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AppsForBharat Launches Rs 2.1 Crore ESOP Buyback to Reward Long-Term Employees

• ByStartupStory     |    November 6, 2024

Devotional tech platform Sri Mandir’s parent company, AppsForBharat, has announced its inaugural Employee Stock Ownership Plan (ESOP) buyback program, valued at Rs 2.1 crore. The buyback will allow 25 employees to cash out a portion of their vested stock options, marking a significant milestone for the three-year-old company.

Facilitated in collaboration with wealth management platform Infinyte Club, the buyback is aimed at acknowledging the hard work and dedication of long-standing team members. “This buyback is exclusively for the dedicated team members who have been with us, as the leadership team will not be participating. It stands as a testament to our belief in rewarding those who have been instrumental in driving the company’s growth,” said Prashant Sachan, Founder and CEO of AppsForBharat.

Employees participating in this buyback will have the opportunity to liquidate their vested shares, gaining immediate financial benefits without having to wait for a future liquidity event. “The buyback aims to acknowledge the hard work and commitment of team members who have been associated with the company for over three years, helping shape the foundation for future growth,” the company noted in a statement.

Founded in 2020, AppsForBharat has rapidly grown its platform, Sri Mandir, which provides digital devotional services to a wide user base. Recently, the company secured $18 million in Series B funding from a lineup of prominent investors, including Fundamentum, Susquehanna Asia VC, Elevation Capital, Peak XV, and Mirae Asset VC. This fresh infusion of capital is earmarked for expanding Sri Mandir’s presence in both Indian and international markets, introducing new temples on the platform, launching additional services, and building a comprehensive tech stack dedicated to the devotional sector.

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