Shareholder management platform EquityList, which was spun off from Naval Ravikant-founded AngelList's India entity in January, has raised $2.2 million in its seed funding round from AngelList India, Hustle Fund, Unpopular Ventures, private investing platform Republic, and other startup investment platforms. The round also saw participation from angel investors, including Livspace co-founder Ramakant Sharma, Cars24 cofounder Gajendra Jangid, Sairee Chahal of Sheroes, and Five Star Finance CEO Rangarajan Krishnan. The software-as-a-service (SaaS) company services customers such as Blackbuck, Sugar Cosmetics, Slice, Shiprocket, Smallcase, and Cars24 and is present in India, Southeast Asia, and the US.

With the fresh fundraiser, the company plans to increase the size of its team from 11 to service its existing customer base, in addition to looking at expanding into new markets such as West Asia and North Africa, EquityList CEO Kashish Sharma. EquityList was launched as a product within AngelList in 2020 and was incorporated into a separate entity earlier this year for the company to be able to raise external funding. In the cap table management space, EquityList competes with the likes of Accel-backed Trica and Singapore-based Qapita, which has raised over $22.5 million from 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,” Sharma said on the company’s plan to deploy the fresh capital. It operates on a freemium model, offering free services to startups below a certain threshold and then charging them as their scale grows.

“EquityList is free for any startup that has raised less than $1 million in venture capital or needs to manage less than 25 stakeholders. As soon as you cross that threshold or start upgrading to different features and environments, there are different SaaS tiers, and it depends on the scale of the stakeholders you need to manage,” Sharma added. The company manages equity for over 10,000 shareholders across 260+ customers and more than $950 million worth of stock options.

“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 of AngelList India.