AppsForBharat, the developer behind the popular devotional app Sri Mandir, has introduced its inaugural ESOP (Employee Stock Option Plan) buyback, enabling 25 employees to monetize part of their vested stock options, totaling ₹2.1 crore in value.
This buyback initiative, organized in partnership with Infinyte Club—a wealth management platform tailored for tech startups—provides employees with an immediate financial advantage, allowing them to liquidate their shares without waiting for a later liquidity event.
Recently, AppsForBharat secured $18 million in a Series B funding round led by Nandan Nilekani’s Fundamentum, with exclusive reporting on this round provided in May.
Founded by Prashant Sachan, the Sri Mandir app grants users virtual access to over 50 temples, offering features such as virtual pujas, online offerings, and a range of devotional content. It also provides consultations with astrologers and priests, enhancing user engagement with devotional practices from home.
Since its launch in 2021, Sri Mandir has achieved over 30 million downloads. Over the past year, more than 500,000 users have conducted 2.7 million online pujas and offerings through the app.
Sachan highlighted future plans to enrich the app’s services, including spiritual tourism, access to special darshan tickets, and Prasad delivery, along with other devotional offerings over the coming years.
Industry data from TheKredible reveals a growing trend in ESOP buybacks, with over 100 startups distributing around $1.7 billion through various liquidity and payout initiatives since 2020. In 2024 alone, 18 startups have contributed $188 million to this total.
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