Deal Room
Virtual data room, term sheet workflow, closing checklist, and post-close obligations — Series A
Series A — Sequoia Surge
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1
Active Deal
Series A — Sequoia Surge
73%
Closing Complete
12 / 16
CPs Cleared
4 conditions remaining
₹45 Cr
Raised
₹35 Cr disbursed · ₹10 Cr pending
Data Room
Active Deal
Closing Checklist
Post-Close
Series A — Sequoia Surge
CCPS · ₹45 Crore · Opened Sep 1, 2023
Instrument
CCPS (Compulsorily Convertible Preference Shares)
Amount
₹45 Crore
Pre-money Valuation
₹180 Crore
Date Opened
Sep 1, 2023
Lead Investor
Sequoia Surge
Partner
Vikram Kapoor
Post-money Valuation
₹225 Crore
Dilution
18.2% (CCPS)
Deal Status
Closed
Deal Timeline
Term sheet to closing — Series A journey
Term Sheet Issued
Sep 1, 2023
Term sheet received from Sequoia Surge. ₹45 Cr at ₹180 Cr pre-money.
Due Diligence
Oct 1 – Nov 30, 2023
17/20 DD items verified. Technical, financial and legal review completed.
Definitive Agreements
Dec 1 – Jan 14, 2024
SHA & SSA drafted, negotiated and signed by all parties.
Board & Shareholder Approval
Jan 15–18, 2024
Special resolution passed. Authorised capital increased to ₹2 Crore.
Closing & Wire Transfer
Jan 20, 2024
Tranche 1 — ₹20 Crore wire received. CCPS allotted. Deal closed.
Tranche Disbursement Tracker
₹35 Cr disbursed · ₹10 Cr pending Tranche 3 milestone
| Tranche | Amount | Milestone | Target Date | Status | Wire Reference | Documents |
|---|---|---|---|---|---|---|
| Tranche 1 | ₹20 Cr | Closing Completion | Jan 20, 2024 | Disbursed | WIRE/2024/0120/SQ | View receipt |
| Tranche 2 | ₹15 Cr | Product Launch (MAU 50K) | Jun 30, 2024 | Disbursed | WIRE/2024/0630/SQ | View receipt |
| Tranche 3 | ₹10 Cr | Revenue ₹5 Cr ARR | Mar 31, 2025 | Pending | — | Submit Milestone |
Tranche 3 milestone: FinPilot must achieve ₹5 Crore ARR by Mar 31, 2025. Current ARR is ₹5.04 Crores — milestone likely met. Submit evidence report to unlock disbursement.
Overall Closing Progress — 13 / 16 Conditions Precedent Cleared
81%
Complete
13
Cleared
1
Overdue
2
Pending
Corporate
4/4 Complete
| Condition Precedent | Date | Status | Notes | Action | |
|---|---|---|---|---|---|
| ✓ | Board approval resolution | Jan 15, 2024 | Verified | Resolution BM-2024-01-R1 — unanimous board vote | View doc |
| ✓ | Shareholder approval (special resolution) | Jan 16, 2024 | Verified | EGM held; all shareholders voted in favour | View doc |
| ✓ | Director KYC update (DIR-3) | Jan 14, 2024 | Verified | All 3 founder directors — MCA portal updated | View doc |
| ✓ | Authorised share capital increase to ₹2 Crore | Jan 17, 2024 | Verified | ROC filing SH-7 filed and approved | View doc |
Documents
4/4 Complete
| Condition Precedent | Date | Status | Notes | Action | |
|---|---|---|---|---|---|
| ✓ | SHA signed by all parties | Jan 14, 2024 | Verified | All 5 parties countersigned | View doc |
| ✓ | SSA (Subscription & Shareholders Agreement) executed | Jan 14, 2024 | Verified | Executed by founders and Sequoia Surge | View doc |
| ✓ | ESOP plan v2 approved by board | Jan 15, 2024 | Verified | 500,000 options authorised under ESOP pool | View doc |
| ✓ | Founders employment agreements countersigned | Jan 10, 2024 | Verified | All 3 founders — non-compete and IP assignment included | View doc |
Regulatory
4/4 Complete
| Condition Precedent | Date | Status | Notes | Action | |
|---|---|---|---|---|---|
| ✓ | FEMA FC-GPR filed | Oct 12, 2024 | Verified | Filed within 30 days of allotment — Ref: FCGPR-2024-1234 | View doc |
| ✓ | RBI reporting | Oct 15, 2024 | Verified | FDI reporting submitted via authorised dealer bank | View doc |
| ✓ | Stamp duty paid | Jan 18, 2024 | Verified | Karnataka stamp duty — ₹45,000 paid | View doc |
| ✓ | Share certificates issued | Jan 22, 2024 | Verified | 1,820,000 CCPS certificates issued to Sequoia Surge | View doc |
Post-Close Conditions
2/4 Complete
| Condition Precedent | Date | Status | Notes | Action | |
|---|---|---|---|---|---|
| ✓ | ESOP grant to 12 employees | Jun 1, 2024 | Completed | 50,000 options granted — 4-year vesting, 1-year cliff | View doc |
| ✓ | Audited financials for FY 23-24 | Sep 30, 2024 | Completed | M/s Deloitte audit submitted — FY 2023-24 | View doc |
| ⚠ | Quarterly MIS (Nov 2024 overdue) | Jan 10, 2025 | Overdue | MIS report for Nov 2024 not submitted — 22 days overdue | Submit Now |
| ○ | Tranche 3 milestone: ₹5 Cr ARR | Mar 31, 2025 | Pending | ARR currently at ₹5.04 Cr — milestone evidence pending submission | Upload |
Action Required: MIS report for November 2024 is overdue by 22 days. Sequoia Surge has flagged this — submit immediately to avoid a covenant breach.
Post-Close Obligations
Ongoing commitments to investors and regulators — Series A
| Obligation | Frequency | Due Date | Status | Document | Owner | Action |
|---|---|---|---|---|---|---|
| Monthly MIS report to Sequoia Surge | Monthly | Jan 10, 2025 | Overdue | — | CFO | Submit Now |
| Board meeting (minimum quarterly) | Quarterly | Mar 15, 2025 | Scheduled | Agenda v1 | Company Secretary | Prepare |
| Audited financials submission | Annual | Sep 30, 2025 | Pending | — | Auditor (Deloitte) | Prepare |
| Investor update email (monthly) | Monthly | Jan 20, 2025 | Pending | — | CEO (Arjun) | Prepare |
| ESOP quarterly vesting update | Quarterly | Mar 31, 2025 | Pending | — | HR | Prepare |
| Tranche 3 milestone report | One-time | Feb 28, 2025 | In Progress | — | CEO / CFO | Continue |
Upcoming in 30 Days
Investor Update Email
Monthly — CEO (Arjun)
Jan 20, 2025
Pending
Tranche 3 Milestone Report
One-time — CEO / CFO
Feb 28, 2025
In Progress
ESOP Vesting Update (Q4)
Quarterly — HR
Mar 31, 2025
Pending
Investor Commitments Score
Compliance with post-closing obligations
72/100
1 overdue obligation — submit MIS to restore score
3
On Track
1
Overdue
2
Upcoming