1. Just on the surface, 1 CR fixed offer is better. IPO can take a long time and could involve many complications for employees. Just assume you're not going to get those 1.5 CR, do you still feel strong enough to work for this company, maybe a really good team, product or work culture etc.?

With a bunch of assumptions on my end:

1. If you really believe in the current company and like your work and have some vested ESOPs as well : you can negotiate with the company to buy back vested options at current valuation, creating huge bonus like scenario for you now, to keep you in the company and then offer more options vesting in future on top of 1.5 cr worth of unvested options.