Latest News | MissCallPay Ties Up with VenEx to Reward Employees with Wealth Points

New Delhi, Oct 13 (PTI) Mumbai-based fintech MissCallPay has partnered with VenEx, a Delhi-based SaaS (Software as a Service) platform, to reward its employees with wealth points in addition to employee stock option as a performance incentive.

These wealth points can be encashed by the employees. ESOP ((Employee Stock Option Plan) is a employee benefit plan which is intended to encourage staff to acquire stocks or ownership in the company.

Also Read | Meta Again Rejects Allegations Made by The Wire Claiming Them False.

"The unique VenEx model has enabled us to, very meritocratically, define how the created wealth will be shared, on an ongoing basis, with every team member, as everyone is contributing to the future of MissCallPay," Mitesh L Thakker, founder and CEO of MissCallPay, said in a statement.

The model, he added, has also helped the company become more capital-efficient and extend its capital runway, giving the firm more time to raise the next round of capital.

Also Read | Realme 10 Pro+ Gets BIS Certification, India Launch Imminent.

"Last but not the least, it has helped us conserve equity, making it available to raise more capital for faster growth. We hope that our deal with VenEx sets a new milestone in the business ecosystem," Thakker said.

VenEx claims to make wealth creation safer for employees and gamifies it by aligning everyone to the company's mid-term (2-4 years) business goals that are more tangible than ESOP liquidity events (commonly known as exit events).

According to the company, wealth points are offered to an employee as part of her annual pay or pay-hike package and awarded to her based on her loyalty and performance.

These points are later converted to fiat currency (each wealth point converts to one rupee in India, one USD in the US, and so on) and paid to the employee based on predefined percentages linked to the company's actual cashflows over an auto-elastic period.

This provides employees with a clear vision of wealth creation and the company's business goals for the same, thus driving overall growth, capital-efficiency and productivity, and making ownership and wealth creation accessible to all employees instead of just the equity-holders, it said.

Avinash Agrawal, co-founder of VenEx, said in the statement, "Together with pioneering customers like MissCallPay, we believe we can create a world with 'ownership at scale', where people shun the employee mindset and feel and act like business owners, rewarded with a share of wealth for each unit of their loyalty and performance, a world where people truly co-create wealth and compare their 'ownerships' instead of their salaries."

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)