chapitaSingapore-based capital management platform, raised $26.5 million in a Series B round led by Charles Schwab.
As a part of the deal, Charles Schwab introduced a recent platform called Schwab Private Issuer Equity Services – powered by Qapita – that permits US startups to administer cap tables, administer equity plans and prepare for public listings.
Founded in 2019 by former banker Ravi Ravulaparthi (CEO) along with Lakshman Gupta (COO) and Vamsee Mohan (CTO) (pictured above, left to right), Qapita helps private firms track ownership, manage worker capital and facilitate secondary share sales. The startup serves private firms in Southeast Asia and the US, and also provides a platform for listed firms in India to administer capital after listing.
Qapita began as a capitalization table management platform after Ravulaparthi noticed during his earlier profession in banking that many firms were still using spreadsheets. When the startup launched in January 2021, based on early customer feedback, it expanded the platform to incorporate an worker stock plan equity management tool, initially released in beta. Competitor Carta later entered the Indian market but left in 2023, giving Qapita room to strengthen its position.
According to the startup, roughly 2,700 firms currently use its platform. About 70% are based in India and 20% in Southeast Asia, including Singapore and Indonesia. Ravulaparthi said in an interview that Qapita counts about half of India’s unicorns among its clients.
While Qapita offers free access to its platform to early-stage firms, about half of its users – about 1,400 firms – pay for at least one of its services, Ravulaparthi told TechCrunch.
Apart from India and Southeast Asia, the startup has a few users in the US as a part of early market testing. However, this partnership will significantly expand its presence in the US
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“Obviously the U.S. is a very large market. There are some options in the U.S. private market, but not enough for a market of this size,” Ravulaparthi said of competitors.
Charles Schwab already deals with stock plans for large public firms. But the deal gives it a foothold among private firms, allowing it to compete for startups with Carta, Pulley or Morgan Stanley’s Shareworks.
The platform will provide capital management tools to automate capitalization table processes, create reports and dashboards, and connect with other financial systems. It will even be linked to Schwab’s wealth management network, enabling firms and their employees to administer their IPO plans and prepare for an IPO.
Its existing investors Citi and MassMutual Ventures also participated in Qapita’s Series B round. This funding will even help the startup improve its platform by launching a fund administration product in multiple markets.
To date, the startup has raised over $80 million in funding and employs 300 employees.