Innoviti Enables Secondary Sale of Employee Shares and ESOPs, Ringing in an Early New Year
Share price jumps up by 17% to last year's ESOP buyback price at market peak, demonstrating solid sustained performance of the company
BENGALURU, India, Nov. 30, 2022 /PRNewswire/ -- Innoviti Technologies (formerly Innoviti Payment Solutions), India's largest collaborative commerce platform has successfully enabled former and current employees who had expressed an interest in encashing their ESOPs and shares to sell them to interested secondary buyers. The payout happened last week, making the upcoming New Year sweeter & brighter for the team.
The share sale was done at a 17% premium to the ESOP buyback the company carried out in November 2021. Innoviti's ESOP scheme is open to all full-time Innoviti employees, irrespective of their grade, with options being awarded based on performance and loyalty. The share sale was facilitated not only for current employees who could exercise their vested ESOPs into shares and encash them, but also for former employees who had expressed an interest in selling their shares. More than 30% of eligible people used this opportunity to create wealth out of their hard work.
Employees got a return varying from 7x to 37x based on the price at which they had exercised their ESOPs into shares.
Innoviti uses payment technology in unconventional ways to help businesses reduce the cost of acquisition and retention. Digital marketing has made it easy for competition to access customers of a business. Innoviti is helping businesses drive a higher sales efficiency than possible otherwise, by enabling them to collaborate with other businesses easily and flexibly to craft co-branded purchase tools, that urge consumers to buy better products and more products.
Innoviti has seen rapid growth in its uniPAYNext and GENIE businesses over the last twelve months, with GENIE growing 10X in the past 12 months. At a consolidated level the company is targeting to double revenue this year. The uniPAYNext business has been operating profitable for the past 8 quarters and GENIE is expected to turn operating profitable by the end of the year. The company has recently launched products for mid-market healthcare and grocery segments. The company processes an annualized GTV of $10B.
Mr. Navneeth Sulakhe, SVP and Head HR, Innoviti, said, "Innoviti's spectacular growth into a leader in India's enterprise 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 and share buyback schemes are a small token of our appreciation to make their New Year a little brighter and sweeter. I hope it will help some of them buy their first house, their first scooter, car, or a new smart phone and reinforce confidence in themselves, that sincerity and hard work always pays."
About Innoviti Technologies Pvt. Ltd., Bangalore, India
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's vision is to help people make better purchase decisions by providing better purchase options. The company processes over $10B of purchases from over 1000+ 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 6 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's Fastest Growing Companies in Asia award in 2020.
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