What is the size & potential of EquityList's market & why hasn't Carta entered India if it's such a lucrative market?

That's a great question to ask, and it's interesting as well because I think a news broke out two weeks ago that Carta is entering India by acquiring an Indian player called ZenEquity, which means that maybe the market has grown to a state where Carta's like, "Hey, we need to tap in." 

As I said, whenever you are creating a product or a business, which itself is a market creator, it's very difficult to unearth the depth of that market.

In India, the macro numbers position the startup ecosystem to be a trillion dollar economy by 2025 and with all of the employee buyback programs that have happened over the last two to three years -- it signals right growth.

In the U.S., it always made a lot of sense for such tools to thrive because it costs a lot of dollars to deal with lawyers and other valuation services versus in India, where dealing with different entities to get paperwork sorted is still slightly easier due to the cost arbitrage. That's why when we talk about “what is EquityList?”, equity management is just version one. The journey to becoming the default operating system will truly allow us to go horizontal and thus go deeper into the market. That would actually allow us to go much deeper and thereby expand that addressable market side.

It's a great inflection point that the ecosystem is where a lot of its first generation entrepreneurs are backing second generation entrepreneurs and high-growth operators within the very same companies are now starting up themselves. So it's an ecosystem, which is pretty much producing founders all across, as we go deeper into the markets, and not just India. If you think about the talent which is flocking across neighboring geographies as well, taking with them the same workflows, the same models of running the company, and maybe dealing with the same set of challenges - it might not be difficult to seep into other markets and solve for them as well.