Qapita, a software-as-a-service (SaaS) platform focused on equity and transaction management for the private market, said it has raised $5 million (Rs 37.4 crore) in its pre-Series A funding round.
Qapita said in a statement that the funding was led by multistage global venture capital firm MassMutual Ventures.
Indian venture capital firm Endiya Partners participated in the funding round, it added.
Anjali Bansal, founder of Avaana Capital; Sujeet Kumar, cofounder of Udaan; and a CEO of an India-based decacorn (a company valued at over $10 billion) also participated in this funding round.
Singapore-based Qapita, which also has an office in Hyderabad, will use the fresh capital to add engineering talent and expand its client base in India, Indonesia and Singapore. It will also deploy a part of the funds to accelerate its product development.
Qapita was founded by Ravi Ravulaparthi, Lakshman Gupta, and Vamsee Mohan in 2019. The company says its platform allows private companies to manage their capitalisation tables and employee stock ownership plans (ESOPs). The startup says it will also enable the digital issuance of ESOPs and shares.
Ravulaparthi, who is Qapita’s CEO, is an alumnus of IIT-Madras and IIM-Bangalore, his LinkedIn profile shows. He has worked with Macquarie Group and BNP Paribas. He has also served as a director at Rippledot Capital.
Gupta functions as Qapita’s chief operating officer and is a graduate of the Indian School of Business. He has worked with companies such as Sony Entertainment Television and Tata Communications.
Mohan is an IIT-Madras alumnus and serves as the startup’s chief technology officer. His prior experience includes roles at CAMP Systems and YASU Technologies. He also founded Techbrix Software.
Qapita's Gupta said that, over the last six months, more than a hundred startups agreed to onboard Qapita and manage their equity ownership on its platform.
In September last year, the company had raised $1.8 million in seed funding led by Vulcan Capital, the investment arm of Microsoft co-founder Paul Allen.
MassMutual Ventures invests in enterprise software, cybersecurity, financial technology, and digital health companies.
In November last year, it invested in online insurance platform Turtlemint. Its other bets include healthtech startup Qure.ai and digital therapeutics firm Biofourmis.