What EquityList does

EquityList (legally E-List Technologies Pvt Ltd) is a full-stack equity and shareholder management SaaS platform headquartered in Gurugram, India, with a registered presence in New Delhi for EU GDPR data import. Founded in 2020 and spun off from AngelList India in September 2023, the company serves private and public companies — primarily across India, Southeast Asia, and the US, with planned expansion into West Asia, North Africa, MENA, and Europe. Its customer base of 650+ companies manages equity for 60,000+ stockholders and $4B+ in options (per 2025 figures). Customers span consumer brands (Sugar Cosmetics, BlueStone, Atomberg, CleanMax), fintech and neobanking (Jupiter, Slice, Jar, Tabby, Rupifi, Leap Finance, Zerodha Fund House, Smallcase), logistics and SaaS (Blackbuck, Shiprocket, Wingify), HR tech (Plum, Fincent), and select large enterprises including Tata Consumer Products, AngelOne, and the Taco Bell India franchise.

The product is organized into three core pillars — Cap Table Management, ESOP Management, and Shareholder Management — supplemented by add-on services covering 409A Valuation, ESOP Advisory, Secretarial Compliance, and Dematerialisation of physical share certificates. The platform supports multi-jurisdictional workflows (India, US, Singapore, Southeast Asia) with region-aware banking, jurisdiction-specific compliance reporting (ASC 718/820, IFRS 2, IND AS 102/15, SH-6), and AngelList India syndicate and RUV integration. Underlying technology is a GCP-hosted multi-tenant SaaS with native HRMS and payment-gateway integrations, granular role-based permissions, SSO, two-step authentication, and SOC 2 Type II, ISO 27001:2022, and GDPR compliance.

The business model combines subscription SaaS (publicly listed tiered pricing with annual billing and a free tier for startups with under 25 stakeholders and sub-$1M raised) with fee-for-service revenue from 409A valuations, ESOP advisory, and dematerialisation. GTM is hybrid: a product-led self-serve motion for early-stage startups and direct enterprise sales with onboarding support, supported by content marketing, an email newsletter (4,000+ subscribers), SEO-driven tools (SAFE and ROI calculators), and community events. The company raised $2.2M in seed funding in September 2023 from AngelList India, Hustle Fund, and other investors, and employs 11–50 people. CEO is Kashish Sharma.

Name

EquityList

Legal name

E-List Technologies Pvt Ltd

Website

https://equitylist.co

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

11–50 employees

Short description

EquityList is a full-stack equity and shareholder management SaaS platform for private and public companies, primarily in India, Southeast Asia, and the US, offering cap table, ESOP, and shareholder workflows plus 409A, advisory, and dematerialisation services.

Ownership category

akta.pro rank

Product category

Equity Management Software

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Equity Compensation & Global Share Plan Administration (BPACAHAI)

akta.pro secondary industries

ESOP & Equity Compensation Valuation (ESOP, options, warrants) (FSAEAHAN), Issuer Services & Registry (Transfer Agency/Shareholder Records) (FSACAKAC)

Keywords

• Equity management software
• Cap table management
• ESOP management platform
• Shareholder management
• Stock option administration

Headquarters

HQ city

New Delhi

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Marketing or Sales, Infrastructure, Operations

Revenue model

1. SaaS Subscription: EquityList operates primarily as a subscription-based SaaS platform. Pricing tiers are publicly available on the website. A free tier is offered for startups managing fewer than 25 stakeholders and having raised less than $1M in funding. Paid plans scale with company size, stakeholder count, and feature requirements. Payment accepted via Credit Card and Invoice Billing.
2. ESOP Advisory Services: In-house advisory services for creating ESOP, SAR, and other equity scheme documents, including unit modeling and secretarial document preparation. These professional services complement the software platform and are delivered by EquityList's team of experts.
3. 409A Valuation Services: Valuation exercises for Indian companies (via registered valuers/merchant bankers) and US startups (409A valuation), delivered within one week. These are fee-for-service engagements integrated into the compliance workflow.

Pricing tiers

Distribution channels2 records

Marketing channels8 records

Core offering

EquityList is a full-stack equity and shareholder management software platform that automates the complete equity lifecycle for private and listed companies — from cap table management and ESOP/SAR/RSU grant issuance and vesting through to exercises, buybacks, 409A/registered valuer valuation, and SEBI/statutory compliance. The platform supports multi-jurisdictional workflows across India, the United States, Singapore, Southeast Asia, MENA, and Europe with native integrations to HRMS systems and payment gateways, and serves as the system of record for owners, investors, employees, and compliance teams.

Product overview

EquityList is a unified, full-stack equity and shareholder management software platform — not pieced together from separate products. The core platform is organized into three primary product pillars: Cap Table Management (real-time ownership tracking, share certificates, AngelList India syndicates, RUVs, cross-border shareholding, put-call structures, and data rooms), ESOP Management (automating ESOP, SAR, and RSU grants and vesting from issuance to buyback), and Shareholder Management (stakeholder dashboards, investor updates, board/shareholder consent workflows, and in-app messaging). Add-on services include 409A Valuation (audit-ready FMV for option grants), ESOP Advisory (equity award plan design and scheme document creation by in-house experts), Secretarial Compliance (statutory deadline management, FLA filing), and Dematerialisation (digitizing physical share certificates into electronic form with ISIN tracking). Solutions are segmented by company stage (For Public Companies with payment/trust workflows and trading window management; For Private Companies with scale-ready cap tables) and by role (For Founders, For Finance, For HR). The platform supports multi-jurisdictional compliance across India, Southeast Asia, MENA, and the US, serving over 600 companies and 60,000+ stockholders with $4B+ in options managed.

Differentiator

Problem solved

Functional benefit

Products and services

• Cap Table Management Real-time ownership clarity module that serves as the system of record for all transactions and shareholders. Supports AngelList India syndicates and RUVs, cross-border shareholding across subsidiaries and put-call structures, digital share certificate issuance, dematerialisation with ISIN tracking, and an integrated investor data room with IP tracking, permissions, and watermarking for due diligence.
• ESOP Management Module that automates ESOP, SAR, and RSU grants, vesting, post-termination exercise periods, exercise payments, and company buyback workflows from issuance to exit. Supports multiple equity schemes, configurable exercise payment deadlines and FMV calculation methods (average O/C price, last trading day close, or custom), offline payment support, bank-account routing with separate MIDs for exercise cost and perquisite tax, candidate offer portals, and grant percentile/pool/ownership analytics.
• Shareholder Management Stakeholder management module keeping every shareholder in sync through dedicated dashboards, shareholder views including debenture tables, investor update distribution, board and shareholder consent workflows, and in-app messaging for investor and employee communication.
• Data Rooms Secure investor data rooms with IP tracking, granular permissions, and watermarking, used for due diligence, fundraising, and sensitive document sharing with investors and auditors.
• 409A Valuation Fee-for-service valuation engagement delivering audit-ready Fair Market Value (FMV) reports for stock option grants, including US 409A valuations, UK HMRC valuations, and Indian registered valuer/merchant banker reports, typically delivered within one week and integrated into the cap table workflow.
• ESOP Advisory In-house professional advisory service in which EquityList's team of experts designs, creates, and models ESOP, SAR, and other equity award scheme documents, including unit modeling, scheme drafting, and secretarial document preparation for customers.
• Secretarial Compliance Compliance service that keeps companies on top of statutory deadlines through real-time SH-6 report generation (ESOP register), PAS-4 filings, FLA filings, and SEBI compliance support for listed companies.
• Dematerialisation Service that digitises physical share certificates into electronically held securities, with ISIN tracking, RTA/DP coordination, and certificates auto-generated within the EquityList dashboard to reduce paperwork and enable electronic share management for Indian companies.

Quantifiable outcome

• 650+ companies managing equity on the platform
• +6 more outcomes

Named customers31 records

Segments6 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

Feature15 records

Partnerships

Three partnerships are on record, tiered core.

• GCP (Google Cloud Platform)coreTechnology or IntegrationEquityList's primary data center infrastructure is hosted on GCP with multi-availability zones enabled. The company conducts regular backup restoration testing for resiliency and uses GCP's infrastructure for disaster recovery and data replication.
• HRMS Integration PartnerscoreTechnology or IntegrationEquityList integrates with HRMS systems to keep employee records (hires, exits) aligned with equity grants without duplicate work. The specific HRMS partners are not individually named in the source material.
• Payment Gateway PartnerscoreTechnology or IntegrationEquityList integrates with payment gateways to process option exercise payments and perquisite tax collection. Supports offline payments (cheques, challans) and both single and separate MID (Merchant ID) routing for exercise cost and tax. Specific payment gateway partners are not individually named.

Scale indicators6 records

Recent moves7 records

Expansion highlights3 records

Direct peers

• Capdesk: Capdesk is a UK-based equity management platform providing cap table, share scheme, and valuation tools to private companies. It is a direct peer to EquityList in the equity management SaaS category with similar customer profiles of venture-backed startups and scale-ups.
• Carta: Carta is the leading global cap table and equity management platform serving startups and public companies across the US and internationally. It is EquityList's primary direct competitor, offering overlapping ESOP administration, 409A valuations, and shareholder management — but with significantly more capital and broader geographic reach.
• Pulley: Pulley is a cap table management platform focused on startups and venture-backed companies with features for equity plans, 409A valuations, and investor reporting. It is a direct competitor to EquityList in the equity management SaaS category, particularly for US-based and cross-border companies.
• Ledgy: Ledgy is a European cap table and equity management platform serving startups and scale-ups across Europe with ESOP management, valuation, and reporting. It is comparable to EquityList as a full-stack equity management SaaS targeting high-growth private companies in regulated markets.
• Qapita: Qapita is a Singapore-based equity management and cap table platform serving Southeast Asia, India, and other emerging markets. It directly competes with EquityList in the same India-SEA corridor with similar multi-jurisdictional equity workflows and 409A-style valuation services.
• Vestd: Vestd is a UK-focused share scheme and equity management platform supporting EMI schemes, growth shares, and cap tables for UK startups. It is comparable to EquityList's role as a regional specialist in equity compensation, though focused on UK regulatory frameworks.
• Eqvista: Eqvista is a US-based equity management platform providing cap table, 409A valuations, and equity plan administration for startups and small businesses. It is a direct peer to EquityList in offering integrated cap table + 409A services, particularly to venture-backed US companies.

Broad incumbents

• AngelList: AngelList is the venture platform from which EquityList was spun off and remains its largest ecosystem partner and investor. While AngelList focuses on syndicates, rolling funds, and founder tools, it has tangential overlap with EquityList on cap table and equity management through its deal-making infrastructure.
• Shareworks (Morgan Stanley at Work): Shareworks, now part of Morgan Stanley at Work, is a long-established equity plan administration platform serving large public and pre-IPO companies globally. It overlaps with EquityList's ESOP and equity administration functionality but operates at a much larger enterprise scale and as part of a broader wealth management franchise.

Others

• Multiplier (EOR): Multiplier is a global Employer of Record (EOR) platform that touches on cross-border employment and equity administration for international teams. While not a direct cap table competitor, it overlaps with EquityList's HRMS-integrated equity workflows for distributed teams and shares the same cross-border India-SEA-US customer base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/EquityListHQ
• LinkedInlinkedin.com/company/equitylist

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds2 records

Investors8 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about EquityList