EquityList Secures $2.2 Million in Seed Funding to Boost Shareholder Management Services

• ByStartupStory     |    September 18, 2023

EquityList, the cutting-edge equity management platform, has successfully raised $2.2 million in a seed funding round. The funding was led by AngelList India, with participation from Hustle Fund, Unpopular Ventures, Republic, and other esteemed startup investment platforms. Notably, this shareholder management platform was spun off from AngelList India in January and has quickly garnered attention in the equity management space.

Prominent angel investors, including Ramakant Sharma (Cofounder, Livspace), Gajendra Jangid (Cofounder, Cars24), Sairee Chahal (Founder, Sheroes), and Rangarajan Krishnan (CEO, Five Star Finance), also joined this funding round. The infusion of fresh capital marks a significant milestone for EquityList and positions the company for rapid expansion.

EquityList operates as a Software-as-a-Service (SaaS) company, catering to a diverse clientele that includes Blackbuck, Sugar Cosmetics, Slice, Shiprocket, Smallcase, and Cars24. With its seamless and innovative equity management solutions, EquityList has made a notable impact in India, Southeast Asia, and the United States.

CEO Kashish Sharma revealed that this funding will be instrumental in growing the team from 11 members to better serve the existing customer base. Moreover, it provides the company with the opportunity to explore new markets, particularly in West Asia and North Africa.

Originally launched as a product within AngelList in 2020, EquityList transitioned into a separate entity earlier this year to facilitate external fundraising. In a competitive cap table management landscape, EquityList competes with companies like Trica (backed by Accel) and Qapita (based in Singapore and backed by prominent investors, including Vulcan Capital, East Ventures, and Endiya Partners).

“We’ve been a very lean team. We closed 2022 with five full-time employees, and now we have 11. With this, we are servicing over 260 customers, some of which are fairly large companies with high-frequency use cases. So we are trying to build a strong product team to add to our list of features for customers that are maturing,” said Sharma regarding the company’s plan to deploy the fresh capital.

EquityList operates on a freemium model, providing free services to startups that have raised less than $1 million in venture capital or need to manage fewer than 25 stakeholders. As startups scale or require additional features and environments, they can access various SaaS tiers tailored to their specific needs.

The company manages equity for over 10,000 shareholders across 260+ customers, representing a total stock options value of more than $950 million.

“We believe there is a multibillion-dollar opportunity here, along with EquityList’s mission of democratizing technology to impact wealth creation significantly. EquityList is leading the way in advancing the maturity of the Indian startup ecosystem and is expanding its product offerings and presence worldwide,” said Utsav Somani, partner, AngelList India.

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