Venture Capital case studies, worked step by step

Cases
100
Traced to a firm
33
Topics
13
Hard
30
Topic
All topicsTerm sheets and waterfalls9Company pitch10Portfolio management and follow-ons8Unit economics9Down rounds, distress and runway7Fund economics and LP maths6Market sizing and theses8SaaS metrics and diagnostics9Cap tables and round modelling8Growth equity returns8Diligence and red flags5Exits and secondaries6Early-stage valuation7
Level
AnyWarm upCoreHard
Source
AnyReported at a firmStandard
Showing 1–9 of 9 · filtered from 100Clear filters
  1. 001A Series A lead offers Kavachik Security a higher pre-money valuation, but only with a bigger option pool, a 1.5x liquidation preference and a second board seat. What does each term cost the founders, and which would you trade?Term sheets and waterfallsHardSeries A to C VCSaaS-focused VC
  2. 014Notevik Payments raised a Rs 5 crore convertible note with interest, a discount and a valuation cap. When the Series A prices, how many shares does the noteholder receive?Term sheets and waterfallsCoreFintech VCSeed and early-stage VC
  3. 024Krishivik Agri's investors hold convertible preference shares with a put against the promoters at cost plus 10% a year simple. In year six the company is worth Rs 90 crore. Compare the put with the converted stake, and set out what Indian pricing and foreign investment rules do to such a promise.Term sheets and waterfallsCoreIndia VCSeries A to C VC
  4. 036Kalpvik Games sells for Rs 350 crore. Seed, Series A and Series B each hold preferred shares with different preferences, participation and seniority. Run the waterfall: who gets what?Term sheets and waterfallsHardSeries A to C VCConsumer internet VC
  5. 049Samayvik Labs' two co-founders each hold 40 lakh shares on four-year vesting with a one-year cliff and monthly vesting after. One leaves after 18 months. How many shares does she keep, what happens to the rest, and how would double-trigger acceleration change the answer in a sale?Term sheets and waterfallsWarm upSeed and early-stage VCIndia VC
  6. 056Mandavik Foods raises a down round at Rs 120 a share against a Series A price of Rs 200. Work out the Series A anti-dilution adjustment on a broad base and a narrow base, and say who bears the extra shares.Term sheets and waterfallsCoreSeries A to C VCIndia VC
  7. 069Sarthavik Mobility has two Series B term sheets: a lower price with clean terms, or a higher price with a participating preference and a full ratchet. Compare the founders' proceeds at three exits and after a later down round.Term sheets and waterfallsHardSeries A to C VCIndia VC
  8. 085Safarvik Travel has a Rs 300 crore acquisition offer. Drag-along needs 60% of the preferred plus a majority of the founders. Series A holds 25% with a Rs 40 crore 1x preference, Series B 30% with Rs 160 crore, and two founders hold 25% and 20%. Who can block, and what does each party receive?Term sheets and waterfallsCoreSeries A to C VCConsumer internet VC
  9. 098Chitravik Studio raised Rs 3 crore on a SAFE with a Rs 30 crore post-money cap and a 20% discount. The Series A prices the company at Rs 80 crore pre-money with Rs 20 crore raised. Does the cap or the discount apply, and what does the SAFE holder own after the round? What changes if the Series A is at Rs 30 crore pre-money?Term sheets and waterfallsCoreSeed and early-stage VCIndia VC

Company names and figures are illustrative.