AppsForBharat Unveils First ESOP Buyback

Bengaluru-based AppsForBharat, which runs spiritual tech platform Sri Mandir, has rolled out its first buyback programme for employee stock ownership plan (ESOP) worth around INR 2.1 Cr.

The company said in a statement that the ESOP buyback programme is facilitated through a partnership with Bengaluru-based wealthtech company Infinyte.Club.

AppsForBharat further added that this buyback option will provide 25 of its employees an opportunity to cash out a portion of their vested stock options in the company.

Founded in 2020 by Prashant Sachan, AppsForBharat works to eliminate the gap in devotional and spiritual services for over half a Bn people in India and 50 Mn globally. 

“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 Sachan.

In September, the startup secured $18 Mn (around INR 151.1 Cr) in a Series B funding round to scale up operations of its Sri Mandir app, onboard new temples, launch additional services and build a comprehensive tech stack for devotional ecosystem.

The company’s new ESOP buyback paves way for the company’s growth plans in upgrading its platform while also expanding its offerings.

This development comes at a time when about 16 startups in India have announced ESOP buybacks, as of October 2024, providing their employees an opportunity to swell their pockets by over $148 Mn (about INR 1,252 Cr). 

For instance, Google-backed edtech startup Adda247’s first buyback option announced in July, benefitting at least 130 employees across different roles and functions.

Meanwhile, audio entertainment platform Pocket FM completed its first ESOP buyback worth $8.3 Mn (around INR 69 Cr), in April, profiting several former and existing employees.