Kovai.co a SaaS company based in Coimbatore has given away ₹14.5 crore to 140 employees as a reward for their loyalty. Saravanakumar, a Coimbatore native who has lived in London for 25 years, founded Kovai.co, which has become a successful bootstrapped startup with $15 million in annual revenue and $100 million in valuation. The bonus is part of Kovai’s “Together We Grow” initiative, launched in 2022. Under this scheme, a bonus of six months’ salary was given to the employees who had stayed with the company for three years. He said: “Most startups offer ESOPs, which are only paper money until the company raises external funding or goes for an IPO. I wanted to give something concrete to my employees.” The initiative has been widely appreciated. Employees were grateful for the bonus, and many of them said they would like to use it to pay off loans, to fund education or to plan weddings. It was something that Kovai.co was proud to do, to reward loyalty over performance targets and make this a significant moment for the company and its long term employees. Coimbatore is once again in the limelight, and this time it is not only for its technological advancements, but also for how startups can innovate in the area of employee welfare.
Coimbatore Startup Rewards Loyalty with ₹14.5 Crore Bonus
