STAGE, the OTT platform built for India’s regional language audiences, has completed a INR 4.2 crore secondary transaction that allowed early employees and angel investors to partially exit their holdings. The transaction was facilitated by Hissa Fund, which specializes in providing liquidity to startup employees before traditional exit events.
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STAGE in partnership with HISSA Fund completes INR 4.2 Crore liquidity event – 8 early employees cash out ESOPs after 6-year bet on regional content
Six years, from zero to six million
For the eight employees who participated, this wasn’t a routine financial event. Several joined STAGE when the idea of building a premium OTT platform for Haryanvi, Rajasthani, and Bhojpuri content seemed like a moon shot.
Junaid and Kunal, both founding team members who have been with STAGE since day one. They are among those who sold a portion of their vested ESOPs.
“I used the money to pay off my home loan,” says Junaid. “In the Indian context, fully owning the house where your family sleeps means something. Six years ago, I took a risk when I decided to back my founders. Today, that bet has paid for my home.”
Kunal’s first move was simpler: “I gave it to my mother,” he said. “Watching her face when she saw the amount credited, I’ll remember this moment for a long time.”
Rohit Deshmukh (Product Manager at STAGE) saw the buyback as proof of something he’d sensed when he joined. “I’ve worked at places where ‘ownership culture’ is a slide in an all-hands deck. Here, I got ESOPs on day one. Now I’ve cashed a portion of them out. That’s the difference between talking about ownership and actually doing it.”
Why this matters
STAGE has grown to over 6 million+ paying subscribers, making it one of India’s largest regional language OTT platforms. The company is preparing to launch in two additional markets like Marathi & Gujarati in 2026.
“As a founder, this is one of the most satisfying milestones,” says Vinay Singhal, Co-Founder of STAGE. “The people who believed in us when we had nothing now have something real to show for it. That’s how it should work.”
For Satish Mugulavalli, Managing Partner at Hissa Fund, STAGE represents a broader shift. “Early employees at high-growth companies often wait years for any liquidity. We are proud to help STAGE’s team realize returns while the company is still scaling.”
About STAGE
STAGE is India’s leading hyperlocal entertainment OTT platform, offering original web series, films, micro-dramas and entertainment in Haryanvi, Rajasthani, and Bhojpuri. The platform serves audiences who want premium content in their own dialects.
About Hissa Fund
The Hissa Fund I is a $35 million effort to solve an overlooked but important problem; Employees in growth stage startups are sitting on nearly $3 billion of ESOP value they can’t actually monetise. We’re the first fund designed to change that. By purchasing shares representing exercised options, we help them turn years of hard work into real liquidity. Thereby, we also help the startups to maximise the value of the grants they make.
