Ironclad Asset Management has launched an INR 200 Cr ($22.5 Mn) fund called Ironclad Ventures to help startup employees in India get liquidity from their ESOPs (employee stock options).
The Cat-I AIF fund will start with a base size of INR 100 Cr ($11.3 Mn), with the option to add another INR 100 Cr through a green shoe option.
Ironclad Ventures plans to make 30–40 secondary transactions, each worth ₹1–4 Cr, in startups from sectors like fintech, consumer, SaaS, and AI. These deals will take place through company-run liquidity programs held from time to time.
Founder Krishna Killa, a former private equity investor at Bain Capital, said, “Ironclad Ventures is designed to solve a critical gap in the Indian startup ecosystem-the low belief in ESOPs at early stages due to lack of liquidity.”
The firm said it will buy a small portion of ESOPs each quarter in a structured way, helping employees treat them as real value rather than “paper money.” This gives employees steady cash flow while retaining most of their ESOPs, and allows companies to use ESOPs for hiring and retention without raising salaries.
As part of the initiative, the fund is onboarding advisors, including Arpit Maheshwari (ex-Stellaris Venture Partners) and Shrey Badhani (Co-founder, Kapiva Ayurveda).
“Their perspectives across company building, brand scaling, venture investing, and ESOP structuring will complement Ironclad’s efforts to deliver value beyond capital,” the investment firm said.
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