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Qapita versus EquityList: AI native cap table and compliance OS
Compare	Qapita	EquityList: AI native cap table and compliance OS
Verdict	Depends	Depends
Best for	Startups in India/SEA managing ESOPs	Funded startups with ESOPs
Who it's not for	US-only startups wanting transparent self-serve pricing	Pre-seed teams under 25 stakeholders . a spreadsheet is enough
Privacy	GDPR program exists, but Qapita-owned ESOP Direct suffered a LockBit 5.0 ransomware attack (Dec 2025) and 135 infostealer credentials are tied to Qapita's domain.^⁶	No known public vulnerabilities found in the sources reviewed.¹⁴
Support quality	Claims #1 customer support ratings; 4.6 G2	Praise exists but only company-published testimonial
Public sentiment	Users rate Qapita 4.6/5 on G2, and at least one Pulley user reports moving their cap table to Qapita after Pulley's announced shutdown.^³	Independent user reviews are scarce; available praise is a company-published testimonial citing simplicity and support.¹³
Biggest gotcha	ESOP Direct, acquired by Qapita, was hit by LockBit 5.0 ransomware in Dec 2025^⁶	Free tier hard-capped at 25 stakeholders and $1M raised . you'll outgrow it fast¹³

Pick Qapita when

Startups in India/SEA managing ESOPs
Pulley refugees needing fast migration
Companies needing 409A/SEBI-compliant valuations
VC funds needing fund administration

When Qapita is not a fit

US-only startups wanting transparent self-serve pricing
Pre-seed founders with spreadsheet-sized cap tables
Buyers requiring a spotless vendor security record
Teams avoiding sales-led procurement

Pick EquityList: AI native cap table and compliance OS when

Funded startups with ESOPs
India- and US-based private companies
Founders and finance teams
Teams outgrowing cap table spreadsheets

When EquityList: AI native cap table and compliance OS is not a fit

Pre-seed teams under 25 stakeholders . a spreadsheet is enough
Public companies wanting proven enterprise equity tooling
Buyers needing independent user reviews . none exist yet
Global teams needing identical features across jurisdictions

Sources

Qapita homepageqapita.com
official
Qapita Pricing pageqapita.com
official
Qapita seller reviews on G2g2.com
review
Qapita product reviews on G2g2.com
review
Qapita employee reviews on AmbitionBoxambitionbox.com
review
ESOP Direct Data Breach Linked to LockBit 5.0 Ransomwarebotcrawl.com
security
qapitacorp.com infostealer credentials . Hudson Rockhudsonrock.com
security
Qapita GDPR compliance case study with Scrutscrut.io
security
Pulley Cap Table is Shutting Down in Dec 2026 . Redditreddit.com
news
Qapita acquires ESOP Directfintechfutures.com
news
Qapita revenue estimate . GetLatkagetlatka.com
news
EquityList Qapita alternative pageequitylist.co
official
EquityList homepageequitylist.co
official
EquityList product security pageequitylist.co
security
EquityList launches AI-native cap table and compliance OS . Forbes Indiaforbesindia.com
news
EquityList launches AI-native platform . Business Standardbusiness-standard.com
news