Kovai.co Announces $1.62 Million Bonus for Employees as Part of 'Together We Grow' Initiative.
Kovai.co, a leading IT company based in Coimbatore, has announced a total bonus of $1.62 million (Rs. 14.5 crore) for its 140 employees under the "Together We Grow" initiative. Employees who have completed three years of service will receive 50% of their annual salary as a bonus. The first group of over 80 employees received their bonuses in January 2025. CEO Saravanan Kumar emphasized the importance of rewarding employees who contribute to the company's growth and profits, opting for a cash bonus to provide immediate benefits. Kovai.co, a prominent B2B SaaS provider, has seen significant growth and now serves 2,500+ customers worldwide.
Coimbatore-based leading IT company, Kovai.co, has announced that it will provide a total of $1.62 million (₹14.5 crore) in bonuses to its 140 employees.
Under the "Together We Grow" initiative, all employees who joined the company on or before December 31, 2022, and completed three years of service, will receive a bonus equivalent to 50% of their annual salary.
As the first phase, over 80 employees received their bonuses along with their January salary on January 31. The company's CEO and founder, Saravanan Kumar, stated:
"I strongly believe that employees who contribute to the growth and profits of the company should be rewarded. Sharing the company's wealth with employees has always been a long-held dream of mine. When we explored ways to reward employees, we initially considered Employee Stock Ownership Plans (ESOPs) or offering shares. However, those would be paper-based, and for them to provide real benefits to employees, the company would need to raise external capital or offer shares to the public.
Therefore, we decided to give the bonuses in cash so that our employees can use it according to their needs. They can use it to pay off bank loans, make a down payment for a house, or invest according to their requirements," he said.
Kovai.co is a leading B2B SaaS (Software as a Service) company headquartered in Coimbatore. Its three major services, BizTalk360, Document360, and Turbo360, are used by over 2,500 customers worldwide.
The company surpassed $16 million in Annual Recurring Revenue (ARR) in 2023 and currently has over 260 employees with offices in London (UK), Chennai, and Coimbatore.
Recently, Kovai.co acquired Floik, a company based in Bangalore.
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