AppsForBharat, the parent company of the devotional platform, Sri Mandir, has announced its first ESOP (Employee Stock Option Plan) buyback, providing 25 employees the opportunity to cash out a portion of their vested stock options worth ₹2.1 crore.
This ESOP buyback program is facilitated through a partnership with Infinyte Club, a wealth management platform for tech startups.
Commenting on the ESOP grant, Prashant Sachan, Founder and CEO of AppsForBharat, said, “At AppsForBharat, our people are at the heart of everything we do, and we are deeply committed to ensuring they share in our success. We are excited to offer a special ESOP buyback as a meaningful way to recognize the dedication and hard work of our employees. By allowing them to cash out their vested stock options, we’re not just providing financial rewards, we are reinforcing our culture of shared ownership and acknowledging the pivotal role they’ve played in our journey. 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.”
AppsForBharat recently raised $18 million in its Series B funding round from new and existing investors such as Fundamentum, Susquehanna Asia VC, Elevation Capital, Peak XV, and Mirae Asset VC.
