Issue shares. Manage equity. Stay compliant.
ESOP Management
Design policies, issue grants, automate vesting and exercise workflows
Compensation Modelling
Model equity compensation scenarios benchmarked against industry standards.
Cap Table Management
Record transactions, manage stakeholder rights, and model exit scenarios
Employee Equity Portal
Every employee sees their grant, vesting schedule, and live equity value
Hissa
Platform
Hissa ESOP Platform
One system of record for all your equity - from grant to exit
SEBI AIF Cat-II · $35M corpus
ESOP Liquidity Fund
SEBI AIF Cat-II fund - cash for employees, no IPO required, T+5 settlement
$
Liquidity
Hissa Liquidity Fund
$35M committed to unlock employee equity before IPO
Governed secondary desk for Indian private equity
Portfolio Management
Consolidated view of equity positions across all stakeholder classes
Secondary Desk
Buy and sell pre-IPO equity in India's best startups - Coming Soon
⇌
Secondary Desk - Coming Soon
Secondary Desk
India's first governed secondary desk for private company equity
Company Type
Private Unlisted
Cap table management, ESOP compliance, and liquidity for private startups
Public Unlisted
Full equity stack with SEBI compliance, complex vesting plans, & pre-IPO readiness
Public Listed
SEBI-compliant ESOP management, audit-ready cap tables, and Ind AS 102 automation
Role Type
Founders
Cap table & ESOP management, Compensation modelling & ESOP liquidity
Employees
See your equity value live, model tax impact, and access cash before an IPO
Investors
Track your portfolio, invest in Hissa Fund & access pre-IPO share deals
Company
About Hissa
Our mission, team, and the problem we're solving
Resources
Whitepapers and expert interviews on ESOPs and private markets
Blog
Guides, insights, and news on equity and private markets
Contact
Talk to our team about your equity needs

Liquidity solutions to attract top talent

SEBI AIF Category II Liquidity Fund for Indian Employee ESOPs

A SEBI AIF Cat-II fund with a $35M corpus — give employees cash for vested ESOPs before any IPO, with T+5 settlement.

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Our portfolio companies

Three investments completed. Unlocking equity for employees across robotics, clean energy, and regional media - with a fourth in progress.

3
Investments
Miko
Active
Miko
AI Robotics · Mumbai

Emotionally intelligent AI companion robots for children. $72.9M+ raised. Series D backed. Users across 140 countries.

29
Employees benefited
Exponent Energy
Active
Exponent Energy
Clean Energy · Bengaluru

15-minute rapid EV charging using standard Li-ion cells. Series B backed by Eight Roads Ventures, Lightspeed, Hero MotoCorp family office.

28
Employees benefited
Stage OTT
Active
Stage OTT
Regional Media · Delhi

India's leading regional language OTT platform. Haryanvi, Rajasthani, Bhojpuri, Gujarati. 20M users, 4.4M paying subscribers. Series B led by Goodwater Capital.

13+
Employees & angels
In progress
Investment #4
Undisclosed · India

Our fourth portfolio company is currently in the final stages of due diligence. Announcement coming soon.

Interested in partnership?
Talk to the team →

Hissa Fund is a SEBI-registered AIF Category II with a $35M corpus. All investments are in growth-stage Indian startups at board-approved FMV.

India’s
1 st
Unlisted Secondaries
Fund

Fund Thesis

Empowering growth-stage startups in India with sector-agnostic investments for scalable success.

Hissa Fund RiskDiversion InvestmentStrategy MarketWhite Space Employee Liquidity ProfessionalManagement

Growth Stage Startups

Hissa fund is dedicated to investing in growth-stage startups that are domiciled in India, tapping into the vibrant and rapidly expanding entrepreneurial ecosystem. The fund aims to support scalable ventures that are poised to become leaders in their respective fields. This focus also aligns with our strategy to contribute to and benefit from India’s economic dynamism and help build financial infrastructure for the startup ecosystem by enhancing the value of ESOPs.

How the Hissa Fund works

A SEBI AIF Cat-II regulated fund that buys vested ESOP shares from employees - at board-approved fair value, with T+5 cash settlement, and zero impact on your company’s balance sheet.

On-demand liquidity, not a calendar event
Hissa Fund buys the shares. You don't pay.
T+5 cash settlement
SHA and ROFR compliance, automated
The Team

Smart solution for
employee liquidity

Employees no longer need to wait for traditional liquidity events like IPOs, which take around 13 years, or M&As, which take about 10 years. Instead, they can access 'liquidity on demand' through the Hissa fund, allowing them to cash in on their ESOP paper wealth and thereby helping companies to rationalize payroll costs.

Stand out amongst
employers

Explore Liquidity

Fund Team

Meet the team committed to delivering efficient ESOP liquidity solutions

Satish Mugulavalli
Satish Mugulavalli
Managing Partner
Satish Mugulavalli
Managing Partner

Satish excels in driving product innovation and shaping operational strategy. With a background in deep tech investments, he has analyzed over 1,200 startups, made 12 significant investments, and guided 15 ventures as a former Pre-Series A VC.

Srinivas Katta
Srinivas Katta
Managing Partner
Srinivas Katta
Managing Partner

Srinivas spearheads strategy, legal operations, and partnerships, setting new standards for equity financing. As a founding partner at IndusLaw, Srinivas has significantly advanced the firm's Private Equity, Venture Capital, and TMT practices.

Srihari Katta
Srihari Katta
General Partner
Srihari Katta
General Partner

Srihari leads Hissa Fund, directing the Investment Management division with expertise and vision. He has raised over $247.1M and managed $488.2M in assets across real estate and equity. His key responsibility is to build a healthy deal pipeline.

Rithvik Kasireddy
Rithvik Kasireddy
General Partner
Rithvik Kasireddy
General Partner

Rithvik leads Hissa Fund with focuses in building and maintaining the trust of our valued investors, prudent investment selection and portfolio management. Rithvik has structured and funded over $1.9B in debt and co-managed a $97.6M debt fund.

Deepak Aggarwal
Deepak Aggarwal
Chief Financial Officer
Deepak Aggarwal
Chief Financial Officer

Deepak is a Rank holder Chartered Accountant & CMA with over 20 years of experience in the field of finance & compliance. He was the Chief Financial Officer, CGI India & also a Member of EXCO at RBS TS, India. Deepak has been awarded as one of the TOP#50 best finance leaders in 2021 by White Page International.

Rina Francis
Rina Francis
Chief Compliance Officer
Rina Francis
Chief Compliance Officer

Rina is the Chief Compliance Officer of Hissa Fund. She is a CA with over 20+ years of experience in business finance and controllership. She specializes in financial processes, budgeting and, most importantly, SEBI compliance. Prior to joining Hissa Fund, she served as Director, Finance at Leo Burnett.

India's first dedicated ESOP secondary fund

A $35M SEBI-registered AIF Category II fund that purchases vested employee shares in Indian growth-stage startups - before an IPO, without a company buyback, with cash settled in T+5 business days.

Skip the J Curve Faster Exits

Hissa Fund is India's first dedicated ESOP secondary fund ($35M, SEBI-registered Category II AIF) that purchases vested employee shares in Indian growth-stage startups before an IPO.

Unlike company buybacks that require board approval, Hissa Fund provides liquidity on demand - employees initiate the transaction and receive cash within 5 business days.

Invest Now

Frequently asked Questions

1. What is the Hissa Fund?+
Hissa Fund is an investment vehicle that provides liquidity to employees by purchasing Employee Stock Options (ESOPs), allowing employees to unlock the value of their equity.
2. How can Hissa Fund benefit employees?+
Hissa Fund offers employees the chance to convert their ESOPs into cash, providing immediate liquidity without having to wait for an IPO or acquisition. It's an opportunity to unlock the value of their stock options.
3. Will selling ESOPs to Hissa Fund affect the relationship with the employer?+
No, selling ESOPs to Hissa Fund does not impact employment status or the relationship with the employer.
4. How long does it take to sell ESOPs to Hissa Fund?+
Transactions are usually finalized within a T+5 settlement cycle once the transaction documents between the employers and Hissa Fund are mutually agreed upon.
5. Can only a portion of ESOPs be sold to Hissa Fund, or is it all or nothing?+
Hissa Fund offers flexibility, letting employees sell some or all of their vested ESOPs. This is usually decided by the employers, and Hissa Fund works closely with them.
6. How does the Hissa Fund benefit companies?+
Hissa Fund enhances talent retention by offering liquidity options to employees, reducing reliance on cash compensation.
7. How can Hissa Fund assist with ESOP liquidity?+
The fund facilitates the liquidity process, allowing employees to sell ESOPs and access cash, boosting morale and easing compensation pressures.
8. What role does technology play in Hissa Fund's operations?+
Hissa Fund utilizes its digital equity management platform to streamline liquidity processes, increasing efficiency for all stakeholders involved.
9. Does Hissa Fund offer any advisory services related to ESOPs?+
Yes, Hissa Fund offers advisory services to help companies structure ESOP programs and develop strategies for liquidity events, aligning with long-term business goals.
10. Can Hissa Fund assist in the management of multiple liquidity events for the same company?+
Yes, Hissa Fund can manage multiple liquidity events, providing consistent solutions that help employees liquidate their ESOPs over time, especially in growing companies with different funding stages.
11. What makes Hissa Fund attractive to investors?+
The fund offers unique non-linear returns by investing in exercised stock options from growth-stage startups, bypassing the typical J-curve of venture capital investments.
12. How does Hissa Fund identify investment opportunities?+
Hissa Fund invests in ESOPs of Series B+ companies, giving employees an opportunity to liquidate their equity before a major liquidity event like an IPO or acquisition.
13. How does Hissa Fund provide liquidity to employees?+
Hissa Fund ensures a fast, T+5 settlement cycle, providing efficient liquidity through a digitized equity management platform.
14. What is the exit strategy for investors?+
The exit strategy for investors typically revolves around the liquidity events of the underlying startups, such as an IPO or acquisition. Investors can expect to see returns as these events unfold.
15. How does Hissa Fund's sector-agnostic approach benefit investors and startups?+
Hissa Fund focuses on the intrinsic value and growth potential of businesses across industries, enabling it to seize diverse investment opportunities without sector limitations.