January 15, 2025 – Bengaluru, India: India’s first unlisted secondaries fund aims to empower startup employees and founders with a transformative liquidity solution.
Hissa, India’s leading equity management platform, has launched Hissa Fund I, a $35 million initiative dedicated to unlocking liquidity in the country’s $3 billion ESOP market. This first-of-its-kind fund offers liquidity to employees holding vested stock options in growth-stage startups, helping them transform paper wealth into real opportunities.
With Indian startups staying private for 10-12 years on average, employees often find themselves holding valuable but illiquid ESOPs. The Hissa Fund solves this problem by offering a seamless secondary transaction platform, empowering employees to access liquidity for personal milestones—whether it’s buying a home, investing in their families, or securing their financial futures.
“Our mission is to make equity ownership meaningful for everyone involved,” said Satish Mugulavalli, Co-Founder of Rulezero and Managing Partner of Hissa Fund.“The Hissa Fund is not just about liquidity—it’s about creating a new paradigm where ESOPs empower employees and fuel long-term innovation in the startup ecosystem.”
Designed as a SEBI-registered Category II Alternative Investment Fund (AIF), the Fund offers liquidity on demand with T+5 settlement cycles. Proprietary technology powers these efficient transactions, ensuring speed, security, and accessibility for a wide pool of employees.
The fund will focus on 15-20 high-potential growth-stage startups, working closely with founders to ensure liquidity events align with their talent retention and business growth strategies. Unlike traditional exit options like IPOs or M&A, the Hissa Fund provides ongoing liquidity opportunities, enabling founders to use ESOPs more strategically as tools to attract, motivate, and retain top talent.
The Hissa Fund has already made its debut investment in Miko, a leading AI-powered robotics company. Through this transaction, the Fund provided liquidity to 32 employees, marking a significant step forward in redefining ESOP liquidity in India.
Sneh Vaswani, CEO of Miko, shared his thoughts: “Hissa Fund has given our employees a chance to unlock the value of their hard-earned equity without waiting for a public listing. This initiative has enhanced the meaning and utility of ESOPs for our employees, enabling us to recognize their contributions as we achieve new milestones and continue scaling toward a global impact”.
Hissa, a full-stack equity management platform by Rulezero Technology Solutions Pvt. Limited, is focused on transforming participative capitalism in high-growth companies. Learn more at www.hissa.com
The Hissa Fund is managed by founders Satish Mugulavalli and Srinivas Katta and General Partners Srihari Katta and Rithvik Kasireddy, who collectively bring decades of expertise in venture capital, private equity, and startup operations.
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