Matrimony Startup Betterhalf Announces Second ESOP Buyback

SUMMARY

Betterhalf said the second ESOP buyback, which is expected to benefit 29 employees, is in continuation of its first share buyback in 2022

The matrimony startup also said that it has crossed the $500K mark in monthly revenue

Founded in 2016, Betterhalf offers an AI-based matchmaking platform and wedding planning services

AI-enabled matrimony startup Betterhalf on Wednesday (August 13) announced its second ESOP buyback programme which is expected to benefit 29 current and former employees.

In a statement, Betterhalf said the ESOP buyback is in continuation of its first such share buyback in 2022.

Meanwhile, the startup also said that it has crossed the mark of $500K in monthly revenue.

Commenting on the ESOP buyback, Betterhalf cofounder and CEO Pawan Gupta said, “As we focus on building India’s best professional wedding services startup, we encourage an entrepreneurial work style among all our employees, providing them with ownership for their respective work areas, which has led to almost zero attrition. And this year’s ESOP buyback is a testimony to these efforts.”

Founded in 2016 by Gupta and Rahul Kumar Namdev, Betterhalf offers an AI-based matchmaking platform that targets high-income individuals in Tier I cities of India. Besides, it also offers wedding planning services.

Betterhalf said it currently gets 60% of its wedding customers from its matchmaking arm.

The startup claims to have a network of 30,000 venues and partners on its platform, including 750 venue partners in Bengaluru. Betterhalf is now looking to enter the Delhi market.

Commenting on its growth plans, cofounder and CPTO Namdev said, “We are building a robust tech-led backbone to solve wedding complexities at scale. Our vision is to revolutionise the Indian wedding industry by offering customers a selection of venues and non-venue service providers for seamless on-ground fulfilment.”

Earlier this year, the startup secured $8.5 Mn in its Series A round from FinSight Ventures, Rebel Fund, Nurture Ventures and some angel investors. It was also a part of Y Combinator’s cohort of winter 2021.

In the matchmaking industry, Bettrhalf competes with the likes of Shaadi.com, Jeevansathi.com, and Bharat Matrimony.

Betterhalf’s ESOP buyback highlights how startups are relying on them to attract, retain and reward employees. Earlier this year, Swiggy launched a $50 Mn ESOP liquidity programme, while Zypp Electric also announced INR 1.5 Cr ESOP buyback programme.