Insights
Private Markets Intelligence
Guides on ESOP taxation, cap tables, secondary transactions, and India's private market ecosystem.
What are Founder Secondaries? When & How Much to Liquidate?
The trajectory of a successful Indian startup has extended significantly, with the average time from inception to IPO now spanning 11 to 13 years. As a result, founder liquidity i.
Can Ex-employees Sell Shares and ESOP in Secondaries?
For many startup veterans, the most significant portion of their net worth is locked in vested ESOPs or stock options that they exercised years ago. However, the transition from "
Startup Equity Secondaries: How to Actually Sell Your Unlisted Shares in India in 2026
Most people think "liquidity" only happens when a company IPOs. They are wrong. If you are sitting on vested ESOPs or early equity in a private company, you
How to Price Private Company Shares in a Secondary Transaction (India 2026)
Most founders, shareholders, and employees assume that if a VC valued their company at $100M in the last round, their 1% stake is worth exactly $1M today. They are wrong.
Step-by-Step: How to Fill Schedule CG for Capital Gains on Unlisted Share Sales
Schedule CG (Capital Gains) in ITR-2 or ITR-3 is where you report all unlisted share sales. Short-term capital gains (holding period ≤24 months) are reported in Section A5 under "
Can You Sell Shares in Private Companies Below Fair Market Value?
Yes, you can legally sell unlisted shares below fair market value, but Section 50CA of the Income Tax Act means you'll still pay capital gains tax as if
Secondary Sale vs. Company Buyback: What is the difference?
What is the difference between Secondary Sale and Company Buyback? In a Secondary Sale, you sell your shares to an external investor (VC, PE, individual investor or Family Office). This
Dematerialization’s Impact on Secondary Share Transfers - Rule 9B
In 2026, the days of of physical share certificates in Indian private companies (non-small) seems like it is closer to an end. Probably not overnight, or maybe not by the
Dematerialisation of NRI & Foreign Investor Shares in India 2026: DEMAT, FEMA, PIS Compliance Guide
Foreign investors holding shares in Indian private companies now face mandatory demat account requirements under Rule 9B. Whether you're a venture capitalist, angel investor, NRI, or foreign subsidiary
What is ESOP Taxation in India: 2026 Guide to Perquisite Tax
How are ESOP Taxed in India? ESOP taxation in India involves two critical tax events: perquisite tax at exercise and capital gains tax at sale. With new 2025 tax rates,
How to Exercise ESOPs in Dematerialised Form: Complete Process Guide for Indian Companies
With mandatory share dematerialisation now in effect (deadline extended to June 30, 2025), over 1.7 million Indian private companies must manage ESOPs in electronic form. Rule 9B of the
Factors That Affect Startup Valuation during a Liquidity Event
TL;DR: Startup valuation holds the key to defining moments like fundraising, acquisition, or IPOs. This blog explores crucial factors shaping valuation, from revenue growth and market opportunity to technology