Kapitalyze vs EquityList.
Two platforms serving Indian startups. Here's where their value diverges.
Side by side.
| Feature | Kapitalyze | EquityList |
|---|---|---|
| Starting price | ₹2,999/mo | On request |
| Cap table | Yes — full ledger | Yes — clean UI |
| ESOP management | Yes — full tax + accounting | Yes — strong employee portal |
| AIF / Fund OS | Yes — Cat I, II, III + PCS-2 | |
| MCA filing automation | Yes — drafts from events | Partial |
| Board governance (SS-1) | Yes — notices, agenda, minutes | |
| Indian tax handling | Section 17(2)(vi), Rule 11UA, IndAS 102 | Section 17(2)(vi) |
| AI assistance | Oris AI — clause + Q&A | |
| Multi-entity consolidation | Yes — Mauritius/Singapore/Delaware | Limited |
| Data room | Yes — versioned, watermarked | |
| Support tier | Email, chat, CSM on Fund OS | Email, account manager |
Where each one wins.
Cap table and shareholder experience
EquityList has invested heavily in shareholder-facing UX — investors and employees log into a clean portal, see their holdings, vesting schedules, and tax position. The interface is one of the more polished in the Indian market. For purely cap-table-and-ESOP workflows on smaller cap tables, EquityList does a genuinely good job.
Kapitalyze covers the same ground on the cap-table side but ties every cap-table event to the statutory register, the MCA filing draft, and the board minute that authorised it. When you issue shares, the PAS-3 is drafted, the SH-1 certificate is queued, and MGT-1 is updated — three artifacts from one event. EquityList tracks the cap table; Kapitalyze ties it into the rest of the compliance stack.
Verdict — EquityList for shareholder-facing polish. Kapitalyze for the compliance chain.
ESOP — grants to perquisite tax to books
EquityList's ESOP product is solid: pool sizing, grants with cliff and vesting, employee portal with what-if exercise calculators, Section 17(2)(vi) perquisite computation at exercise. For Indian companies issuing ESOPs to employees on payroll, EquityList covers the core motion well.
Kapitalyze runs the same flow plus the accounting tail: IndAS 102 grant-date fair value with Black-Scholes or binomial, vesting-period amortisation, TDS journal generation, Form 12BA prep, and reconciliation back to Tally / Zoho / NetSuite. If your CFO needs ESOP accounting that ties into the books with an audit trail, Kapitalyze goes further. If your CFO handles that separately in Excel and EquityList is just the grant tracker, EquityList may be enough.
Verdict — comparable on grants. Kapitalyze deeper on ESOP accounting.
Fund OS — the AIF question
EquityList does not have an AIF product. If you are (or are becoming) a SEBI-registered AIF Cat I, II, or III, you'll need a separate fund-management platform alongside EquityList. The LP onboarding flow, the capital-call notices, the distribution waterfalls, the unit-class NAV computation, the PCS-2 quarterly report to SEBI — none of that exists in EquityList.
Kapitalyze ships a full Fund OS for AIF managers, and crucially it sits next to the Company OS in the same workspace — so a GP who's invested in portfolio companies through their AIF can see both the LP-side fund mechanics and the GP-side cap-table positions in one place. This is the largest single divergence between the two products.
Verdict — Kapitalyze, by a wide margin, if AIF or fund-management overlap matters.
Board governance and MCA filings
Kapitalyze runs the full board cadence under SS-1: 7-clear-days notice from the director list, agenda assembled from the open-items pipeline, minutes drafted from the meeting recording and circulated within 15 days, MGT-14 windows tracked, AGM workflow assembled with the Section 96 requirements baked in. EquityList does not run board governance in this depth.
On MCA filings, EquityList generates the artifacts most relevant to share issuance (PAS-3, share certificates), but doesn't drive the broader filing calendar (MGT-14, DIR-12, AOC-4, MGT-7, MR-1) the way Kapitalyze does. If filings live with your external CS and you don't need them inside the platform, this gap may not matter — but if you want the chain inside one tool, Kapitalyze covers it.
Verdict — Kapitalyze for board + full MCA filing chain. EquityList for the share-issuance subset.
AI assistance
Oris AI sits inside every Kapitalyze workspace — it decodes term-sheet clauses against Indian precedent, drafts board resolutions, answers regulatory questions with citations to the Companies Act 2013 and SEBI regulations, and runs dilution scenarios when you ask 'what happens to founder equity if we accept this term sheet'. The model is wired to the live cap-table state, so answers are grounded in your actual numbers.
EquityList does not have an in-product AI layer at the time of writing. If AI-assisted analysis is becoming part of how your team works — particularly during fundraises and board prep — this is a meaningful delta.
Verdict — Kapitalyze. EquityList may add AI on roadmap; today this is one-sided.
What you'll pay.
Kapitalyze Starter
₹2,999/mo
- Up to 50 shareholders
- Cap table + ESOP + filings
- Board minutes (SS-1)
- Statutory registers
- Oris AI included
Kapitalyze Fund OS
₹24,999/mo
- Everything in Starter
- AIF Cat I/II/III support
- LP onboarding + capital calls
- Distribution waterfalls
- Dedicated CSM
EquityList
On request
- Cap table + ESOP
- Polished employee portal
- Share-issuance filings
- Account manager
- No AIF, no AI
The honest take.
Choose Kapitalyze if
- You run an AIF or expect to.
- You want the cap table tied to MCA filings and board minutes.
- ESOP accounting (IndAS 102, perquisite tax in books) matters.
- You want AI clause-decode and term-sheet analysis inside the tool.
- You want predictable INR pricing starting at ₹2,999/mo.
Choose EquityList if
- A polished employee-and-investor-facing portal is the headline need.
- You only need cap table + ESOP, with filings handled elsewhere.
- No AIF, no AI, no board automation requirements.
- Brand visibility in your investor base specifically references EquityList.
Moving from EquityList.
Export your EquityList cap table as CSV. We import share classes, holders, rounds, ESOP pools, and grants with vesting schedules intact. Upload your signed SHA PDFs and we hash them into the data room. For larger cap tables we run a parallel reconciliation against your last MGT-1 before going live, and your CS or accountant gets a checklist of variances to clear. Typical migration: under three business days.
Questions buyers ask.
Can I import my EquityList cap table to Kapitalyze?+
Yes. Export your EquityList cap table as CSV — we import share classes, holders, rounds, and ESOP grants with cliff and vesting schedules. SAFE and convertible-debenture conversion logic transfers cleanly. Most migrations finish in under three business days with a reconciliation pass before going live.
Is EquityList cheaper than Kapitalyze for a small cap table?+
Pricing on EquityList is on-request — we've seen quotes both above and below Kapitalyze's ₹2,999/month starter, depending on size and the modules they bundle. The cleaner comparison is value-for-scope: at ₹2,999/month Kapitalyze covers cap table + ESOP + filings + board + Oris AI, which EquityList typically prices separately or simply doesn't include.
Does EquityList do anything Kapitalyze doesn't?+
Their shareholder-facing portal — the experience your employees and investors see when they log in to check their holdings — is genuinely polished. We're working on closing that gap, and our investor portal is solid, but if employee-facing UX is your top priority, EquityList is a defensible pick.
How does Oris AI handle Indian regulatory questions?+
Oris AI is grounded in Companies Act 2013, SEBI AIF regulations, Indian tax law (Sections 17(2)(vi), 56(2)(viib), Rule 11UA), and case-law from the NCLAT and Bombay/Delhi/Karnataka HC. Every answer cites the section, rule, or judgment it relied on. The model declines to answer when it can't ground the response.
Do you support DPIIT recognised startups?+
Yes. DPIIT-recognised startups in their first three years receive 50% off Company OS. Bring your DPIIT certificate during signup or your trial.
What if I want to leave Kapitalyze later?+
Full CSV export plus signed PDFs of every share certificate, board minute, filing artifact, and statutory register. No lock-in, no exit fees, no notice period to extract your data.
One platform.
Cap table to board to AIF.
Bring your EquityList export. We'll migrate, reconcile, and stand the workspace up in under three days. Start free.