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Vraj ChanganiIPO Advisor · Startup Consultant
16 articles

Fundraising & Capital Raising

From a clean cap table to a signed term sheet. SAFEs, CCDs, CCPS, priced rounds, valuation, the clauses that actually matter, and the structural traps that cost founders equity over three rounds. Written for founders raising from angels, VCs and PE.

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21 Apr 202611 min read

SAFE vs CCD vs Priced Round: A Founder's Choice

Convertible notes, SAFEs, CCDs, CCPS, priced rounds - the real differences in dilution, tax, control and FEMA. When each one is the right answer, and the three structural traps to avoid in your first round.

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22 Apr 202612 min read

Term Sheet Negotiation: 7 Clauses That Actually Matter

Liquidation preference, anti-dilution, drag-along, board composition - the seven clauses that determine whether your next round goes smoothly or destroys founder equity over three rounds.

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20 Apr 202610 min read

Cap Table Design from Day One: The Founder's Foundation

Founder allocations, vesting, ESOP pool, advisor shares - the cap table decisions you make before raising your first rupee compound for the next decade. Get them right.

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5 Apr 202614 min read

Startup Fundraising in India: Pre-Seed to Series A

A CA's no-nonsense guide to raising capital in India - SAFEs, CCDs, priced rounds, valuation, Section 56 traps and what founders actually get wrong.

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29 Sept 202612 min read

Startup Valuation Reports in India: When You Need One and Who Signs

Companies Act, FEMA and Rule 11UA each ask for a valuation for a different reason. Who can sign which report, DCF vs NAV vs multiples vs backsolve, why the report differs from your round price, and how to prepare projections that hold up.

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29 Sept 202611 min read

Private Placement vs Preferential Allotment: How a Private Company Issues Shares

Section 42 and Section 62(1)(c) explained by a CA: how an Indian private company issues shares to an investor, the PAS-4, PAS-3 and MGT-14 sequence, and the mistakes that force a refund.

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30 Sept 20267 min read

AIF Category I vs II vs III: Which SEBI Category Fits Your Fund

Category I, II and III AIFs compared: what each may invest in, leverage, tenure, sponsor commitment, valuation and tax, and how to pick the right SEBI category.

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30 Sept 20267 min read

SEBI AIF Registration Process: Steps, Documents and Timeline

How to register an AIF with SEBI step by step: sponsor, manager and trustee, trust deed, PPM through a merchant banker, Form A, documents, fees and timeline.

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30 Sept 20267 min read

AIF as Trust vs LLP vs Company: Choosing the Right Vehicle

Should your AIF be a trust, an LLP or a company? Compare investor entry and exit, filings, Category III tax, FEMA status and cost before you file with SEBI.

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30 Sept 20266 min read

AIF Sponsor Commitment and Continuing Interest: SEBI Rules

How much must an AIF sponsor or manager invest? Continuing interest rules for Category I, II and III, funding the commitment, carry units and common mistakes.

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30 Sept 20266 min read

How to Set Up an Angel Fund in India Under SEBI's 2025 Rules

Setting up a SEBI angel fund after the 2025 overhaul: accredited investors only, Category I status, per-startup limits, set-up steps, tax and compliance.

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30 Sept 20267 min read

AIF Tax and Compliance Calendar: 115UB, TDS, SEBI Filings

AIF tax and compliance calendar: Section 115UB pass-through, TDS under 194LBB, Category III fund-level tax, and the monthly to annual SEBI and tax filings.

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30 Sept 20269 min read

GIFT City Fund vs Domestic AIF: Which Structure to Choose

GIFT City fund or SEBI-registered AIF? Compare regulator, investors, currency, minimum corpus, tax, investment scope and cost before you pick a fund structure.

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30 Sept 20266 min read

Investor Data Room Checklist for Indian Startups

How to build an investor data room in India: the 10 folders investors expect, the red flags due diligence finds, access controls, redaction and DPDP care.

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30 Sept 20266 min read

How VCs Price a Round: Valuation and Dilution Math in India

The maths behind an Indian startup round: pre-money and post-money, fully diluted price per share, the VC method, option pool effects and SAFE conversion.

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30 Sept 20266 min read

Term Sheet to Closing: How an Equity Round Closes in India

What happens between a signed term sheet and money in the bank in India: exclusivity, due diligence, SSA and SHA, conditions precedent, allotment and filings.

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