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Manish Singhal
Founder & CEO
manish@letsventure.com
@letsventurein
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Manish Singhal
Entrepreneur, Coach, Angel Investor
v  Several years of experience in start-ups as well as established
companies like Sling Media, Ittiam Systems & Motorola
v  Active Angel Investor
v  Contributed to MPEG-4 standard as a member of MPEG committee.
Hold two patents on video technology
v  On Advisory board of Freshersworld.com, ApartmentADDA
v  B Tech Electrical Engineering IIT Kanpur (1992)
v  Sports Enthusiast, Wildlife Photographer
@manish_saarthi
http://in.linkedin.com/in/smanishsinghal
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Agenda
v  State of the Angel Investment in India
v  Angel Investments 101
v  What is Angel Investment? Why should you do it?
v  How do you make a return?
v  How do you evaluate a startup?
v  Deal Dynamics
v  Valuation
v  Process
v  Primer on Term Sheets / SHA
v  How do you get started?
v  Syndicates on LV
v  Pitches with analysis (Post Lunch)
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Angel Scenario in the USA
Source: http://online.wsj.com/news/articles/
SB10001424052702304402104579149390398554348
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State of seed/Angel Investments
v 2012 Deals and Roughly between 120-150 deals
Ø Networks (IAN, Mumbai Angels, Hyderabad Angels,
Bangalore Angels) etc contributing to guess estimate of
30-35% of the deals
Ø Median investment value for Seed/Angel investment:
1.5 CR
Ø Roughly 50 deals between Dec-Mar 13
Ø Rise of the institutional first cheque (Blume, Kae,
firstcheque, Harvard, 500startups etc)
Ø Start of incubators
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State of seed/Angel Investments
v 2013
•  Slight slow down (Impact of Section 56 ?)
•  New players (including incubators) starting to
deploy funds
•  RISE of the incubation model (today approx 50+
incubators)
•  Accelerators working on batches 2 & 3
•  HOT sectors (not including consolidation):
Healthcare, Education
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Funding ~200 startups / year
	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  Source:	
  ventureintelligence
Unconfirmed reports say ~500-700 angel investors in India
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Do you want to change it?
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Why Angel Invest?
v Support Entrepreneurship
v Leverage your knowledge and connections
v Develop an alternate asset class
v Make Money
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Who is an Angel Investor
v Strong Passion for entrepreneurship
Ø It is nearly a pseudo entrepreneurship
v Bring value to the startups
v Anyone with Surplus capital which can be
invested
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What returns can you expect?
v 2/3 of startups fail world wide
v 75% of the angel investments do not make
returns
v Very high risk / High Return Game
v India, still a young eco-system. Not many data
points…
Ø Some reports show a return of 3x – 22x
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How do you exit?
v Since you own equity in the venture, only
when you sell equity to someone else, you
make money
Ø You do not make money on dividends / profit
share
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How do you exit?
v Subsequent Rounds of Funding
v M&A
v Promoter Buyback
v IPO
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Typical Curve
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Valuation	
  
Year	
  
Seed
Round
Angel
Round
Series A
Series B
Series C
Bridge
Round*
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Typical Curve
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Valuation	
  
Year	
  
Seed
Round
Angel
Round
Series A
Series B
Series C
Return*
Bridge
Round*
*20-25% Discount from the round valuation
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Valuations Jump
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2	
  
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5	
  
6	
  
7	
  
8	
  
9	
  
10	
  
0	
   5	
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   25	
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   35	
  
Money Raised (CR)
ValuationMultiple
Bridge Round
Series A
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Valuations Jump
0	
  
1	
  
2	
  
3	
  
4	
  
5	
  
6	
  
7	
  
8	
  
9	
  
10	
  
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Money Raised (CR)
ValuationMultiple
Bridge Round
Series A
ValuaFons	
  can	
  jump	
  by	
  
	
  
2-­‐3x	
  in	
  a	
  Bridge	
  Round	
  
5x-­‐8x	
  in	
  a	
  Series	
  A	
  
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Understanding Investments
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Understanding Investments
Source: Wikipedia
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When ?
v Idea in a slide
v Prototype Ready
v Customer Traction
v Paying Customers
v Product-Market Fit
v Multiple customer
segment
v Business Model Fit
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Milestones & Raise
Milestones/Stage Age Revenue
Raise
Amount
From Whom
1 Venture Launched 0 – 0.5 0 5 – 25 L Self, Friends, Family
2 Beta Product Launched
B2C : Product used by real
customers, Few paying customers
B2B : Good Customer Pipeline, 1-2
customers in trial
0.5 – 1
yr
Small
amount
25L-75L Self, Friends, Family,
Individual Angels,
Accelerators
3 Stable version
Regular Customer growth
1 – 1.5
yrs
10 – 15 L
per year
50 L – 1.5
Cr
Self, Accelerators, Seed
Funds, Individual Angels
4 Product- Market fit found
Strong & Consistent Customer
Growth
Clear Product & Revenue for next
2-3 yrs
1 – 2 yrs 20 – 50 L
per year
1CR – 4 Cr Individual Angels, Seed
Funds, Few Venture firms
5 Business Model Fit found
Clear growth Path for next 3-5 yrs
Consistent growth in paying
customers
Potentially breakeven
1.5 – 3
yrs
2Cr – 5Cr
per year
3 Cr – 20 Cr Venture Funds
Note: The values in the above table are indicative only
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Typical Raise
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Valuation	
  
Seed
Round
Angel
Round
Series A
Series B
Series C
Product Market Fit Business Model Fit
Bridge
Round*
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Typical Raise
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Seed
Round
Angel
Round
Series A
Series B
Series C
Product Market Fit Business Model Fit
Bridge
Round*
3CR – 20CR
5-25L
25-75L
50L-1.5CR
1CR – 4CR
50L-1.5CR
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Evaluating Startups
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As an Angel Investor – what do
you really care for?
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Exit!
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What is needed for an exit?
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Scale!
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Seed
Round
Angel
Round
Series A
Series B
Series C
Product Market Fit Business Model Fit
Bridge
Round*
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Seed
Round
Angel
Round
Series A
Series B
Series C
Product Market Fit Business Model Fit
Bridge
Round*
Do not spend too much
time on revenue models
instead spend more time
on how the team is
figuring their way to PM
fit.
Evaluate whether the core
team is coming together
Evaluate whether the
team knows how to scale
and remain in PM fit even
after a business model
launch
Ability to build & run a
larger team.
Role definition among the
founding team is clear
Is the team capable or
open to bring in senior
talent to really grow the
business.
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Team
v Chemistry & Coachability
v Skills / Domain Expertise
v Structure & Role Definition
v Founder’s skin in the game
v Ownership distribution
v Previous track record
v Access to Advisory Board / Mentors
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Other Factors
v Is it a “Me too” business?
v Do they have an edge in the market place
which is defendable (Entry Barrier)
v Is the market size big enough for them to
keep scaling?
v Are they focused on profitability or growth?
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Key is to develop one or two specific
points why will this startup succeed
(Investment Thesis)
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When not to Invest
v Exit Discomfort
v Founder Discomfort
v Business Discomfort
v Structure Discomfort
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Deal Dynamics
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Understanding Valuation
v “Worth” of the company typically ascertained
while raising capital
v More of an art rather than science
v Determines the % dilution the entrepreneur
will go through while raising money
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Terminology
v Investor wants to invest 1CR for 20% of the
company
Ø Post Money Valuation = 1CR / 20% = 5 CR
Ø Pre Money Valuation = 5CR – 1CR = 4CR
v Investor wants to invest 1CR for a 3CR pre-
money valuation
Ø Post Money Valuation = 1CR + 3CR = 4CR
Ø % of the company = 1CR / 4CR = 25%
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Understanding Valuation
v Models for Valuation
Ø Discounted Cash Flow (DCF)
•  Forecast several years of revenue & expenses
•  Discount the resulting cash flow back to the present
using a expected rate of return
Ø Cost-To-Recreate Model
•  An estimate of what it would cost to duplicate the
venture
•  Make vs Buy decision thinking
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Understanding Valuation
v Models for Valuation
Ø Market Multiple Model
•  Most commonly used
•  Value the company by looking at recent sales or
offerings of comparable companies and then using a
multiple to adjust
•  Typically 3x to 5x of projected revenues
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Understanding Valuation
v Models for Valuation
Ø Exit Based Equity Planning
•  Estimate target exit return
•  Calculate how much further dilution the company will
go through to get to that target
•  Plan for that dilution upfront and ask for higher stake
•  Popular with institutional investors
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Valuations – Recent Examples
MoneyRaised(CR)
Annual Revenue (CR)
0	
  
0.5	
  
1	
  
1.5	
  
2	
  
2.5	
  
3	
  
3.5	
  
4	
  
4.5	
  
0	
   1	
   2	
   3	
   4	
   5	
   6	
  
Series1	
  
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Valuations – Recent Examples
Pre-Money(CR)
Annual Revenue (CR)
0	
  
2	
  
4	
  
6	
  
8	
  
10	
  
12	
  
14	
  
0	
   1	
   2	
   3	
   4	
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   6	
  
Series1	
  
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%Dilution
Annual Revenue (CR)
Valuations – Recent Examples
0	
  
5	
  
10	
  
15	
  
20	
  
25	
  
30	
  
35	
  
40	
  
0	
   1	
   2	
   3	
   4	
   5	
   6	
  
Series1	
  
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Typical Dilutions
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Seed
Round
Angel
Round
Series A
Series B
Series C
Product Market Fit Business Model Fit
Bridge
Round*
3CR – 20CR
5-25L
25-75L
50L-1.5CR
1CR – 4CR
50L-1.5CR
5-15%
10-30% 25-40%
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Dilution over Lifecycle
Year 0 1 3 5
Start
Initial
Hires
Seed
Round
Create
Pool
VC
Round
Pool
Refresh
2nd VC
Round
Founders 100.0% 90.0% 68.4% 59.9% 44.9% 43.2% 32.4%
Seed Investors 0.0% 0.0% 24.0% 21.0% 15.8% 15.2% 11.4%
Initial VC Investors 0.0% 0.0% 0.0% 0.0% 25.0% 24.1% 18.1%
Later VC Investors 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 25.0%
Early Employees + Advisors 0.0% 10.0% 7.6% 6.7% 5.0% 4.8% 3.6%
Employee Pool 0.0% 0.0% 0.0% 12.5% 9.4% 13.0% 9.8%
Total 100% 100% 100% 100% 100% 100% 100%
Note: The values in the above table are indicative only
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Convertible Debt
v Early stage companies are difficult to value
v Deferred valuation tied to next event of
funding
v Typically a discount on valuation is given
v Not very popular in India
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Convertible Debt
v Base Valuation – Minimum Discount
v Monthly Discount
v Cap on the maximum discount
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The Funding Process
Pitch to
Investors
Verbal
Commitment
to Invest
Term Sheet SHA Closure
Legal DD
Fix Issues
Financial DD
Drop
Issues
too
serious?
YN
All Ok?
Y
N
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Understanding Term Sheets
v Management typically holds common stocks
v Professional investors, both angels and
venture capitalists, take preferred stock
Ø More control over decisions
Ø Better economic terms
v Interests of common stocks and preferred
stocks needs to be negotiated in the term
sheet agreement
v Economic & Control Interests
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Economic Interests
v Liquidation Preference
Ø In the event of sale / liquidation, preferred stock
holders are entitled for a pre-determined return
before common stock holders
Ø Participating clause further allows the preferred
stock holders to get further returns on pro-rata
basis
Ø If there is not enough cash, the preferred clause
can take the founders with no returns
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Liquidation preference
v Typical clauses
Ø 1.x or Investment Amount (higher of the two)
Ø 1.5x with a cap on time or money
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Example
v Amount Invested = 5CR @ 20CR pre-money
v Number of shares before series A = 1M
Stake 20% [5CR / 25 CR]
Number of Shares Issued 250K
Price / Share 200 INR [5CR / 250K]
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Example
Liquidation
Preference
Basic Share (CR) Participating Share (CR) Total (CR)
	
  
	
  
Simple
Prorating 10CR [20% of 50CR] NA 10CR
1x 5CR 9CR [20% of 45CR] 14CR
1.5x 7.5CR 8.5CR [20% of 42.5CR] 16CR
v Amount Invested = 5CR @ 20CR pre-money
v Investors hold 20% stake
v Company exited at 50CR
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Economic Interests
v Future Participation in Financing / Sale
Ø Right of First Offer – Preferred Stock holders get
the first right to participate.
Ø Exit Provisions
v Waterfall model
v Strategic Sale -> IPO -> Drag Along
v Drag Along before the time out above a certain value
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Control Interests
v Restriction on Founders Shares
Ø Vesting Curve
Ø Lock-in
Ø Right of First Refusal
Ø Tag Along
v Board Seat
Ø Reserved Matters
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Others
v Legal & Accounting Fees
Ø Mostly all investors put the burden of the legal
fees on the entrepreneur
v No Shop
Ø This prevents entrepreneurs from shopping
around with other investors while the dialogue is
on. Time period can range from a few weeks to a
few months.
v Due Diligence
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How do you start?
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Getting Started
v Set aside a “forgettable” corpus
v Make a portfolio of ~10 investments over 2-3
years and possibly ~20+ over 4-5 years
v Lean on experienced angels to get started with
v Invest in your area of expertise
v Help the startup without being over bearing
v Meet the founders, spend time with them
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Gradually work towards having
your own Investment Thesis
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Investment Thesis
v Your theory of investment
v Examples
Ø Product Companies with differentiation and
potential to go global
Ø Both niche & mass products / services startups
with potential for emerging and developed
markets
Ø Invest in ventures which work towards bringing
a change in the social sector
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Lead Investor
v Typically an investor leads the team in a
syndicate. A lead investor has the following
major tasks
Ø Setting up the terms of the deal
Ø Help Build a syndicate
Ø Possibly take a board seat and help run the
company
Ø Facilitate next round of funding
©	
  Copyright	
  LetsVenture.In	
  	
  All	
  rights	
  reserved	
  
Post Deal Management
v Good to build a rhythm of a monthly
review / quarterly report
v Provide them help without being over
bearing
Ø Exercise patience when startup founders are not
taking your suggestions
v Open Doors
Angel Investments Made Easy
Angel Investments Made Easy
DISCOVER	
  
	
  
Efficient	
  Startup	
  Listing	
  
Comprehensive	
  Investment	
  Ready	
  Profiles	
  
Investor	
  Listing	
  with	
  Interests	
  &	
  Portfolio	
  
SYNDICATE
1 Syndicate closed in 7 days
5 Syndicates opening
COMMITMENT-TO-CLOSURE
5 Complete
DISCOVER	
  
	
  
Efficient	
  Startup	
  Listing	
  
Comprehensive	
  Investment	
  Ready	
  Profiles	
  
Investor	
  Listing	
  with	
  Interests	
  &	
  Portfolio	
  
SYNDICATE
1 Syndicate closed in 7 days
5 Syndicates closed in total
COMMITMENT-TO-CLOSURE
5 Complete
DISCOVER	
  
	
  
Efficient	
  Startup	
  Listing	
  
Comprehensive	
  Investment	
  Ready	
  Profiles	
  
Investor	
  Listing	
  with	
  Interests	
  &	
  Portfolio	
  
SYNDICATE
First Syndicate closed in 7 days
5 Syndicates opening
COMMITMENT-TO-CLOSURE
5 Complete
Thank You!
©	
  Copyright	
  Saarthi	
  Integrated	
  ConsulFng	
  LLP.	
  All	
  rights	
  
www.LetsVenture.com
letsventurein @letsventurein
manish@letsventure.com
©	
  Copyright	
  LetsVenture.In	
  	
  All	
  rights	
  reserved	
  
Quick Tips
v Get started by participating in syndicates
v Network with experienced investors
v Invest in the area of your expertise
v Develop relationships with the entrepreneurs
v Allocate corpus
v When in doubt, do not invest!
v In the end, go with your gut!

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Angel Investments Made Easy

  • 1. ©  Copyright  LetsVenture.In    All  rights  reserved   Manish Singhal Founder & CEO manish@letsventure.com @letsventurein
  • 2. ©  Copyright  LetsVenture.In    All  rights  reserved   Manish Singhal Entrepreneur, Coach, Angel Investor v  Several years of experience in start-ups as well as established companies like Sling Media, Ittiam Systems & Motorola v  Active Angel Investor v  Contributed to MPEG-4 standard as a member of MPEG committee. Hold two patents on video technology v  On Advisory board of Freshersworld.com, ApartmentADDA v  B Tech Electrical Engineering IIT Kanpur (1992) v  Sports Enthusiast, Wildlife Photographer @manish_saarthi http://in.linkedin.com/in/smanishsinghal
  • 3. ©  Copyright  LetsVenture.In    All  rights  reserved   Agenda v  State of the Angel Investment in India v  Angel Investments 101 v  What is Angel Investment? Why should you do it? v  How do you make a return? v  How do you evaluate a startup? v  Deal Dynamics v  Valuation v  Process v  Primer on Term Sheets / SHA v  How do you get started? v  Syndicates on LV v  Pitches with analysis (Post Lunch)
  • 4. ©  Copyright  LetsVenture.In    All  rights  reserved   Angel Scenario in the USA Source: http://online.wsj.com/news/articles/ SB10001424052702304402104579149390398554348
  • 5. ©  Copyright  LetsVenture.In    All  rights  reserved   State of seed/Angel Investments v 2012 Deals and Roughly between 120-150 deals Ø Networks (IAN, Mumbai Angels, Hyderabad Angels, Bangalore Angels) etc contributing to guess estimate of 30-35% of the deals Ø Median investment value for Seed/Angel investment: 1.5 CR Ø Roughly 50 deals between Dec-Mar 13 Ø Rise of the institutional first cheque (Blume, Kae, firstcheque, Harvard, 500startups etc) Ø Start of incubators
  • 6. ©  Copyright  LetsVenture.In    All  rights  reserved   State of seed/Angel Investments v 2013 •  Slight slow down (Impact of Section 56 ?) •  New players (including incubators) starting to deploy funds •  RISE of the incubation model (today approx 50+ incubators) •  Accelerators working on batches 2 & 3 •  HOT sectors (not including consolidation): Healthcare, Education
  • 7. ©  Copyright  LetsVenture.In    All  rights  reserved   Funding ~200 startups / year                            Source:  ventureintelligence Unconfirmed reports say ~500-700 angel investors in India
  • 8. ©  Copyright  LetsVenture.In    All  rights  reserved   Do you want to change it?
  • 9. ©  Copyright  LetsVenture.In    All  rights  reserved   Why Angel Invest? v Support Entrepreneurship v Leverage your knowledge and connections v Develop an alternate asset class v Make Money
  • 10. ©  Copyright  LetsVenture.In    All  rights  reserved   Who is an Angel Investor v Strong Passion for entrepreneurship Ø It is nearly a pseudo entrepreneurship v Bring value to the startups v Anyone with Surplus capital which can be invested
  • 11. ©  Copyright  LetsVenture.In    All  rights  reserved   What returns can you expect? v 2/3 of startups fail world wide v 75% of the angel investments do not make returns v Very high risk / High Return Game v India, still a young eco-system. Not many data points… Ø Some reports show a return of 3x – 22x
  • 12. ©  Copyright  LetsVenture.In    All  rights  reserved   How do you exit? v Since you own equity in the venture, only when you sell equity to someone else, you make money Ø You do not make money on dividends / profit share
  • 13. ©  Copyright  LetsVenture.In    All  rights  reserved   How do you exit? v Subsequent Rounds of Funding v M&A v Promoter Buyback v IPO
  • 14. ©  Copyright  LetsVenture.In    All  rights  reserved   Typical Curve 0   1   2   3   4   5   6   7   8   9   Valuation   Year   Seed Round Angel Round Series A Series B Series C Bridge Round*
  • 15. ©  Copyright  LetsVenture.In    All  rights  reserved   Typical Curve 0   1   2   3   4   5   6   7   8   9   Valuation   Year   Seed Round Angel Round Series A Series B Series C Return* Bridge Round* *20-25% Discount from the round valuation
  • 16. ©  Copyright  LetsVenture.In    All  rights  reserved   Valuations Jump 0   1   2   3   4   5   6   7   8   9   10   0   5   10   15   20   25   30   35   Money Raised (CR) ValuationMultiple Bridge Round Series A
  • 17. ©  Copyright  LetsVenture.In    All  rights  reserved   Valuations Jump 0   1   2   3   4   5   6   7   8   9   10   0   5   10   15   20   25   30   35   Money Raised (CR) ValuationMultiple Bridge Round Series A ValuaFons  can  jump  by     2-­‐3x  in  a  Bridge  Round   5x-­‐8x  in  a  Series  A  
  • 18. ©  Copyright  LetsVenture.In    All  rights  reserved   Understanding Investments
  • 19. ©  Copyright  LetsVenture.In    All  rights  reserved   Understanding Investments Source: Wikipedia
  • 20. ©  Copyright  LetsVenture.In    All  rights  reserved   When ? v Idea in a slide v Prototype Ready v Customer Traction v Paying Customers v Product-Market Fit v Multiple customer segment v Business Model Fit
  • 21. ©  Copyright  LetsVenture.In    All  rights  reserved   Milestones & Raise Milestones/Stage Age Revenue Raise Amount From Whom 1 Venture Launched 0 – 0.5 0 5 – 25 L Self, Friends, Family 2 Beta Product Launched B2C : Product used by real customers, Few paying customers B2B : Good Customer Pipeline, 1-2 customers in trial 0.5 – 1 yr Small amount 25L-75L Self, Friends, Family, Individual Angels, Accelerators 3 Stable version Regular Customer growth 1 – 1.5 yrs 10 – 15 L per year 50 L – 1.5 Cr Self, Accelerators, Seed Funds, Individual Angels 4 Product- Market fit found Strong & Consistent Customer Growth Clear Product & Revenue for next 2-3 yrs 1 – 2 yrs 20 – 50 L per year 1CR – 4 Cr Individual Angels, Seed Funds, Few Venture firms 5 Business Model Fit found Clear growth Path for next 3-5 yrs Consistent growth in paying customers Potentially breakeven 1.5 – 3 yrs 2Cr – 5Cr per year 3 Cr – 20 Cr Venture Funds Note: The values in the above table are indicative only
  • 22. ©  Copyright  LetsVenture.In    All  rights  reserved   Typical Raise 0   1   2   3   4   5   6   7   8   9   Valuation   Seed Round Angel Round Series A Series B Series C Product Market Fit Business Model Fit Bridge Round*
  • 23. ©  Copyright  LetsVenture.In    All  rights  reserved   Typical Raise 0   1   2   3   4   5   6   7   8   9   Seed Round Angel Round Series A Series B Series C Product Market Fit Business Model Fit Bridge Round* 3CR – 20CR 5-25L 25-75L 50L-1.5CR 1CR – 4CR 50L-1.5CR
  • 24. ©  Copyright  LetsVenture.In    All  rights  reserved   Evaluating Startups
  • 25. ©  Copyright  LetsVenture.In    All  rights  reserved  
  • 26. ©  Copyright  LetsVenture.In    All  rights  reserved   As an Angel Investor – what do you really care for?
  • 27. ©  Copyright  LetsVenture.In    All  rights  reserved   Exit!
  • 28. ©  Copyright  LetsVenture.In    All  rights  reserved   What is needed for an exit?
  • 29. ©  Copyright  LetsVenture.In    All  rights  reserved   Scale!
  • 30. ©  Copyright  LetsVenture.In    All  rights  reserved   0   1   2   3   4   5   6   7   8   9   Seed Round Angel Round Series A Series B Series C Product Market Fit Business Model Fit Bridge Round*
  • 31. ©  Copyright  LetsVenture.In    All  rights  reserved   0   1   2   3   4   5   6   7   8   9   Seed Round Angel Round Series A Series B Series C Product Market Fit Business Model Fit Bridge Round* Do not spend too much time on revenue models instead spend more time on how the team is figuring their way to PM fit. Evaluate whether the core team is coming together Evaluate whether the team knows how to scale and remain in PM fit even after a business model launch Ability to build & run a larger team. Role definition among the founding team is clear Is the team capable or open to bring in senior talent to really grow the business.
  • 32. ©  Copyright  LetsVenture.In    All  rights  reserved  
  • 33. ©  Copyright  LetsVenture.In    All  rights  reserved   Team v Chemistry & Coachability v Skills / Domain Expertise v Structure & Role Definition v Founder’s skin in the game v Ownership distribution v Previous track record v Access to Advisory Board / Mentors
  • 34. ©  Copyright  LetsVenture.In    All  rights  reserved   Other Factors v Is it a “Me too” business? v Do they have an edge in the market place which is defendable (Entry Barrier) v Is the market size big enough for them to keep scaling? v Are they focused on profitability or growth?
  • 35. ©  Copyright  LetsVenture.In    All  rights  reserved   Key is to develop one or two specific points why will this startup succeed (Investment Thesis)
  • 36. ©  Copyright  LetsVenture.In    All  rights  reserved   When not to Invest v Exit Discomfort v Founder Discomfort v Business Discomfort v Structure Discomfort
  • 37. ©  Copyright  LetsVenture.In    All  rights  reserved   Deal Dynamics
  • 38. ©  Copyright  LetsVenture.In    All  rights  reserved   Understanding Valuation v “Worth” of the company typically ascertained while raising capital v More of an art rather than science v Determines the % dilution the entrepreneur will go through while raising money
  • 39. ©  Copyright  LetsVenture.In    All  rights  reserved   Terminology v Investor wants to invest 1CR for 20% of the company Ø Post Money Valuation = 1CR / 20% = 5 CR Ø Pre Money Valuation = 5CR – 1CR = 4CR v Investor wants to invest 1CR for a 3CR pre- money valuation Ø Post Money Valuation = 1CR + 3CR = 4CR Ø % of the company = 1CR / 4CR = 25%
  • 40. ©  Copyright  LetsVenture.In    All  rights  reserved   Understanding Valuation v Models for Valuation Ø Discounted Cash Flow (DCF) •  Forecast several years of revenue & expenses •  Discount the resulting cash flow back to the present using a expected rate of return Ø Cost-To-Recreate Model •  An estimate of what it would cost to duplicate the venture •  Make vs Buy decision thinking
  • 41. ©  Copyright  LetsVenture.In    All  rights  reserved   Understanding Valuation v Models for Valuation Ø Market Multiple Model •  Most commonly used •  Value the company by looking at recent sales or offerings of comparable companies and then using a multiple to adjust •  Typically 3x to 5x of projected revenues
  • 42. ©  Copyright  LetsVenture.In    All  rights  reserved   Understanding Valuation v Models for Valuation Ø Exit Based Equity Planning •  Estimate target exit return •  Calculate how much further dilution the company will go through to get to that target •  Plan for that dilution upfront and ask for higher stake •  Popular with institutional investors
  • 43. ©  Copyright  LetsVenture.In    All  rights  reserved   Valuations – Recent Examples MoneyRaised(CR) Annual Revenue (CR) 0   0.5   1   1.5   2   2.5   3   3.5   4   4.5   0   1   2   3   4   5   6   Series1  
  • 44. ©  Copyright  LetsVenture.In    All  rights  reserved   Valuations – Recent Examples Pre-Money(CR) Annual Revenue (CR) 0   2   4   6   8   10   12   14   0   1   2   3   4   5   6   Series1  
  • 45. ©  Copyright  LetsVenture.In    All  rights  reserved   %Dilution Annual Revenue (CR) Valuations – Recent Examples 0   5   10   15   20   25   30   35   40   0   1   2   3   4   5   6   Series1  
  • 46. ©  Copyright  LetsVenture.In    All  rights  reserved   Typical Dilutions 0   1   2   3   4   5   6   7   8   9   Seed Round Angel Round Series A Series B Series C Product Market Fit Business Model Fit Bridge Round* 3CR – 20CR 5-25L 25-75L 50L-1.5CR 1CR – 4CR 50L-1.5CR 5-15% 10-30% 25-40%
  • 47. ©  Copyright  LetsVenture.In    All  rights  reserved   Dilution over Lifecycle Year 0 1 3 5 Start Initial Hires Seed Round Create Pool VC Round Pool Refresh 2nd VC Round Founders 100.0% 90.0% 68.4% 59.9% 44.9% 43.2% 32.4% Seed Investors 0.0% 0.0% 24.0% 21.0% 15.8% 15.2% 11.4% Initial VC Investors 0.0% 0.0% 0.0% 0.0% 25.0% 24.1% 18.1% Later VC Investors 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 25.0% Early Employees + Advisors 0.0% 10.0% 7.6% 6.7% 5.0% 4.8% 3.6% Employee Pool 0.0% 0.0% 0.0% 12.5% 9.4% 13.0% 9.8% Total 100% 100% 100% 100% 100% 100% 100% Note: The values in the above table are indicative only
  • 48. ©  Copyright  LetsVenture.In    All  rights  reserved   Convertible Debt v Early stage companies are difficult to value v Deferred valuation tied to next event of funding v Typically a discount on valuation is given v Not very popular in India
  • 49. ©  Copyright  LetsVenture.In    All  rights  reserved   Convertible Debt v Base Valuation – Minimum Discount v Monthly Discount v Cap on the maximum discount
  • 50. ©  Copyright  LetsVenture.In    All  rights  reserved   The Funding Process Pitch to Investors Verbal Commitment to Invest Term Sheet SHA Closure Legal DD Fix Issues Financial DD Drop Issues too serious? YN All Ok? Y N
  • 51. ©  Copyright  LetsVenture.In    All  rights  reserved   Understanding Term Sheets v Management typically holds common stocks v Professional investors, both angels and venture capitalists, take preferred stock Ø More control over decisions Ø Better economic terms v Interests of common stocks and preferred stocks needs to be negotiated in the term sheet agreement v Economic & Control Interests
  • 52. ©  Copyright  LetsVenture.In    All  rights  reserved   Economic Interests v Liquidation Preference Ø In the event of sale / liquidation, preferred stock holders are entitled for a pre-determined return before common stock holders Ø Participating clause further allows the preferred stock holders to get further returns on pro-rata basis Ø If there is not enough cash, the preferred clause can take the founders with no returns
  • 53. ©  Copyright  LetsVenture.In    All  rights  reserved   Liquidation preference v Typical clauses Ø 1.x or Investment Amount (higher of the two) Ø 1.5x with a cap on time or money
  • 54. ©  Copyright  LetsVenture.In    All  rights  reserved   Example v Amount Invested = 5CR @ 20CR pre-money v Number of shares before series A = 1M Stake 20% [5CR / 25 CR] Number of Shares Issued 250K Price / Share 200 INR [5CR / 250K]
  • 55. ©  Copyright  LetsVenture.In    All  rights  reserved   Example Liquidation Preference Basic Share (CR) Participating Share (CR) Total (CR)     Simple Prorating 10CR [20% of 50CR] NA 10CR 1x 5CR 9CR [20% of 45CR] 14CR 1.5x 7.5CR 8.5CR [20% of 42.5CR] 16CR v Amount Invested = 5CR @ 20CR pre-money v Investors hold 20% stake v Company exited at 50CR
  • 56. ©  Copyright  LetsVenture.In    All  rights  reserved   Economic Interests v Future Participation in Financing / Sale Ø Right of First Offer – Preferred Stock holders get the first right to participate. Ø Exit Provisions v Waterfall model v Strategic Sale -> IPO -> Drag Along v Drag Along before the time out above a certain value
  • 57. ©  Copyright  LetsVenture.In    All  rights  reserved   Control Interests v Restriction on Founders Shares Ø Vesting Curve Ø Lock-in Ø Right of First Refusal Ø Tag Along v Board Seat Ø Reserved Matters
  • 58. ©  Copyright  LetsVenture.In    All  rights  reserved   Others v Legal & Accounting Fees Ø Mostly all investors put the burden of the legal fees on the entrepreneur v No Shop Ø This prevents entrepreneurs from shopping around with other investors while the dialogue is on. Time period can range from a few weeks to a few months. v Due Diligence
  • 59. ©  Copyright  LetsVenture.In    All  rights  reserved   How do you start?
  • 60. ©  Copyright  LetsVenture.In    All  rights  reserved   Getting Started v Set aside a “forgettable” corpus v Make a portfolio of ~10 investments over 2-3 years and possibly ~20+ over 4-5 years v Lean on experienced angels to get started with v Invest in your area of expertise v Help the startup without being over bearing v Meet the founders, spend time with them
  • 61. ©  Copyright  LetsVenture.In    All  rights  reserved   Gradually work towards having your own Investment Thesis
  • 62. ©  Copyright  LetsVenture.In    All  rights  reserved   Investment Thesis v Your theory of investment v Examples Ø Product Companies with differentiation and potential to go global Ø Both niche & mass products / services startups with potential for emerging and developed markets Ø Invest in ventures which work towards bringing a change in the social sector
  • 63. ©  Copyright  LetsVenture.In    All  rights  reserved   Lead Investor v Typically an investor leads the team in a syndicate. A lead investor has the following major tasks Ø Setting up the terms of the deal Ø Help Build a syndicate Ø Possibly take a board seat and help run the company Ø Facilitate next round of funding
  • 64. ©  Copyright  LetsVenture.In    All  rights  reserved   Post Deal Management v Good to build a rhythm of a monthly review / quarterly report v Provide them help without being over bearing Ø Exercise patience when startup founders are not taking your suggestions v Open Doors
  • 67. DISCOVER     Efficient  Startup  Listing   Comprehensive  Investment  Ready  Profiles   Investor  Listing  with  Interests  &  Portfolio   SYNDICATE 1 Syndicate closed in 7 days 5 Syndicates opening COMMITMENT-TO-CLOSURE 5 Complete
  • 68. DISCOVER     Efficient  Startup  Listing   Comprehensive  Investment  Ready  Profiles   Investor  Listing  with  Interests  &  Portfolio   SYNDICATE 1 Syndicate closed in 7 days 5 Syndicates closed in total COMMITMENT-TO-CLOSURE 5 Complete
  • 69. DISCOVER     Efficient  Startup  Listing   Comprehensive  Investment  Ready  Profiles   Investor  Listing  with  Interests  &  Portfolio   SYNDICATE First Syndicate closed in 7 days 5 Syndicates opening COMMITMENT-TO-CLOSURE 5 Complete
  • 70. Thank You! ©  Copyright  Saarthi  Integrated  ConsulFng  LLP.  All  rights   www.LetsVenture.com letsventurein @letsventurein manish@letsventure.com
  • 71. ©  Copyright  LetsVenture.In    All  rights  reserved   Quick Tips v Get started by participating in syndicates v Network with experienced investors v Invest in the area of your expertise v Develop relationships with the entrepreneurs v Allocate corpus v When in doubt, do not invest! v In the end, go with your gut!