Investor
Accel India VI (Mauritius) Limited and/or its affiliates (“Accel”)
Company
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Incorporation City
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Founders
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Investment Amount
USD 250,000 to acquire Series Seed CCPS (“Series Seed”) at a price per share based on a fair market value as on the closing date of convertible note
Conversion
The conversion ratio of Series Seed/Convertible Note shall be fixed in the next round of capital infusion exceeding US$ 5,000,000 (Five Million United States Dollars), or such lower amount as may be agreed to by Accel (“Qualified Financing”). If the Company completes the Qualified Financing, conversion price of the Series Seed/Convertible Note shall be based on the pre-money valuation of the Company at that point of time.
Liquidation Preference
The Series Seed shall enjoy standard preferred rights with respect to liquidation preference (1x, non-participating) and other rights.
Conditions Precedent
Accel’s investment will be subject to the Company’s compliance with applicable law in relation to the investment, and a basic due diligence by Accel.
Shareholder Rights
Right to participate in the Qualified Financing and financial information rights. The Series Seed to get same rights as the next series of Preferred Stock issued by the Company till the closing of the Qualified Financing.
Preferred Stock Protective Provisions
Approval of majority of preferred stockholders required to (i) change the authorized number of shares or the issued share capitalization table and (ii) any amendment to the charter documents of the Company.
Exclusivity
Until 30 days after signing Term Sheet, Promoters to not approach other investors for any investment not involving Accel.
Confidentiality
The terms and conditions of this Term Sheet are confidential information and parties herein shall not disclose the same to any third party except where otherwise permitted.
Governing law
This Term Sheet and all agreements to be governed by the laws of India.
