World
India
Tamil Nadu-based Software-as-a-Service (SaaS) company Kovai.co has announced a bonus payout of approximately Rs 14.5 crore to nearly 140 of its 260 employees. This initiative, launched as part of the company’s ‘Together We Grow’ program, aims to reward employees for their dedication and service.
Under this scheme, employees who joined Kovai.co on or before December 31, 2022, and have completed three years with the company will receive a bonus amounting to 50% of their Gross Annual Salary. The first batch of beneficiaries, comprising about 80 employees, will receive the bonus as part of their January salary.
Kovai.co, which operates from London, Chennai, and Coimbatore, introduced the ‘Together We Grow’ bonus in 2022 as a way to share profits with its workforce.
Founder’s Vision: Rewarding Employee Contributions
CEO and Founder Saravana Kumar emphasized the importance of recognizing employee efforts in driving the company’s success.
“I have always believed that employees who contribute to the company’s growth and profitability should be rewarded. It has been my long-time dream to share wealth in a meaningful way,” Kumar stated.
While exploring options for rewarding employees, the company considered Employee Stock Ownership Plans (ESOPs) or shares. However, Kumar pointed out that these options often remain ‘paper money’ unless the company raises external capital or goes public. Instead, Kovai.co opted for direct cash bonuses, ensuring that employees can utilize the reward as per their needs.
“People can use it to pay off loans, make a down payment on a house, or invest in something meaningful,” he added.
Strategic Expansion and Future Growth
Recently, Kovai.co expanded its portfolio by acquiring Bengaluru-based company Floik for an undisclosed amount. This acquisition is expected to strengthen Kovai.co’s AI-powered knowledge management software, Document360, enhancing its capabilities and market presence.
With a strong commitment to employee welfare and business growth, Kovai.co continues to set a benchmark in the SaaS industry by recognizing and rewarding the efforts of its workforce.
ALSO READ: Kerala Budget 2025 Highlights: High-Speed Rail, Metro Expansion, And IT Park In Kannur
