Company Surprises Its Employees by Offering Rs 14.5 Crore as Bonus
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💬 Bridging Perspectives
Kovai.co, a Software-as-a-Service (SaaS) company based in Tamil Nadu, has surprised its employees by distributing ₹14.5 crore in bonuses to 140 employees. This initiative, part of the "Together We Grow" scheme, rewards employees.
Rewarding
Under the "Together We Grow" scheme, employees who joined Kovai.co will receive a bonus equivalent to 50% of their gross annual salary. The first batch of beneficiaries, consisting of approximately 80 employees, received their bonuses along with their salaries. Kovai.co has a total of 260 employees and has offices in Coimbatore, Chennai and London.
A Philosophy of Sharing Wealth
Saravana Kumar, CEO and founder of Kovai.co, expressed his belief in rewarding employees. He stated that it has always been his dream to find ways to share the company’s wealth with its employees. Kumar wanted to provide real benefits to employees and therefore chose to give bonuses in cash. This allows employees to use the money as they see fit, whether it's to pay off loans, make a down payment on a house or invest.
From Bugatti Dreams to Employee Bonuses
Kovai.co, without external funding, has reached a valuation of $100 million, generating $15 million in annual revenue. Saravanakumar, a car enthusiast, had planned to buy a Bugatti Chiron, but chose to prioritise his employees’ bonuses instead.
Expansion and Acquisition
Kovai.co is a B2B multi-product enterprise SaaS company with three products: BizTalk360, Document360, and Turbo360. These products serve over 2,500 customers worldwide46. Recently, Kovai.co acquired Floik, a Bangalore-based company, to enhance its AI-powered knowledge management software.
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📰 News Roundup
Acharya Satyendra Das, the chief priest of the Ram Janmabhoomi temple in Ayodhya, has died at age 85 in a Lucknow hospital after suffering a stroke. He served as head priest since he was 20, including during the 1992 Babri Masjid demolition. He was a respected figure who was knowledgeable about the history of the Ayodhya movement.
🎥 Film & TV
Anthony Mackie, star of Marvel's "Captain America: Brave New World," praised Shah Rukh Khan and said he'd recruit him as the next Avenger. Mackie believes Captain America could beat Deadpool but Red Hulk would defeat Wolverine. "Captain America: Brave New World" releases February 14 in English, Hindi, Tamil, and Telugu.
🏆 Sports Update
Jasprit Bumrah is out of the Champions Trophy due to a lower back injury and replaced by Harshit Rana. Varun Chakravarthy replaces Yashasvi Jaiswal in the squad. The tournament starts February 19 in Pakistan, with India playing its games in Dubai. Bumrah's injury was sustained during the Border-Gavaskar Trophy.
🏛️ Political Tensions
Rahul Gandhi has been summoned to a Lucknow court for allegedly defaming the Indian Army during the 2022 Bharat Jodo Yatra. The complaint stems from remarks made on December 16, 2022, regarding a clash between Indian and Chinese forces. A lawyer filed the complaint on behalf of a former Border Roads Organisation director.
🤖 Science & Tech
Google I/O 2025 will be held, focusing on AI and Android. Android 16 is expected, featuring audio sharing and improved notifications. Updates on Android XR and Gemini AI, including "Project Astra," will be showcased. Potential previews of next-gen Pixel devices are also anticipated.
🌐 Global Affairs
PM Modi's US visit focuses on immigration and trade tariffs. With Trump taking aggressive stances, the meeting aims to address the humane treatment of Indian deportees and negotiate a mutually beneficial trade deal. Strategic alignment on China and defence cooperation are also key agenda items.
🙃 Fun Fact
Did you know that practising self-compassion can actually reduce your stress levels? Studies show that treating yourself with kindness and understanding during tough times triggers the release of oxytocin, the "love hormone," which helps calm your nerves and boost your mood! So, go ahead and give yourself a break – it's scientifically good for you!
⏳ What Happened Today in History
In 1502, Vasco da Gama set sail from Lisbon on his second voyage to India.
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