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2022 Findings

State of ESOPs in India

A deep-dive landscape study on the intersection of startup equity and human capital in India.

Startup founders across India reveal the State of Employee Stock Option Plans (ESOPs) and its impact on talent.

  • ESOPs are available from the start: Most founders that offer ESOPs implemented them at an early stage (seed or earlier).

  • ESOPs are not exclusive to executives: 4 out of 5 companies surveyed offer ESOPs to non-senior management employees.

  • ESOPs are fairly awarded to employees - even when they leave: Only a slim minority of startups dissolve all options (vested or unvested) on an employee’s departure.

  • Employees are kept in-the-know from the start: Most startups explain ESOPs to their employees before the contract is signed. Encouragingly, this is driven by the majority of leaders who personally explain ESOPs to their prospective hires.

...and many more insights found in the report

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Meet the Author

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Saison Capital is an early stage venture capital fund (pre-seed to Series B) with a focus on emerging markets.

We back ambitious founders solving big problems, focused on embedded finance - non-fintech companies expanding into fintech. 

Each individual in our team comes from an operating background, and we are unafraid to roll up our sleeves to support our founders. 

We are backed by Credit Saison, a Tokyo-listed 30b AUM consumer finance company with extensive financial services across Asia.

Find out more at

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