Second ESOP buyback program announced by wedding & matrimony startup Betterhalf
Wedding and matrimony startup Betterhalf has announced its second employee stock buyback (ESOP) program, from which 29 current and former employees will benefit.
This announcement builds on the company’s initial buyback from last year, which benefited 7 employees. The change results from the business earning $500,000 per month in revenue.
Betterhalf is a matrimonial startup that uses an app to connect people looking for life partners. It was founded in 2016 by Pawan Gupta and Rahul Namdev. The start-up states that it has assisted with over 100 weddings.
750 venue partners in Bengaluru are among the 30,000 partners in Betterhalf’s network on its platform. The company will soon launch in Delhi with the goal of enhancing its presence in the Indian wedding market.
The platform had received $8.5 million in a Series A round of funding in March from Finsight Ventures, Mike Krieger, and other investors.
According to data gathered by Fintrackr, more than 80 startups purchased ESOPs worth $1.45 billion between January 2020 and July 2023.
Recently, the B2B delivery and shared mobility startup Zypp Electric also disclosed the details of its initial ESOP buyback plan, which will cost Rs 1.5 crore.
