App-based Devotional firm 'AppsForBharat' unveils ESOP Buyback for 25 Employees
25 workers will have the chance to cash out a portion of their vested stock options worth Rs 2.1 crore as part of the first ESOP (Employee Stock Option Plan) buyback announced by AppsForBharat, the parent company of the devotional app Sri Mandir.
Through a collaboration with Infinyte Club, a wealth management platform for digital firms, this ESOP buyback scheme is made possible.
The corporation claims that the repurchase gives workers the chance to sell their vested shares, resulting in instant cash benefits without having to wait for a future liquidity event.
With the help of Fundamentum, directed by Nandan Nilekani, AppsForBharat raised $18 million in its Series B funding round in September.
In May, Entrackr published an exclusive story about the company's Series B fundraising.
The Sri Mandir app, created by Prashant Sachan, provides users with access to more than fifty temples. They can participate in pujas, offer sacrifices, and watch religious videos from the comfort of their own homes. Additionally, the program allows users to consult with priests and astrologers.
Sri Mandir has received over 30 million app downloads since its 2021 launch. In the last 12 months, more than 500,000 devotees have used the Sri Mandir app to do 2.7 million pujas and offerings at temples throughout India, the company claims.
Over the next five years, the company hopes to broaden its product line by launching spiritual tourism, enabling special darshan tickets, and delivering Prasad and other devotional items, according to Sachan.
Over 100 firms have executed ESOP repurchase, liquidity, and payment plans totaling approximately $1.7 billion over the last five years, beginning in January 2020, according to statistics provided by TheKredible. 18 businesses have added $188 million to this increasing sum in 2024.
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