Niyo, an Indian FinTech rolls out its second ESOP buyback plan

By Leandra Monteiro

Niyo, India’s fastest growing consumer banking technology platform, has announced its second Employee Stock Ownership Plan (ESOP) to reward its employees for contributing to the company’s rapid growth.

The buyback announcement comes at a time of tough market conditions and demonstrates Niyo’s confidence in its business growth and also reflects its commitment to consistent value creation for its employees. Niyo has a workforce of 500 and the buyback plan will cover a majority of the employees with a vintage period of more than two years and good performance ratings over the last few years. Earlier in April ’22, Niyo gave around INR 40 crores of ESOP value to its employees in its annual assessment.

Vinay Bagri, Co-Founder and CEO, Niyo said, “We have doubled our business volume over the past year and have created a formidable brand. The growth is a testament to the hard work demonstrated by our team members. We have always been an employee-centric company that believes in providing a sense of ownership for our employees. The second ESOP buyback plan is our humble effort to convey our gratitude to the team that has stayed with us.”

Jagadish B, Head of Human Resources, Niyo said, “In recent months, the company has seen significant improvements in all business KPIs due to the collective conviction and contribution of the entire team who continued to work relentlessly towards customer excellence and business efficiency. We are grateful to be in a strong position in that current market despite an uncertain macro environment and is committed to creating more such opportunities for our employees in the near future.”

The year has been eventful for Niyo. Despite the funding winter, Niyo raised $100 million in a Series C round led by US-headquartered Accel and London-headquartered Lightrock India. In July, Niyo raised $30 million from Multiples, a BFSI-focused private equity firm. The company also announced its foray into credit cards and insurance.