AppsForBharat, the parent company of homegrown 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.
The buyback, valued at approximately Rs 2.1 crore, is aimed at acknowledging the hard work and commitment of team members who have been associated with the company for over three years, helping shape the foundation for future growth.
This ESOP buyback program is facilitated through a partnership with Infinyte Club, a wealth management platform for tech startups. The initiative reflects AppsForBharat's dedication to sharing the company’s growth with its team and symbolizes appreciation for employees' role in advancing the business.
The buyback offers employees the opportunity to liquidate their vested shares, providing immediate financial rewards without waiting for a future liquidity event. This approach ensures that employees gain tangible benefits from their equity stake, reinforcing the company’s culture of shared ownership.
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’s recent funding round, which included participation from new and existing investors such as Fundamentum, Susquehanna Asia VC, Elevation Capital, Peak XV, and Mirae Asset VC, reinforces the company’s strong growth trajectory. The ESOP buyback demonstrates its commitment to employee welfare by translating the company's financial success into direct cash rewards for its team members.
As AppsForBharat continues to scale its platform and expand its offerings, this buyback signals the company’s focus on employee retention and recognition, ensuring that team members share in the rewards of its ongoing success.
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