As part of its Together We Grow campaign, B2B SaaS company Kovai.co released a $1.62 million (Rs 14.5 crore) bonus payout to about 140 workers on Wednesday. After three years of service, employees who started on or before December 31, 2022, will get a bonus equal to half their gross yearly income.
According to a company statement, bonuses will be given to the first 80 employees along with their January 31 salary distributions. In 2022, the Coimbatore-based firm introduced the Together We Grow bonus to distribute revenues to its staff.
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.
Employees are free to spend the cash incentive in anyway they see fit because the company decided to offer it in that form. “People can use it to close a loan, put a down payment on a house, or invest in anything they want or need,” he said.
Kovai.co is a B2B multi-product enterprise SaaS firm with three products in its portfolio—BizTalk360, Document360, and Turbo360. Their goods are used by 2,500+ customers globally. The bootstrapped startup achieved $16 million ARR in 2023. The organization, which employs over 260 people, has offices in Chennai, Coimbatore, and London, UK.
With an annual revenue of $15 million, Kovai.co is currently valued at over $100 million.
While his parents still reside in Coimbatore, Saravana Kumar, his wife, and their two children reside in London. He frequently travels to India.
Apart from his love for technology, Saravana Kumar is known among his employees for his passion for cars. He told NDTV Profit that he even has a plan of what automobiles he wants to buy as Kovai.co accomplishes new milestones.
