In this session at Echelon Singapore 2025, Bhavik Vashi, Managing Director at Carta, shared insights on evolving hiring and ESOP trends across Asia Pacific and the Middle East.
With Carta supporting over 45,000 companies, 7,000 funds, and 200,000 LPs globally, Vashi noted that the post-2021 funding correction has significantly reshaped startup dynamics. Following the 2021–2022 boom, fundraising cycles have doubled to over two years, resulting in a 400 per cent rise in employee departures compared to a 130 per cent increase in new hires.
Meanwhile, valuations have readjusted, with an estimated 60 per cent of startups expected to undergo down rounds by 2025. Vashi emphasised that in this new landscape, startups must rethink how they use equity to attract and retain talent, proposing larger equity stakes for early employees as a key strategy to balance tighter cash conditions with long-term team motivation and loyalty.
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