Topic 03 of 6
Term sheets & structure: What am I signing, and what does it cost me?
Clause-by-clause guidance on Indian seed and pre-Series A term sheets, the instrument you raise on (CCPS, CCDs, convertible notes, iSAFE), liquidation preference, founder vesting, investor protections and where your holding company should sit.
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Blog · 4 min read · 7 Sept 2026Every Clause in an Indian Seed Term Sheet: What Is Standard, What Is Aggressive, and Exactly What to Push Back OnThe clauses that cost founders the most are rarely the ones they negotiate hardest. A clause-by-clause guide to Indian seed and pre-Series A term sheets, with market-standard positions for 2026 and the language to push back with.Read this first All term sheets & structure articles
BlogTerm sheets & structure · 3 min readRead article7 Oct 2026India, Delaware or Singapore in 2026? The Real Cost of Flipping, Reverse Flipping, and Why Most Founders Now Cannot Flip at All
In 2021 a Delaware parent was the default for funded Indian startups. By 2026 many are paying crores to come home. What a flip really costs, why the reverse flip wave started, and how to decide at seed.
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Term sheets & structure · 8 min readRead article29 Sept 2026Founder Reverse Vesting in India: Why Investors Make You Re-Earn Your Own Shares, and How Much of Your 40% Is Really Yours After Two Years
A term sheet says your founder shares will "vest over four years". You already own them. How reverse vesting works in an Indian company, why shares cannot just be cancelled, the tax trap at face value, and what to negotiate.
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Term sheets & structure · 7 min readRead article29 Sept 2026Can You Promise an Investor a Guaranteed Return or a Buyback? Put Options, Assured Returns and the FEMA Rules That Catch Indian Founders Out
A family office asks for 18% IRR guaranteed, or a promise that you will buy their shares back in five years. Founders often agree. Here is what Indian law allows, what it quietly voids, and what it can cost you personally.
BlogTerm sheets & structure · 5 min readRead article3 Sept 20261x Participating vs Non-Participating Liquidation Preference: What Founders Actually Take Home at Exit, Worked in ₹
On a ₹60 Cr sale, the difference between a 1x participating and a 1x non-participating preference on a ₹10 Cr round is ₹7.5 Cr, taken from founders and early holders. The full waterfall, worked in rupees, from ₹20 Cr to ₹200 Cr.
BlogTerm sheets & structure · 6 min readRead article31 Aug 2026CCPS, CCDs, Convertible Notes or iSAFE? Choosing Your Seed Instrument in India, Including the Tax, FEMA and Company Law Traps
The instrument you pick for a ₹1 Cr to ₹5 Cr round decides how fast you close, whether you need a valuation report, what your foreign investors can hold and what the next round inherits. Compared, with the traps founders miss.
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