Kovai.co rewards Long-Term employees with $1.62 Mn in bonus

One of Coimbatore’s fastest-growing SaaS companies, Kovai.co, founded by Saravana Kumar, announced a distribution of $1.62 million (Rs 14.5 crore) as bonuses to around 140 of its employees. Called the “Together We Grow” bonus, all employees who joined the company on or before 31st December 2022, will receive 50% of their gross annual salary as a bonus upon completing three years of service.
The first batch of beneficiaries, around 80,  received their bonuses as part of their salary payouts on January 31.
CEO and founder 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.
The company chose to provide the reward in cash, allowing employees to use it as they see fit. 
Kovai.co is a B2B multi-product enterprise SaaS company with three products in its portfolio—BizTalk360, Document360, and Turbo360. Their products are used by 2,500+ customers worldwide. The bootstrapped company crossed $16 million ARR in 2023. The 260+ people strong company has offices in London, UK, Chennai, and Coimbatore.
The company was also recently in the spotlight after acquiring the Bangalore-based company Floik.