Intermediate
Case Study: Negotiating a Term Sheet, A Founder's Real Experience
A composite case study of an Indian founder raising a ₹40 crore Series A, built from typical Indian venture deal terms. Follow a Pune B2B SaaS company from its first term sheet to the final close, and learn what every clause actually costs. Work through pre-money and post-money valuation, the ESOP pool shuffle, liquidation preferences and anti-dilution, then the control terms: board seats, reserved matters, founder vesting, ROFR, tag-along and drag-along. Understand the Indian legal layer that shapes every deal here, from CCPS and FEMA pricing rules to valuation reports and how terms get rewritten in the SHA and SSA. Finish by modelling the exit waterfall yourself and walking away with a negotiation checklist you can use on a real deal.
Term SheetsVenture CapitalValuation and DilutionLiquidation PreferenceAnti-DilutionGovernance and ControlCCPS and FEMANegotiation
MODULES
6
DURATION
~3 hrs
TRACK
M&A & Valuation
What You'll Master
Read an Indian Series A term sheet and separate the economic terms from the control terms
Calculate pre-money, post-money and founder dilution, including the effect of a pre-money ESOP pool
Model how liquidation preferences and anti-dilution change payouts across different exit outcomes
Judge which board, veto, vesting and transfer rights are market-standard and which are worth fighting
Explain why Indian VCs invest through CCPS and how FEMA pricing and valuation reports affect a round
Prioritise and trade terms in a live negotiation using leverage and a clear walk-away position
Access Level
LEARNER
Everything included
Full Text Playbooks
Actionable Exercises
Mobile Reading Mode
Lifetime Updates