Exit Planning
IPO readiness, waterfall modeling, and secondary transactions — FinPilot Technologies Pvt. Ltd.
Exit Strategy Overview
Primary Exit
IPO
NSE / BSE SME → Main Board
FY 2028–29 Target
Secondary Exit
M&A / Strategic Sale
To strategic acquirer (FinTech / Bank)
Contingency
Timeline
4–5 Years
From Jan 2025 base date
Series B → Pre-IPO → IPO
IPO Readiness Checklist
SEBI ICDR / Listing Obligations
5 Complete
1 In Progress
6 Pending
✓
Big 4 Statutory Auditor Appointed
Deloitte appointed Feb 2024
✓
3 consecutive years audited financials
FY22, FY23, FY24 complete
✗
Compliance clean (3 years)
GST delay Oct 2024 — minor
✓
Company Secretary (whole-time)
CS Neha Gupta, ACS 45678
✓
Independent Director ≥1 on board
Dr. Kavitha Rao, appointed Mar 2024
✗
Audit Committee constituted
Pending — required for SEBI Listing
✗
Investment Banker / Lead Manager
Shortlisting stage — target Q4 2027
✗
SEBI DRHP preparation
To start 18 months before IPO
✗
Revenue > ₹100 Cr ARR
Current ₹5.04 Cr — target FY27
✗
Profitability or clear path to EBITDA
Currently EBITDA -₹1.8 Cr
⟳
Corporate governance overhaul
Board expanding to 7 members
✓
ESOP vesting & buy-back policy
Policy adopted Jun 2024
Exit Waterfall Simulator
Liquidation preferences: Sequoia 1x non-participating preferred on ₹45 Cr
₹500 Cr Exit Scenario
e.g. Strategic acquisition
| Stakeholder | Amount | % of Exit |
|---|---|---|
|
Sequoia Surge
1x pref ₹45Cr + 18.2% pro-rata
|
₹127.8 Cr | 25.6% |
|
Blume Ventures
9.8% pro-rata of ₹455 Cr
|
₹44.6 Cr | 8.9% |
|
Founders (combined)
66% pro-rata (Arjun+Priya+Rohan)
|
₹299.3 Cr | 59.9% |
|
Angel Investors
3.5% pro-rata
|
₹15.9 Cr | 3.2% |
|
ESOP Pool
2.5% pro-rata
|
₹11.4 Cr | 2.3% |
| Total | ₹499 Cr | ~100% |
₹1,000 Cr Exit Scenario
e.g. IPO / Large M&A
| Stakeholder | Amount | % of Exit |
|---|---|---|
|
Sequoia Surge
1x pref ₹45Cr + 18.2% pro-rata
|
₹210.6 Cr | 21.1% |
|
Blume Ventures
9.8% pro-rata of ₹955 Cr
|
₹89.2 Cr | 8.9% |
|
Founders (combined)
66% pro-rata
|
₹598.6 Cr | 59.9% |
|
Angel Investors
3.5% pro-rata
|
₹31.8 Cr | 3.2% |
|
ESOP Pool
2.5% pro-rata
|
₹22.8 Cr | 2.3% |
| Total | ₹953 Cr | ~100% |
Secondary Transactions
| Seller | Buyer | Shares | Price/Share | Total Value | Date | Status | Verification |
|---|---|---|---|---|---|---|---|
| Ramesh Iyer (Angel Investor) | Sequoia Surge | 25,000 | ₹420/share | ₹1.05 Crores | Oct 18, 2024 | Completed | ✓ Verified |
ESOP Buyback
No ESOP buyback events to date.
Buyback Policy
Annual buyback window from FY 2026 onwards. Board approval required. Price set at latest valuation mark.
ESOP Pool Status
2,50,000 options in pool. ~1,50,000 granted to 12 employees. Vesting: 1-year cliff + 4-year monthly vesting.
Next Buyback Window
April 2026 (FY 2025-26 Close)