The term sheet that never got signed.
A deadline, a deal in hand, and three members who read it properly before anyone signed anything.
3 months
Deal held for
Liq. preference
Clause caught
₹18 Cr
Value protected
Delhi
Chapter
how it happened
thu · 9:00pm · vasant vihar, delhi
A term sheet in the bag and a tight deadline. It was shown, quietly, to three members over dinner.
Three people, one term sheet, and no hurry. fri · 11:00am · a group chat
Two lawyers weighed in by lunch. One partner flagged a liquidation preference that would have been missed. The deal was held.
The clause that would have quietly cost a fortune. mar · closing · delhi
A cleaner sheet, a better lead, and about ₹18 crore more on the cap table.
“The most valuable thing the room ever did for me was tell me to wait.”
Baaaz member · Delhi
the outcome
A better round, a better lead, three months later.
Recorded by the desk in December 2025, from the Delhi chapter. Details are kept deliberately light — members' names stay off the record.
- 01
A second opinion is cheapest before the signature, and priceless after.
- 02
The advice came from operators who had signed the same clause before.
- 03
Slowing a deal down is often the highest-return decision in a raise.
Every one of these started with one introduction.
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