FLAGSHIP COURSE · NEW

Startup Fundraising Explained

Read a term sheet and a cap table without help. Built for Indian founders.

₹599/- ₹1,199/-50% OFFSAVE ₹600/-
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START
POOL
SEED
SERIES A
REFRESH
SERIES B
FOUNDERS OWN 100%90%74%59%56%46%
FOUNDERS ESOP POOL SEED SERIES A SERIES B
You start with all of it.A 10% option pool comes first.Seed takes 18%.Series A takes 20%.The pool gets topped up.Series B takes 18%. Nothing went wrong, and you own less than half.
9 MODULES
50 VIDEOS
3.9 h TOTAL RUNTIME
5 min MEDIAN CLIP
MODULE 1 · WHOSE MONEY IS IT

30 companies. One pays for the fund.

That's the fund going right. Know this and every term they ask for stops feeling personal.

1 RETURNS THE FUND 4 RETURN THE CHEQUE 25 RETURN NOTHING
MODULE 3 · TRY IT

What does a cap actually do?

Your angel puts in ₹50 lakh on a ₹20 crore cap. Drag the next round's price and watch.

PRICED ROUND LANDS AT₹10 Cr₹15 Cr₹20 Cr₹25 Cr₹30 Cr₹35 Cr₹40 Cr₹45 Cr₹50 Cr₹55 Cr₹60 Cr₹65 Cr₹70 Cr₹75 Cr₹80 Cr₹85 Cr₹90 Cr₹95 Cr₹100 Cr
ANGEL CONVERTS AT ₹10 Cr₹15 Cr₹20 Cr₹20 Cr₹20 Cr₹20 Cr₹20 Cr₹20 Cr₹20 Cr₹20 Cr₹20 Cr₹20 Cr₹20 Cr₹20 Cr₹20 Cr₹20 Cr₹20 Cr₹20 Cr₹20 Cr
ANGEL OWNS 5.00%3.33%2.50%2.50%2.50%2.50%2.50%2.50%2.50%2.50%2.50%2.50%2.50%2.50%2.50%2.50%2.50%2.50%2.50%
WITH THE CAPWITHOUT
Round priced below the cap. The cap does nothing. Round priced below the cap. The cap does nothing. Round priced below the cap. The cap does nothing. The cap kicks in. The angel gets 1.2× the stake they would without it. The cap kicks in. The angel gets 1.5× the stake they would without it. The cap kicks in. The angel gets 1.8× the stake they would without it. The cap kicks in. The angel gets 2.0× the stake they would without it. The cap kicks in. The angel gets 2.2× the stake they would without it. The cap kicks in. The angel gets 2.5× the stake they would without it. The cap kicks in. The angel gets 2.8× the stake they would without it. The cap kicks in. The angel gets 3.0× the stake they would without it. The cap kicks in. The angel gets 3.2× the stake they would without it. The cap kicks in. The angel gets 3.5× the stake they would without it. The cap kicks in. The angel gets 3.7× the stake they would without it. The cap kicks in. The angel gets 4.0× the stake they would without it. The cap kicks in. The angel gets 4.2× the stake they would without it. The cap kicks in. The angel gets 4.5× the stake they would without it. The cap kicks in. The angel gets 4.8× the stake they would without it. The cap kicks in. The angel gets 5.0× the stake they would without it.
THE COURSE IN 40 SECONDS

What you'll actually learn.

Tap any chapter to jump.
MODULE 2 · SHOULD YOU RAISE AT ALL

The same ₹2 crore, from six places.

Six different prices. Only one of them costs equity.

01₹2 CR Customer prepayment Costs a delivery promise
02₹2 CR Revenue Costs time
03₹2 CR Venture debt Costs interest and covenants
04₹2 CR Revenue-based finance Costs a share of sales
05₹2 CR Grants Costs paperwork and conditions
06COSTS EQUITY Venture capital Costs a permanent slice of the company
MODULE 6 · THE TERM SHEET

One word that moves your payout.

An investor puts in ₹10 Cr for 20% with a 1x preference. Slide the exit and compare "non-participating" with "participating".

COMPANY SELLS FOR₹10 Cr₹15 Cr₹20 Cr₹25 Cr₹30 Cr₹35 Cr₹40 Cr₹45 Cr₹50 Cr₹55 Cr₹60 Cr₹65 Cr₹70 Cr₹75 Cr₹80 Cr₹85 Cr₹90 Cr₹95 Cr₹100 Cr₹105 Cr₹110 Cr₹115 Cr₹120 Cr₹125 Cr₹130 Cr₹135 Cr₹140 Cr₹145 Cr₹150 Cr₹155 Cr₹160 Cr₹165 Cr₹170 Cr₹175 Cr₹180 Cr₹185 Cr₹190 Cr₹195 Cr₹200 Cr
INVESTOR EVERYONE ELSE
1x non-participatingYOU GET ₹0.0 CrYOU GET ₹5.0 CrYOU GET ₹10.0 CrYOU GET ₹15.0 CrYOU GET ₹20.0 CrYOU GET ₹25.0 CrYOU GET ₹30.0 CrYOU GET ₹35.0 CrYOU GET ₹40.0 CrYOU GET ₹44.0 CrYOU GET ₹48.0 CrYOU GET ₹52.0 CrYOU GET ₹56.0 CrYOU GET ₹60.0 CrYOU GET ₹64.0 CrYOU GET ₹68.0 CrYOU GET ₹72.0 CrYOU GET ₹76.0 CrYOU GET ₹80.0 CrYOU GET ₹84.0 CrYOU GET ₹88.0 CrYOU GET ₹92.0 CrYOU GET ₹96.0 CrYOU GET ₹100.0 CrYOU GET ₹104.0 CrYOU GET ₹108.0 CrYOU GET ₹112.0 CrYOU GET ₹116.0 CrYOU GET ₹120.0 CrYOU GET ₹124.0 CrYOU GET ₹128.0 CrYOU GET ₹132.0 CrYOU GET ₹136.0 CrYOU GET ₹140.0 CrYOU GET ₹144.0 CrYOU GET ₹148.0 CrYOU GET ₹152.0 CrYOU GET ₹156.0 CrYOU GET ₹160.0 Cr
₹10.0₹10.0₹10.0₹10.0₹10.0₹10.0₹10.0₹10.0₹10.0₹11.0₹12.0₹13.0₹14.0₹15.0₹16.0₹17.0₹18.0₹19.0₹20.0₹21.0₹22.0₹23.0₹24.0₹25.0₹26.0₹27.0₹28.0₹29.0₹30.0₹31.0₹32.0₹33.0₹34.0₹35.0₹36.0₹37.0₹38.0₹39.0₹40.0
₹5.0₹10.0₹15.0₹20.0₹25.0₹30.0₹35.0₹40.0₹44.0₹48.0₹52.0₹56.0₹60.0₹64.0₹68.0₹72.0₹76.0₹80.0₹84.0₹88.0₹92.0₹96.0₹100.0₹104.0₹108.0₹112.0₹116.0₹120.0₹124.0₹128.0₹132.0₹136.0₹140.0₹144.0₹148.0₹152.0₹156.0₹160.0
1x participatingYOU GET ₹0.0 CrYOU GET ₹4.0 CrYOU GET ₹8.0 CrYOU GET ₹12.0 CrYOU GET ₹16.0 CrYOU GET ₹20.0 CrYOU GET ₹24.0 CrYOU GET ₹28.0 CrYOU GET ₹32.0 CrYOU GET ₹36.0 CrYOU GET ₹40.0 CrYOU GET ₹44.0 CrYOU GET ₹48.0 CrYOU GET ₹52.0 CrYOU GET ₹56.0 CrYOU GET ₹60.0 CrYOU GET ₹64.0 CrYOU GET ₹68.0 CrYOU GET ₹72.0 CrYOU GET ₹76.0 CrYOU GET ₹80.0 CrYOU GET ₹84.0 CrYOU GET ₹88.0 CrYOU GET ₹92.0 CrYOU GET ₹96.0 CrYOU GET ₹100.0 CrYOU GET ₹104.0 CrYOU GET ₹108.0 CrYOU GET ₹112.0 CrYOU GET ₹116.0 CrYOU GET ₹120.0 CrYOU GET ₹124.0 CrYOU GET ₹128.0 CrYOU GET ₹132.0 CrYOU GET ₹136.0 CrYOU GET ₹140.0 CrYOU GET ₹144.0 CrYOU GET ₹148.0 CrYOU GET ₹152.0 Cr
₹10.0₹11.0₹12.0₹13.0₹14.0₹15.0₹16.0₹17.0₹18.0₹19.0₹20.0₹21.0₹22.0₹23.0₹24.0₹25.0₹26.0₹27.0₹28.0₹29.0₹30.0₹31.0₹32.0₹33.0₹34.0₹35.0₹36.0₹37.0₹38.0₹39.0₹40.0₹41.0₹42.0₹43.0₹44.0₹45.0₹46.0₹47.0₹48.0
₹4.0₹8.0₹12.0₹16.0₹20.0₹24.0₹28.0₹32.0₹36.0₹40.0₹44.0₹48.0₹52.0₹56.0₹60.0₹64.0₹68.0₹72.0₹76.0₹80.0₹84.0₹88.0₹92.0₹96.0₹100.0₹104.0₹108.0₹112.0₹116.0₹120.0₹124.0₹128.0₹132.0₹136.0₹140.0₹144.0₹148.0₹152.0
At this exit the two terms pay the same.Participating takes ₹1.0 Cr more from everyone else at this exit.Participating takes ₹2.0 Cr more from everyone else at this exit.Participating takes ₹3.0 Cr more from everyone else at this exit.Participating takes ₹4.0 Cr more from everyone else at this exit.Participating takes ₹5.0 Cr more from everyone else at this exit.Participating takes ₹6.0 Cr more from everyone else at this exit.Participating takes ₹7.0 Cr more from everyone else at this exit.Participating takes ₹8.0 Cr more from everyone else at this exit.Participating takes ₹8.0 Cr more from everyone else at this exit.Participating takes ₹8.0 Cr more from everyone else at this exit.Participating takes ₹8.0 Cr more from everyone else at this exit.Participating takes ₹8.0 Cr more from everyone else at this exit.Participating takes ₹8.0 Cr more from everyone else at this exit.Participating takes ₹8.0 Cr more from everyone else at this exit.Participating takes ₹8.0 Cr more from everyone else at this exit.Participating takes ₹8.0 Cr more from everyone else at this exit.Participating takes ₹8.0 Cr more from everyone else at this exit.Participating takes ₹8.0 Cr more from everyone else at this exit.Participating takes ₹8.0 Cr more from everyone else at this exit.Participating takes ₹8.0 Cr more from everyone else at this exit.Participating takes ₹8.0 Cr more from everyone else at this exit.Participating takes ₹8.0 Cr more from everyone else at this exit.Participating takes ₹8.0 Cr more from everyone else at this exit.Participating takes ₹8.0 Cr more from everyone else at this exit.Participating takes ₹8.0 Cr more from everyone else at this exit.Participating takes ₹8.0 Cr more from everyone else at this exit.Participating takes ₹8.0 Cr more from everyone else at this exit.Participating takes ₹8.0 Cr more from everyone else at this exit.Participating takes ₹8.0 Cr more from everyone else at this exit.Participating takes ₹8.0 Cr more from everyone else at this exit.Participating takes ₹8.0 Cr more from everyone else at this exit.Participating takes ₹8.0 Cr more from everyone else at this exit.Participating takes ₹8.0 Cr more from everyone else at this exit.Participating takes ₹8.0 Cr more from everyone else at this exit.Participating takes ₹8.0 Cr more from everyone else at this exit.Participating takes ₹8.0 Cr more from everyone else at this exit.Participating takes ₹8.0 Cr more from everyone else at this exit.Participating takes ₹8.0 Cr more from everyone else at this exit.
WHO IT'S FOR
01 A founder about to raise
02 An early employee with options
03 An analyst reading a cap table
04 Someone thinking of angel investing
₹599/- ₹1,199/-50% OFFSAVE ₹600/-
Enrol in Startup Fundraising → Not legal or tax advice. Indian rules named where they differ.
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