tranche completed in this financial year, employees got a return between 7x to 37x based on the price at which they had exercised their ESOPs into shares.
- ESOP remains a popular choice to assure employees additional wealth and secure their financial future.
BENGALURU, India, April 26, 2023 /PRNewswire/ — Innoviti Technologies (formerly Innoviti Payment Solutions), India’s largest collaborative commerce platform, enables employees to sell their ESOPs and shares to secondary buyers for the third time. The pay-out as the second tranche within the financial year, marks the start of the new financial year to boost team confidence. The organization was also certified as a Great Place to Work for the second time in a row in February 2023, with a phenomenal overall score of 85 points.
The ESOP scheme is open to all full-time Innoviti employees, across all grades, with options being awarded based on performance and loyalty. The share sale was facilitated to Innoviti employees who had expressed an interest in selling their shares.
Navneeth Sulakhe, Senior Vice President, and Head HR, at Innoviti, said, “Innoviti as a frontrunner in India’s enterprise retail sector is recognized as the most valued technology partner by the country’s top businesses. This is a testament to our investment in continuously innovating our core platform. The performance-driven culture at Innoviti is geared towards especially rewarding the effort, creativity and potential to develop cutting-edge solutions that inspire new limits. To express our appreciation and empower our employees to live a more fulfilling life, we launched an ESOP and share buyback program at the start of this financial year. Through this initiative, our teams are motivated to work harder for themselves while contributing to the organization’s progress.”
The company’s core brand values of urgency, curiosity, self-management, quality and risk-taking have earned high respect from clients across the board, enabling it to record impressive statistics like 90% weekly transactions across stores, which is 65% above the industry average, a $1.2m GTV per software usage that is double the industry average, and a -25% churn rate. This is fuelling Innoviti to be on a high-growth transformation path. The company is set to double its revenue and is focused on creating better top-line and bottom-line incomes.
Innoviti holds leadership in providing technology-led solutions and platforms for enabling businesses to profit while processing payments digitally by leveraging the public digital infrastructure and technologies. Its smart growth tools help innovate futuristic collaborative platforms with features like cost-sharing and co-marketing collaborations that create better business efficiencies and accessibility for smaller businesses. Businesses grow up to 3x revenue at 1/3 cost using Innoviti growth and efficiency tools positioning it as market leader with annualised GTV of $10B
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About Innoviti Technologies Pvt. Ltd. | https://innoviti.com/
Innoviti Technologies (formerly, Innoviti Payment Solutions) is India’s largest provider of collaborative commerce solutions to Enterprise merchants with a 76% market share of all purchases being paid for digitally in this segment. Innoviti vision is to help people make better purchase decisions by providing better purchase options. The company processes over 10B$ of purchases from over 2000+ cities with a volume throughput per installation that is 2X of the country’s average. Bessemer Venture Partners, USA, FMO, Netherlands, Panthera Growth Partners, Singapore, Alumni Ventures, USA, Catamaran Ventures, and Patni Advisors are investors in the company. The company has 7 patents awarded with 21 more filed. Innoviti is the winner of Mastercard’s Innovation Wizards Award, Reliance’s Most Promising Growth Consumer Finance Award and Deloitte Fastest Growing Companies in Asia award in 2020.
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