Coimbatore: The management of an IT company called Kovai.co has surprised 140 employees, who have been working for three years by announcing a total of Rs 14.5 crore as a bonus.
The company has headquarters on Avinashi Road, Nava India here and branch offices in England and Chennai. About 260 employees work in it.
Under the 'Together We Grow' scheme, it was announced that all employees who joined the company before December 31, 2022, after completing three years of service, would receive a bonus of 50% of their total annual salary. Accordingly, in the first phase, over 80 employees received the bonus along with their January salary.
Saravanakumar, CEO and founder of the company said, "I am a firm believer in rewarding employees who contribute to the growth and profitability of the company. It has been my long-standing dream to find ways to share the company’s wealth with employees."
"When we were looking at ways to reward employees, we initially considered share ownership plans or share issuance opportunities. But those are paper money. To provide real benefits to employees, the company needs to raise public investment or issue shares to the public. Hence, we decided to give bonuses in cash," the CEO added.
"Our employees can use it as per their needs. They can use it to pay off bank loans, make down payments on houses or invest as per their needs,” Saravanakumar added.
Employees working in the company said, "The company we work for has given us a pleasant surprise. It has given us a bonus that is much higher than we expected. We have heard that this is only offered in other states, so we are very happy that we have been given this kind of bonus. We are going to work even harder for the growth of our company."
Kovai.co generated an annual revenue of $ 16 million in 2023 and recently acquired Bengaluru-based company Floik.
