AppsForBharat announces ESOP buyback for 25 employees

AppsForBharat, the parent company of the devotional app Sri Mandir,  has announced its first ESOP (Employee Stock Ownership Plan) buyback, providing 25 employees the opportunity to cash out a portion of their vested stock options worth Rs 2.1 crore. 

This ESOP buyback program is facilitated through a partnership with Infinyte Club, a wealth management platform for tech startups. 

According to the company, the buyback offers employees the opportunity to liquidate their vested shares, providing immediate financial rewards without waiting for a future liquidity event. 

In September, AppsForBharat secured $18 million in its Series B funding round led by Nandan Nilekani's Fundamentum.

Entrackr exclusively reported on the company’s Series B funding in May. 

Founded by Prashant Sachan, the Sri Mandir app gives users access to over 50 temples. It lets them join pujas, make offerings, and view devotional content from home. The app also offers consultations with astrologers and priests. 

Since its launch in 2021, Sri Mandir has garnered over 30 million app downloads. According to the company, over 500,000 devotees have completed 2.7 million pujas and offerings at temples across India through the Sri Mandir app in the past 12 months. 

Sachan stated that the firm aims to expand its offerings by introducing spiritual tourism, facilitating special darshan tickets, and providing delivery of Prasad and related devotional goods over the next five years. 

According to data compiled by TheKredible, over 100 startups have implemented ESOP buyback, liquidity, and payout programs worth around $1.7 billion in the past five years, starting from January 2020. In 2024, 18 startups have contributed $188 million to this growing total.