Betterhalf announces second ESOP buyback for employees

Betterhalf, a wedding and matrimony services startup, has announced its second ESOP buyback, 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 $500K.

"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.

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 has supported over 100 weddings, it said.

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

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"Our vision is to revolutionize the Indian wedding industry by offering customers a selection of venues and non-venue service providers for seamless on-ground fulfillment," said Rahul Namdev, Co-founder and CPTO of Betterhalf.

In March, the paltform had raised $8.5 million in a Series A round, which saw participation from Finsight Ventures, Mike Krieger (Co-founder of Instagram), Arash Ferdowsi (Co-founder of Dropbox), Rebel Fund, Nurture Ventures, Leonis Investissement, Derek Callow (ex-CMO of Bumble), Scott Belsky (Founder of Behance), Brendan O'Driscoll (ex-Product Head of Spotify), Manik Gupta (ex-CPO of Uber), Punit Soni, (ex-CPO of Flipkart), and Ravish Naresh (Co-founder and CEO of KhataBook).