In an exciting development for its workforce, Kovai.co, a Coimbatore-based SaaS company, has announced a generous bonus of Rs 14.5 crore for 140 of its employees. This bonus, under the company's "Together We Grow" initiative, will be distributed to those who have completed three years of service at the company by December 31, 2022. Employees receiving the bonus will get 50% of their gross annual salary, marking a substantial reward for their hard work and dedication. In the first phase, over 80 employees have already received their bonuses as part of their January salary payouts. Big news for employees: Rs 5 lakh retirement grant announced by Mamata BanerjeeSaravana Kumar, the CEO and founder of Kovai.co, emphasized the importance of rewarding employees who help the company grow and succeed. “I’ve always believed that employees who contribute to the company’s success and profits should be rewarded. It’s also been my dream to find ways to share the wealth,” he said.Kovai.co, a bootstrapped business-to-business SaaS company with a portfolio of three products, recently crossed a significant milestone of $16 million in annual recurring revenue (ARR) in 2023. The company also made headlines with its acquisition of Bangalore-based Floik.Explaining the decision behind offering cash bonuses instead of stock options, Kumar shared that the company initially considered offering share ownership plans to employees. However, they ultimately chose cash bonuses, as stock options are often considered “paper money” that doesn’t have immediate value unless the company goes public or raises external capital. “Providing cash gives our employees tangible benefits they can use right away,” Kumar added.The bonus can be used by employees as they wish, whether it’s for paying off loans, making down payments on homes, or investing in other areas of need. Many employees expressed their gratitude, with some stating they were pleasantly surprised by the amount, which exceeded their expectations. Bizarre! Chinese woman loses job, year-end bonus after cat accidentally sends resignation letter; Here's howKovai.co’s generous bonus scheme reflects the company’s commitment to not only the growth of its business but also to the well-being and financial security of its employees. As the company continues to grow, its employees are motivated to contribute even more towards its success, knowing that their hard work will be recognized and rewarded.With its headquarters located on Avinashi Road in Coimbatore, Kovai.co also has branch offices in Chennai and the UK, employing around 260 people. The company’s emphasis on rewarding its employees highlights its dedication to building a strong and motivated team as it continues to expand in the global SaaS market.