Wedding and matrimony startup Betterhalf has announced its second ESOP buyback program, benefitting 29 current and former employees. The development comes on the heels of the company making a monthly revenue of $500,000 or Rs 4.15 crore.
Founded in 2019 by Pawan Gupta and Rahul Namdev, Betterhalf.ai operates a marriage super app that offers a full stack of tech-enabled wedding services like photography, venue booking, mehendi, DJ, etc.
The startup’s ‘AstroZodiac’ app allows people to talk to astrologers and get solutions for all life problems.
Betterhalf is backed by Instagram Co-founder
Earlier this year, in March, Betterhalf.ai raised $8.5 million in a Series A funding round led by FinSight Ventures (Ex Bumble investor), Mike Krieger, Co-founder of Instagram, and Arash Ferdowsi, Co-Founder of Dropbox.
According to Fintrackr, More than 80 startups have bought back ESOPs worth $1.45 billion from January 2020 to July 2023.
“We encourage an entrepreneurial work style among all our employees, providing them with ownership for their respective work areas, which has led to almost zero attrition. And this year’s ESOP buyback is a testimony to these efforts,” said Pawan Gupta, Co-founder and CEO of Betterhalf.
The startup claims to have a network of 300,000 partners on its platform, including 750 venue partners in Bengaluru.
($1 = INR 83.06)