Betterhalf announces second ESOP buyback program

Betterhalf, a wedding and matrimony services startup, has announced its second employee stock buyback (ESOP) program, benefitting 29 current and former employees. 

This announcement is in continuation of its first buyback last year, which benefitted 7 employees. The development comes on the back of the company clocking a monthly revenue of $500,000.

Started in 2016 by Pawan Gupta and Rahul Namdev, Betterhalf is an app-based matrimony startup that uses artificial intelligence to connect people looking for life partners. The startup claims to have supported over 100 weddings.

Betterhalf has a network of 30,000 partners on its platform, including 750 venue partners in Bengaluru. The brand aims to strengthen its presence in the Indian wedding market and will soon be launching in Delhi.

In March, the platform had raised $8.5 million in a Series A round from Finsight Ventures, Mike Krieger, and others.

As per data compiled by Fintrackr, more than 80 startups have bought back ESOPs worth $1.45 billion from January 2020 to July 2023. 

Recently, B2B delivery and shared mobility startup Zypp Electric had also announced its first ESOP buyback plan worth Rs 1.5 crore.