Y Combinator-backed Betterhalf.ai announces ESOP buyback for its employees

Betterhalf.ai - "New age matrimony designed for urban Indians with no direct involvement of parents" has announced an employee stock option plan (ESOPs) for its employees considering it a growth-centric opportunity.

With the ESOP buyback option, Betterhalf.ai aims to encourage its existing employees, irrespective of their roles and promote external hiring. Apart from this, Betterhalf.ai has set a trend in the startup ecosystem that ESOP buyback can be started even at the early or Pre-A stage of the business, it said in a press statement.

“We have experienced exponential business growth in the past year and thus, wanted our team to grow along with us. Unlike other startups, we started ESOP buyback to help our employees enjoy an equal chance to participate in a wealth creation opportunity,” said Pawan Gupta, Co-founder, Betterhalf.ai.

“We have not seen companies doing buyback in an early stage but we think this is the right thing to do for the employees that contribute to the fast-paced growth of a startup like ours. This will help us encourage more startups in the ecosystem to thrive and succeed,” he added.

New Age matrimony app

Betterhalf.ai is India’s New Age Matrimony app that does not involve parents. It has grown multifold in terms of financials as well as user base. It has witnessed a revenue growth of 15 percent from $1,81,000 to $2,09,000 at 6 percent freemium to paid conversion and ARPU of Rs 1880 ($25.10). Currently, the app is making 200K per month connections and recording more than 4.4M messages exchanged on a monthly basis.

In 2021, Betterhalf.ai raised $3 million as part of its pre-Series A funding round from venture capital firms and other angel investors.

Published on: Monday, January 10, 2022, 05:19 PM IST