Lesson content
Scroll through numbered sections or jump via the outline.
What you'll take away
- Data room: COI, MOA/AOA, GST certs, 12-month bank statements, contracts, cap table.
- Clarify IP assignment from founders.
- Know your 18-month use of funds in INR.
- Identify 30 target investors by thesis, not spray 300 emails.
Stages and who writes cheques
Pre-seed: angels, friends & family, micro-VCs — idea + team, ₹25L–₹2Cr typical.
Seed: angels + seed funds — early traction, ₹2–8Cr.
Series A: institutional VCs — repeatable revenue, ₹10Cr+.
India has active hubs: Bengaluru, Mumbai, Delhi-NCR, plus growing Chennai, Hyderabad, Kochi networks.
Instruments you'll hear
Equity: priced round with valuation and share allotment.
SAFE / convertible note: converts later with cap and discount (less common in India than US, growing).
CCPS: Compulsorily Convertible Preference Shares — popular for VC flexibility.
Understand what you sign — instrument matters as much as valuation.
What Indian investors evaluate
Team and founder-market fit.
TAM in India context — not US deck copy-paste.
Unit economics and retention, not only GMV.
Regulatory path (fintech, health, edtech have extra scrutiny).
Cap table cleanliness and DPIIT/tax posture.
Preparation before outreach
- Data room: COI, MOA/AOA, GST certs, 12-month bank statements, contracts, cap table.
- Clarify IP assignment from founders.
- Know your 18-month use of funds in INR.
- Identify 30 target investors by thesis, not spray 300 emails.
Alternatives to equity
Revenue-based financing, venture debt post-revenue, government grants (Startup India, state schemes), and bank CGTMSE-backed loans for MSMEs — dilution is not the only fuel.