Our portfolio companies
Three investments completed. Unlocking equity for employees across robotics, clean energy, and regional media - with a fourth in progress.
Emotionally intelligent AI companion robots for children. $72.9M+ raised. Series D backed. Users across 140 countries.
15-minute rapid EV charging using standard Li-ion cells. Series B backed by Eight Roads Ventures, Lightspeed, Hero MotoCorp family office.
India's leading regional language OTT platform. Haryanvi, Rajasthani, Bhojpuri, Gujarati. 20M users, 4.4M paying subscribers. Series B led by Goodwater Capital.
Our fourth portfolio company is currently in the final stages of due diligence. Announcement coming soon.
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.
Fund
Fund Thesis
Empowering growth-stage startups in India with sector-agnostic investments for scalable success.
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.
Everything ESOP liquidity needs, from request to cash
Each sale runs on the same record as your grants and cap table. Pick a stage to see what Hissa handles.
Get a regulated buyer for vested shares
Hissa Fund is a SEBI-registered AIF Category II (IN/AIF2/23-24/1439). It buys vested ESOP shares at board-approved price, and company cash stays in the business.
- On-demand liquidity
- Board-approved price
- Partial or full sales
- Cash in T+5
- D1Employee requests via portal.
- D3Hissa Fund acquires shares at board-approved price.
- D5Cash settled.
Sell at a fair price, with cash in five days
Every sale uses the board-approved price. Cash reaches the employee’s account in T+5 business days once documents are agreed.
- Board-approved price
- Partial or full sales
- T+5 settlement
- Repeat events
- T+0Request
- T+2Documents
- T+5Cash
Turn vested shares into cash before an IPO
Employees sell vested and exercised shares to the Fund and keep their role.
- Cash before an IPO
- Partial sales
- Same job
- Unvested options stay with you
- Sold2,500 shares
- PaidT+5 business days
Built for every team in a liquidity programme
Each team sees the part of the process it owns. Pick a team to see what changes.
“I want to reward the team and keep company cash for growth.”
“I want liquidity to be a real retention tool.”
“I want coordination and payouts in one workflow.”
“I need every transaction recorded with a full audit trail.”
“Can I sell my shares before an IPO?”
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 LiquidityFund Team
Meet the team committed to delivering efficient ESOP liquidity solutions
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 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 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 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 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 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.
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 a company buyback, which uses the company’s own cash, Hissa Fund buys the shares with its own capital. An employee can start a request, the company approves the sale, and the board sets the price. Cash reaches the employee within 5 business days once documents are agreed.
ESOP liquidity FAQs
What is ESOP liquidity?
ESOP liquidity turns vested options into cash through a board approved transaction. In India, an IPO and a company buyback are the common routes. Secondary sales and fund-led secondaries such as Hissa Fund add earlier options. The route open to each employee depends on vesting status and the company’s SHA.
How can employees get liquidity before an IPO?
Employees sell shares acquired upon exercising their vested ESOPs to Hissa Fund at a board-approved price. The company approves on Hissa, and cash reaches the employee in T+5 business days.
What is Hissa Fund, and is it regulated?
Yes, it is regulated. Hissa Fund is a SEBI-registered AIF Category II, registration IN/AIF2/23-24/1439. It buys employee shares acquired upon exercising their vested ESOPs in growth-stage Indian startups.
What does the company pay?
₹0. Hissa Fund buys the shares with its own capital, so company cash stays in the business.
How long does it take to get cash?
Cash settles in T+5 business days once the company and Hissa Fund agree to the transaction documents.
Can employees sell part of their vested ESOPs?
Yes. Partial sales are typically permitted, so employees take some cash and keep upside on the rest. The company decides the proportion with the Hissa Fund.
What happens to employment after a sale?
The employee keeps the same role and salary. Unvested options stay in place.
Which companies can use Hissa Fund?
Growth-stage Indian startups, Series B and later, with product-market fit. The Fund is sector-agnostic.
What price do employees receive?
Employees sell at the board-approved price.
What tax applies when employees sell ESOPs?
Perquisite tax applies at exercise on the spread between strike price and FMV. Capital gains tax applies on the rise from exercise FMV to sale price. The Hissa portal models both, but the employees are advised to consult their tax advisor as well.
How is Hissa Fund different from a company buyback?
A buyback uses the company’s own cash. Hissa Fund invests its own capital, so company cash stays in the business. The Fund joins the cap table as a minority shareholder.
My company is new to Hissa. How do I get liquidity?
Share Hissa’s free pitch kit with your founder or HR head, or ask Hissa to send a short introduction. You can stay anonymous.