Tamil Nadu-Based SaaS Firm Kovai.co Rewards Employees with ₹14.5 Cr Bonus
One of Coimbatore’s fastest-growing SaaS companies, Kovai.co, founded by Saravana Kumar, announced a distribution of $1.62 million (Rs 14.5 crore) as bonuses to around 140 of its employees. Called the “Together We Grow” bonus, all employees who joined the company on or before 31st December 2022, will receive 50% of their gross annual salary as a bonus upon completing three years of service.
The first batch of beneficiaries, around 80, will receive their bonuses as part of their salary payouts on January 31.
Kovai.co, based in the UK and India, announced the Together We Grow bonus to all existing and new employees in 2022, to share the company’s profits with its workforce. “I have always believed that employees who contribute to the company’s success and profits must be rewarded. It has also been my dream to come up with ways to share and distribute wealth,” said CEO and founder Saravana Kumar.
Saravana Kumar shared that when they were considering ways to reward employees or give them a share of the profits, they initially explored alternatives. “We considered employee stock ownership plans or shares. But that is ‘paper money’ that is not realized unless the company raises external capital or decides to list its shares”, he added.
The company chose to provide the reward in cash, allowing employees to use it as they see fit. “People can use it to close a loan, put a down payment on a house, or invest in anything they want or really need,” he said.
Kovai.co is a B2B multi-product enterprise SaaS company with three products in its portfolio - BizTalk360, Document360, and Turbo360. Their products are used by 2,500+ customers worldwide. The bootstrapped company crossed $16 million ARR in 2023. The 260+ people strong company has offices in London, UK, Chennai, and Coimbatore.
The company was also recently in the spotlight after acquiring the Bangalore-based company Floik.
