Niyo rolls out salary hikes, bonuses, ESOPs to boost employee morale

In an effort to boost employee morale and support them during Covid-19, Niyo, a fintech company, said it is offering 10-12 per cent salary hikes to employees. It is also offering bonuses and ESOPs (employee stock ownership plans), 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.

Niyo is also planning to double the size of its tech and product teams by the end of March 2021. The company said it is starting these initiatives at a time when most fintech start-ups have laid off employees or cut salaries to reduce costs.

“Being employees for the first 15 years of our careers, my co-founder Vinay Bagri and I can relate to what our employees are going through and what their expectations are. Rewarding our employees for their patience and hard work is our humble way of supporting them in these challenging times and showing them that we care,” said Niyo co-founder and CTO Virender Bisht. “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. While the last four months have been difficult for us, all our teams have been putting in their best efforts to contribute to Niyo’s continued success and realising its long-term vision,” he said.

Bisht, a former top executive at MakeMyTrip and MobiKwik, founded Niyo in 2015 along with Vinay Bagri, a banking veteran. The soonicorn operates out of corporate offices in Bengaluru, Mumbai and Delhi. It has a sales presence in more than 20 states and union territories. The firm serves a customer base of around 1.5 million and has a corporate and small businesses base of over 6,000. It employs around 1000 people.

The company is backed by marquee investors such as Social+Capital, JS Capital and Prime Venture Partners, and has raised about $49 million in funding so far.

Niyo said it has continued to invest in product development even during the lockdown. This paid rich dividends in the form of a quick business rebound and the successful launch of India’s first co-branded savings account. Niyo believes that Covid-19 will accelerate the digital adoption of financial services and that the present crisis offers a great opportunity to ride the digital wave.

Niyo has also rolled out several initiatives to ensure the physical and mental well-being of its employees. The company recently hosted a unique virtual hackathon event, to encourage employees to make the most of the lockdown and focus on innovations in product, design and technology. Niyo also offered its employees, numbering over 700, the option to return to their native places and work from home until September 30, 2020.

The company also utilised the lockdown to bolster its product suite through merger and acquisition. The firm recently announced the acquisition of Goalwise, a new-age mutual funds platform, to launch a vertical under the brand name ‘Niyo Wealth’. This would be headed by the founders of Goalwise. Niyo Wealth will offer robo advisory, auto investments, and domestic and international stocks by the end of September.

Niyo said it has also been playing a significant role in increasing branchless banking culture during the pandemic. The company said it was one of the first fintech firms in India to launch co-branded savings account in partnership with IDFC First Bank, combining banking, forex and wealth management features.