B. Operational Templates¶
B.1 Overview¶
Purpose of This Appendix¶
This appendix provides immediately actionable templates for the operational aspects of fundraising and investor relations. Unlike legal agreements (covered in Appendix A), these templates focus on communications, presentations, and governance materials that founders need throughout the fundraising journey and beyond.
These templates are designed to be copy-paste ready with minimal customization. Each template includes: - Complete structure with realistic examples - Guidance on tone and content - Common mistakes to avoid - Indian market adaptations - Cross-references to relevant chapters
How to Use These Templates¶
DO: - Customize templates to reflect your specific business, metrics, and situation - Maintain consistency in tone and formatting across all investor communications - Update templates regularly as your company evolves - Seek feedback from advisors and mentors on your customized versions
DON'T: - Copy templates verbatim without customization (investors spot generic templates) - Over-promise or exaggerate metrics (credibility is paramount) - Skip the examples and guidance (they contain critical context) - Use templates as a substitute for authentic communication
When to Reference This Appendix¶
| Situation | Template to Use | Cross-Reference |
|---|---|---|
| Preparing for fundraising | Pitch Deck Outline | Chapter 5, Chapter 6 |
| First investor meeting | Warm Intro Request, Follow-Up Email | Chapter 6 |
| Managing investors | Monthly/Quarterly Update Templates | Chapter 12 |
| Board meetings | Board Meeting Agenda, Board Package | Chapter 12 |
| Announcing fundraise | Fundraising Announcement Email | Chapter 6 |
| Communicating setbacks | Bad News Update Template | Chapter 12, Chapter 18 |
Part 1: Pitch Deck Outline (12 Slides)¶
A pitch deck is your company's visual story. The goal is not to answer every question but to generate interest and secure the next meeting. Aim for 12-15 slides that can be presented in 15-20 minutes, leaving 10-15 minutes for Q&A.
Critical Success Factors: - Visual clarity: Use images, charts, graphs—not walls of text - One key message per slide: Don't overwhelm with multiple concepts - Evidence over claims: Show traction, not aspirations - Founder authenticity: Your passion and expertise must come through
Slide 1: Company Introduction¶
Purpose: Establish credibility and context in the first 30 seconds.
Content Guidance: - Company name and logo - One-line description (10-15 words maximum) - Presenter name, title, contact - Optional: Funding stage and amount seeking
Good Example:
COMPANY: NeoHealth Technologies
ONE-LINER: AI-powered preventive care platform reducing chronic disease costs by 40%
PRESENTER: Dr. Priya Sharma, Co-Founder & CEO
priya@neohealth.in | +91-98765-43210
FUNDING: Raising ₹5 crore seed round
Common Mistakes: - ❌ Long, jargon-filled tagline: "Leveraging machine learning algorithms to synergize healthcare optimization" - ❌ Missing contact information - ❌ Cluttered slide with company history timeline
Indian Market Adaptation: - Use both rupees and dollar amounts if targeting cross-border investors - Include location (Bengaluru, Mumbai, etc.) if relevant to market access - Mention DPIIT recognition or notable Indian accelerators if applicable
Slide 2: Problem¶
Purpose: Establish the pain point you're solving. Make investors feel the customer's pain.
Content Guidance: - Describe the problem from the customer's perspective - Quantify the pain (time wasted, money lost, opportunity cost) - Make it relatable—tell a brief customer story - Avoid: Solution mentions (that's Slide 3)
Good Example:
THE PROBLEM: India's SMEs Lose ₹2.1 Lakh Crore Annually to Inefficient Inventory Management
[Visual: Split-screen showing warehouse chaos vs. balance sheet with red numbers]
Small manufacturers and retailers face:
• 30-40% of capital locked in excess inventory
• 15-25% stockouts leading to lost sales
• Manual Excel-based tracking prone to errors
• 60+ hours/month spent on inventory reconciliation
Customer Quote: "We had ₹45 lakhs in slow-moving inventory while stockouts
cost us ₹12 lakhs in lost orders last quarter alone." — Rajesh Kumar, Owner, Kumar Textiles
Common Mistakes: - ❌ Problem too vague: "Small businesses need better tools" - ❌ Problem not quantified: No data on market size or pain severity - ❌ Jumping to solution too early - ❌ Problem investors can't relate to (too niche without explanation)
Indian Market Adaptation: - Use Indian rupees for all financial figures - Reference India-specific challenges (GST complexity, informal sector, fragmented supply chains) - Cite Indian market research (NASSCOM, RedSeer, Bain India reports)
Slide 3: Solution¶
Purpose: Show how your product elegantly solves the problem. Demonstrate, don't just describe.
Content Guidance: - Brief description of your product (2-3 sentences) - Key features that directly address problems from Slide 2 - Visual: Product screenshot, mockup, or demo video (30-second clip) - Highlight your unique approach or technology
Good Example:
NEOHEALTH SOLUTION: AI-Powered Preventive Care Platform
[Visual: Product dashboard screenshot showing health risk scores and personalized interventions]
Our platform:
✓ Analyzes health records, wearables, and claims data to predict chronic disease risk
✓ Delivers personalized intervention plans (diet, exercise, medication adherence)
✓ Integrates with corporate wellness programs for seamless employee engagement
✓ Reduces chronic disease costs by 40% through early intervention
Unique Technology: Proprietary ML model trained on 2.5M Indian health records,
achieving 87% accuracy in diabetes risk prediction (vs. 72% industry standard)
Common Mistakes: - ❌ Feature dump without connecting to problem - ❌ Complex technical jargon without plain English translation - ❌ No visual representation of product - ❌ Claiming "AI-powered" or "blockchain" without substance
Indian Market Adaptation: - Emphasize affordability and accessibility for Indian market - Highlight mobile-first design if relevant (70%+ smartphone penetration) - Note vernacular language support if applicable - Reference integration with Indian systems (UPI, Aadhaar, GSTN if relevant)
Slide 4: Market Size¶
Purpose: Prove the opportunity is large enough to justify venture-scale returns.
Content Guidance: - TAM (Total Addressable Market): Entire market opportunity - SAM (Serviceable Addressable Market): Portion you can realistically target - SOM (Serviceable Obtainable Market): Portion you can capture in 3-5 years - Use credible sources (market research reports, government data)
Good Example:
LARGE AND GROWING MARKET OPPORTUNITY
[Visual: Concentric circles showing TAM > SAM > SOM with figures]
Total Addressable Market (TAM):
₹85,000 crore (~$10.2B) — India corporate wellness market by 2027
Sources: RedSeer Report 2024, FICCI-EY Wellness Report
Serviceable Addressable Market (SAM):
₹34,000 crore (~$4.1B) — Mid-to-large enterprises (500+ employees) with
digital wellness budgets
Serviceable Obtainable Market (SOM):
₹1,700 crore (~$200M) — Target 5% market share in 5 years
Assumption: 10,000 enterprise clients × ₹17 lakh average contract value
Market Growth: 23% CAGR (2024-2030)
Common Mistakes: - ❌ Only showing TAM without SAM/SOM (overly ambitious) - ❌ Using unreliable sources or made-up numbers - ❌ Bottom-up math doesn't match top-down market size - ❌ Claiming you'll capture 1% of a huge market (lazy analysis)
Indian Market Adaptation: - Use India-specific market data, not global figures extrapolated - Address India's unique market structure (tier ½/3 cities, urban vs rural) - Show growth trajectory aligned with India's digital adoption curves - Note regulatory tailwinds (Digital India, PLI schemes, etc.)
Slide 5: Product Demo¶
Purpose: Show, don't tell. Let the product speak for itself.
Content Guidance: - 3-5 clean screenshots showing core user journey - Or: Embed 30-60 second product demo video - Highlight UI/UX quality and ease of use - Show before/after or key outcomes
Good Example:
PRODUCT WALKTHROUGH: FROM RISK ASSESSMENT TO INTERVENTION
[Visual: Three-panel screenshot progression]
Panel 1: Health Risk Dashboard
"Employee sees personalized risk score (diabetes: 72% high risk) based on
health records, claims, and wearable data"
Panel 2: AI-Recommended Intervention Plan
"Platform suggests personalized 12-week program: diet modifications,
30-min daily walks, medication adherence reminders"
Panel 3: Progress Tracking & Gamification
"Employee tracks progress with health coach support and earns wellness
points redeemable for rewards"
Result: 68% program completion rate (vs. 23% industry average)
Common Mistakes: - ❌ Screenshots too small to read text - ❌ Cluttered interface showing poor UI/UX - ❌ Demo video with no sound or unclear narration - ❌ No context on what user is accomplishing
Indian Market Adaptation: - Show vernacular language options if available - Demonstrate mobile experience (most Indian users are mobile-first) - Highlight offline capabilities if relevant for connectivity challenges - Show integration with popular Indian platforms (WhatsApp, UPI, etc.)
Slide 6: Business Model¶
Purpose: Explain how you make money. Investors need to understand revenue mechanics.
Content Guidance: - Revenue model: Subscription, transaction fee, licensing, etc. - Pricing structure with specific numbers - Customer segments and pricing tiers - Unit economics snapshot (revenue per customer, gross margin)
Good Example:
BUSINESS MODEL: B2B SaaS with Transaction Revenue
Primary Revenue Streams:
1. Annual Subscription (65% of revenue):
• Small: ₹5 lakh/year (500-2,000 employees)
• Medium: ₹15 lakh/year (2,000-5,000 employees)
• Large: ₹50 lakh+/year (5,000+ employees)
2. Per-Employee-Per-Month (PEPM) Model (35% of revenue):
• ₹150-250 PEPM for active program participants
• Typical engagement: 40% of workforce
Sample Customer Economics (2,000-employee company):
• Annual subscription: ₹15 lakh
• PEPM revenue (800 participants × ₹200 × 12): ₹19.2 lakh
• Total annual revenue per customer: ₹34.2 lakh
• Gross margin: 78% (after cloud, support, and fulfillment costs)
Expansion Revenue: Upsell modules (mental health, fitness tracking) add
30% revenue growth in year 2
Common Mistakes: - ❌ Vague "we'll monetize later" with no plan - ❌ Unrealistic pricing that customers won't pay - ❌ Multiple revenue streams that dilute focus - ❌ Missing gross margin or unit economics
Indian Market Adaptation: - Price in rupees (show dollar equivalent if needed) - Acknowledge price sensitivity of Indian market - Show tiered pricing for different customer segments - Demonstrate path from free/freemium to paid if applicable
Slide 7: Traction¶
Purpose: Prove customers want this. This is often the most important slide.
Content Guidance: - Key metrics with growth rates - Chart showing hockey-stick growth (if you have it) - Customer logos (with permission) or anonymized testimonials - Milestone achievements
Good Example:
STRONG TRACTION WITH ENTERPRISE CUSTOMERS
[Visual: Line graph showing MRR growth from ₹2L to ₹42L over 18 months]
Key Metrics (as of January 2025):
• MRR: ₹42 lakh (growing 18% month-over-month)
• ARR: ₹5.04 crore (annual run rate)
• Paying Customers: 47 enterprises (avg size: 3,200 employees)
• Active Users: 61,000 employees across customer base
• Net Revenue Retention: 127% (customers expanding usage)
• Gross Margin: 78%
Notable Customers:
[Logos: Tata Motors, Flipkart, HDFC Bank, Wipro, others]
Recent Milestones:
✓ Crossed ₹5 crore ARR (Dec 2024)
✓ Signed first 10,000+ employee enterprise (Nov 2024)
✓ Achieved profitability on unit economics (Sep 2024)
✓ Expanded to 12 cities across India (Aug 2024)
Common Mistakes: - ❌ Vanity metrics (downloads, signups) without revenue or engagement - ❌ Metrics without growth rates or context - ❌ Claiming customer logos without permission - ❌ Showing declining or flat growth
Indian Market Adaptation: - Benchmark against Indian startups at similar stage (reference Inc42 or Tracxn data) - Highlight tier 1 Indian enterprise customers (builds credibility) - Show geographic expansion across Indian cities - Note DPIIT-recognized startup achievements if applicable
Slide 8: Competition¶
Purpose: Show you understand the landscape and have sustainable differentiation.
Content Guidance: - Competitive landscape: 2×2 matrix or comparison table - Your unique positioning and sustainable advantages - Barriers to entry you're building (network effects, data, technology, etc.) - Acknowledge competitors honestly (never say "no competition")
Good Example:
COMPETITIVE LANDSCAPE: POSITIONED FOR CATEGORY LEADERSHIP
[Visual: 2×2 Matrix with axes "Depth of AI Capability" (x) and "Enterprise Focus" (y)]
Quadrant 1 (High AI, High Enterprise): NeoHealth (YOU)
Quadrant 2 (Low AI, High Enterprise): GOQii Corporate, HealthifyMe Corporate
Quadrant 3 (High AI, Low Enterprise): Noom, Fitbit (consumer focus)
Quadrant 4 (Low AI, Low Enterprise): Wellness apps, tracking tools
Our Sustainable Advantages:
✓ Proprietary AI trained on 2.5M Indian health records (vs. Western datasets)
✓ Integrated platform (vs. point solutions requiring multiple vendors)
✓ Enterprise workflow integration (HRMS, claims systems)
✓ Network effects: More users → better predictions → higher engagement
Barriers We're Building:
• Data moat: Growing dataset with every customer
• Switching costs: Deep integration with HR systems
• Brand: First-mover with tier 1 enterprises
Common Mistakes: - ❌ "We have no competitors" (shows naivety) - ❌ Bashing competitors unprofessionally - ❌ Unclear differentiation or "we're better at everything" - ❌ Ignoring indirect or future competition
Indian Market Adaptation: - Include both Indian and global competitors - Highlight advantages specific to Indian market understanding - Note regulatory or compliance advantages - Show partnerships or ecosystems unique to India
Slide 9: Go-to-Market Strategy¶
Purpose: Show you have a repeatable, scalable plan to acquire customers.
Content Guidance: - Customer acquisition channels with CAC for each - Sales process and cycle times - Marketing strategy and tactics - Partnerships or distribution channels
Good Example:
PROVEN GTM PLAYBOOK: ENTERPRISE SALES WITH CHANNEL LEVERAGE
Direct Enterprise Sales (70% of revenue):
• Target: Mid-to-large companies (1,000+ employees) with wellness budgets
• Process: Outbound SDR → Demo → Pilot → Contract
• Sales cycle: 90-120 days from first touch to close
• CAC: ₹8.2 lakh (payback in 11 months with ₹34L annual contract)
• Team: 12 sales reps, 3 SDRs, 2 sales engineers
Channel Partnerships (30% of revenue):
• Insurance brokers (Marsh, Aon): Cross-sell to their corporate clients
• HR consulting firms (Mercer, Aon Hewitt): Bundle with wellness consulting
• Benefits platforms (Plum, Loop): White-label integration
• CAC: ₹3.1 lakh (50% revenue share with partner)
Marketing Strategy:
• Content marketing: Publish corporate wellness ROI studies
• Events: Sponsor CHRO forums and HR conferences
• Case studies: Showcase results from tier 1 customers
• Digital: LinkedIn ads targeting HR and benefits decision-makers
Next 12 Months: Scale to 25 sales reps, expand channel to 15 partnerships
Common Mistakes: - ❌ Listing every possible channel without focus - ❌ No CAC or payback period metrics - ❌ Unrealistic scaling assumptions - ❌ Missing sales team size or structure
Indian Market Adaptation: - Emphasize relationship-driven sales culture - Show warm introduction networks (alumni, industry groups) - Note city-specific strategies (Bengaluru vs. Mumbai vs. NCR) - Include vernacular marketing if targeting non-metro markets
Slide 10: Team¶
Purpose: Investors bet on jockeys, not horses. Show why you're the team to execute this vision.
Content Guidance: - Founders with photos, titles, and 1-line bios highlighting relevant expertise - Key hires (VP Engineering, VP Sales, etc.) - Advisors with notable credentials - Emphasize founder-market fit and complementary skills
Good Example:
WORLD-CLASS TEAM WITH DEEP DOMAIN EXPERTISE
Founders:
Dr. Priya Sharma, CEO
• Former: Director of Preventive Medicine, Apollo Hospitals (8 years)
• Education: MBBS (AIIMS), MPH (Harvard)
• Domain Fit: Built corporate wellness programs for 50+ enterprises at Apollo
Arjun Mehta, CTO
• Former: Lead AI Engineer, Google Health (5 years)
• Education: B.Tech (IIT Bombay), MS CS (Stanford)
• Technical Fit: Built ML models for health risk prediction at Google
Ravi Krishnan, COO
• Former: VP Operations, Practo (6 years, scaled to 150 cities)
• Education: B.Tech (IIT Madras), MBA (IIM Ahmedabad)
• Operational Fit: Scaled health-tech ops across India
Key Hires:
• VP Engineering: Ex-Flipkart Engineering Manager (team of 40)
• VP Sales: Ex-Salesforce Enterprise Sales (₹120 crore quota achievement)
Advisors:
• Dr. Naresh Trehan, Chairman, Medanta Hospitals
• Rajan Anandan, Former VP India/SEA, Google
Common Mistakes: - ❌ Listing credentials without relevance to this business - ❌ Missing co-founders (raises red flags) - ❌ No explanation of why this team is uniquely positioned - ❌ Advisors who are just names with no active involvement
Indian Market Adaptation: - Highlight tier 1 Indian company experience (Flipkart, HDFC, Tata, etc.) - Show IIT/IIM pedigree if applicable (signals quality in Indian market) - Include advisors with Indian market credibility - Note if founders are second-time entrepreneurs with exits
Slide 11: Financials¶
Purpose: Show you understand your business economics and have a path to scale.
Content Guidance: - Historical financials (2-3 years if available) - 3-year projections (revenue, expenses, key metrics) - Unit economics summary - Path to profitability or cash flow positive
Good Example:
STRONG UNIT ECONOMICS WITH CLEAR PATH TO PROFITABILITY
Historical Performance (Actuals):
FY 2023 FY 2024 FY 2025 (Run Rate)
Revenue ₹1.2 cr ₹3.8 cr ₹6.0 cr
Gross Margin 72% 76% 78%
EBITDA -₹2.5 cr -₹1.8 cr -₹1.2 cr
Team Size 12 28 38
3-Year Projections (Conservative Case):
FY 2026 FY 2027 FY 2028
Revenue ₹15 cr ₹38 cr ₹82 cr
Gross Margin 79% 81% 83%
EBITDA ₹0.5 cr ₹6 cr ₹18 cr
Customers 120 280 550
Key Assumptions:
• Customer growth: 2.5x year-over-year (vs. 3.2x historically)
• Average contract value: ₹34 lakh (growing to ₹40 lakh by FY28)
• Gross margin improvement: Scale efficiencies + product maturity
• Sales efficiency: CAC payback under 12 months maintained
Unit Economics:
• LTV: ₹95 lakh (average customer lifetime 38 months)
• CAC: ₹8.2 lakh (blended across direct and channel)
• LTV:CAC Ratio: 11.6x
• Payback Period: 11 months
Common Mistakes: - ❌ Hockey-stick projections with no justification - ❌ Missing assumptions or unrealistic growth rates - ❌ Confusing revenue with GMV or other vanity metrics - ❌ No path to profitability discussed
Indian Market Adaptation: - Show all figures in rupees (add dollar equivalents if needed) - Benchmark growth against comparable Indian SaaS companies - Address burn rate and runway explicitly - Show understanding of Indian customer payment cycles
Slide 12: Ask¶
Purpose: Clear call to action. Tell investors exactly what you're raising and why.
Content Guidance: - Amount raising and funding stage - Use of funds breakdown - Key milestones to be achieved with this capital - Timeline to next round - Optional: Current investors or lead interest
Good Example:
THE ASK: ₹5 CRORE SEED ROUND
Amount Raising: ₹5 crore (~$600K)
Structure: Equity round at ₹20 crore post-money valuation
Current Status: ₹1.5 crore committed from angels; raising ₹3.5 crore
Use of Funds:
• Product Development (30%): ₹1.5 cr
- Build mental health and fitness modules
- Enhance AI prediction models
- Mobile app v2.0 development
• Sales & Marketing (40%): ₹2.0 cr
- Hire 10 additional sales reps
- Expand to 8 new cities
- Marketing campaigns and events
• Team Expansion (20%): ₹1.0 cr
- VP Engineering, VP Sales, Head of Customer Success
- Engineering team growth (8 → 18)
• Operations & Runway (10%): ₹0.5 cr
- 18-month runway to Series A
Milestones with This Capital (18-month roadmap):
✓ Scale to ₹25 crore ARR (5x growth)
✓ Reach 200 enterprise customers
✓ Achieve EBITDA profitability on unit economics
✓ Launch in top 15 Indian cities
Series A Timeline: Q4 2026 (18 months from now)
Series A Ask: ₹30-40 crore at ₹150-200 crore valuation
Common Mistakes: - ❌ Vague ask: "Raising seed round" - ❌ Use of funds too generic: "Product, sales, marketing" - ❌ No milestones or success metrics - ❌ Unrealistic timeline to next round
Indian Market Adaptation: - Show amounts in rupees and dollars - Acknowledge if targeting both Indian and cross-border investors - Note SAFE vs. equity if relevant (SAFEs less common in India) - Mention existing Indian angel or institutional investors if credible
Part 2: Investor Update Email Templates¶
Regular investor updates build trust, maintain engagement, and create goodwill for future rounds. Send updates monthly (early stage) or quarterly (later stage), even when there's no major news.
Template 1: Monthly Update Email¶
Subject Line: [Company Name] Monthly Update — [Month Year] — [One Key Highlight]
Example: NeoHealth Monthly Update — January 2025 — Crossed ₹50L MRR
Structure: Keep to 500-800 words maximum. Busy investors scan these quickly.
From: Priya Sharma <priya@neohealth.in>
To: investors@neohealth.in
Subject: NeoHealth Monthly Update — January 2025 — Crossed ₹50L MRR
Hi everyone,
Happy to share January's update. We hit a major milestone: ₹50L MRR,
putting us on track for ₹6+ crore ARR. Details below:
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📊 KEY METRICS (as of Jan 31, 2025)
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MRR: ₹50.2L (+16% MoM)
ARR: ₹6.02 crore (run rate)
Paying Customers: 52 (+5 this month)
Active Users: 68,400 (+11% MoM)
Net Revenue Retention: 129% (customers expanding)
Gross Margin: 78.5%
Runway: 14 months at current burn
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🎯 WINS THIS MONTH
━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━
1. Major Enterprise Win: Signed Mahindra Group (12,000 employees,
₹42L annual contract). This is our largest deal to date and validates
our enterprise playbook.
2. Product Launch: Shipped mental health module. Early feedback
incredibly positive—38% of existing customers already expressing
interest in upgrade.
3. Team: Hired Anjali Desai as VP Sales (ex-Salesforce, ₹150 crore
quota achievement). She starts Feb 15.
4. Partnership: Signed with Marsh Insurance Brokers for channel
distribution to their 200+ corporate clients.
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🚧 CHALLENGES & LEARNINGS
━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━
1. Sales Cycle Lengthening: Average deal close time increased from
90 to 105 days. Root cause: Budget approval delays in Q4. We're
adjusting by starting enterprise conversations earlier in their
fiscal year.
2. Churn Spike: Lost 2 smaller customers this month (both <500
employees). Exit interviews revealed product complexity for smaller
teams. Building "SME Lite" version to address this segment better.
3. Hiring Delays: Still searching for Head of Customer Success.
Interviewed 8 candidates, none met bar. Expanding search with
retained recruiter.
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🙋 ASKS & HOW YOU CAN HELP
━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━
1. Intros to CHROs: We're targeting mid-to-large enterprises in
fintech, pharma, and manufacturing. If you have relationships
with HR leaders in these sectors, would love warm intros.
2. Customer Success Leader: Still hiring Head of Customer Success.
Ideal profile: 5-7 years in SaaS, experience scaling CS teams,
enterprise background. Please share referrals.
3. PR Support: Planning announcement for Mahindra partnership. Any
connections with business/tech press would be helpful.
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📅 NEXT MONTH PRIORITIES
━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━
• Close 6-8 new customers (pipeline: ₹2.8 crore)
• Launch mental health module to all existing customers
• Onboard VP Sales and ramp to productivity
• Host webinar on "ROI of Corporate Wellness" (300+ registrations)
━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━
Thanks for your continued support. As always, I'm here if you have
questions or want to dig deeper on anything.
Best,
Priya
--
Dr. Priya Sharma
Co-Founder & CEO, NeoHealth Technologies
priya@neohealth.in | +91-98765-43210
Tone Guidance: - Authentic: Share both wins and challenges honestly - Data-driven: Lead with metrics, not feelings - Action-oriented: Be specific about asks - Grateful: Acknowledge investor support
What Metrics to Include by Stage:
| Stage | Core Metrics |
|---|---|
| Pre-Seed/Seed | Users, engagement, early revenue, burn rate, runway |
| Series A | MRR/ARR, customers, NRR, CAC, LTV, gross margin |
| Series B+ | ARR, growth rate, profitability metrics, market share, cohort retention |
Common Mistakes: - ❌ Only sending updates when raising or when things are great - ❌ Being overly promotional without acknowledging challenges - ❌ Asking for too much help on too many things - ❌ Sending inconsistently or skipping months
Template 2: Quarterly Update Email¶
Subject Line: [Company Name] Q[X] 2025 Update — [Key Achievement]
Example: NeoHealth Q1 2025 Update — ₹6 Crore ARR Achieved
Structure: More strategic depth than monthly updates. 1,000-1,500 words.
From: Priya Sharma <priya@neohealth.in>
To: investors@neohealth.in
Subject: NeoHealth Q1 2025 Update — ₹6 Crore ARR Achieved
Hi team,
Q1 2025 was transformational for NeoHealth. We crossed ₹6 crore ARR,
expanded to 8 cities, and proved our enterprise playbook at scale.
Here's the full story:
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📊 QUARTERLY PERFORMANCE
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FINANCIAL METRICS:
Q1 2025 Q4 2024 Growth
ARR ₹6.02 cr ₹4.32 cr +39% QoQ
MRR ₹50.2L ₹36.0L +39% QoQ
New Revenue ₹1.7 cr ₹1.1 cr +55% QoQ
Gross Margin 78.5% 76.2% +230 bps
Monthly Burn ₹42L ₹38L +11%
Runway 14 months 16 months -2 months
CUSTOMER METRICS:
Paying Customers 52 39 +33% QoQ
Active Users 68,400 52,100 +31% QoQ
Net Revenue Retention 129% 124% +500 bps
Logo Churn 3.8% 5.1% Improving
Avg Contract Value ₹35.2L ₹33.8L +4%
SALES METRICS:
Pipeline ₹8.2 cr ₹5.6 cr +46% QoQ
Sales Cycle 105 days 90 days +15 days
Win Rate 32% 28% +400 bps
CAC ₹8.2L ₹8.8L -7%
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🎯 KEY ACHIEVEMENTS
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1. CROSSED ₹6 CRORE ARR MILESTONE
We achieved our Q2 target one quarter early, driven by 13 new
customer additions and strong expansion revenue from existing
customers (129% NRR).
2. ENTERPRISE BREAKTHROUGH: MAHINDRA GROUP
Largest deal in company history (₹42L annual contract, 12,000
employees). This validates our enterprise playbook and opens doors
to other conglomerates.
3. PRODUCT EXPANSION: MENTAL HEALTH MODULE
Launched in January, already adopted by 18 customers (35% attach
rate). Adding ₹8.5L monthly recurring revenue with 85% gross margin.
4. GEOGRAPHIC EXPANSION
Now live in 8 cities (was 5 in Q4): Mumbai, Bengaluru, NCR, Pune,
Hyderabad, Chennai, Ahmedabad, Kolkata. 78% of revenue from top 4.
5. TEAM SCALING
Grew from 32 to 43 employees (+34% QoQ). Key hires:
• Anjali Desai, VP Sales (ex-Salesforce)
• Karthik Nair, Head of Engineering (ex-Flipkart)
• 8 additional sales reps and engineers
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📚 STRATEGIC LEARNINGS
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1. ENTERPRISE MOTION WORKING
Sales cycle lengthened to 105 days (from 90) but deal sizes grew
25%. Trade-off is worth it—enterprise customers have 2.5x higher
LTV and 40% lower churn than SMBs.
2. CHANNEL PARTNERSHIPS ACCELERATING
Marsh partnership delivered 3 customers in Q1 (₹28L total contract
value). Expanding to 4 more insurance brokers in Q2. Channel CAC
is 62% lower than direct (₹3.1L vs ₹8.2L).
3. PRODUCT-LED GROWTH EMERGING
Mental health module seeing organic adoption. 35% of customers
upgrading without sales touch. Exploring PLG motion for smaller
customers.
4. BURN DISCIPLINE REQUIRED
Burn increased 11% QoQ as we scaled team. Watching this closely—
need to maintain 12+ month runway while scaling. Q2 focus on sales
efficiency.
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🚧 CHALLENGES & MITIGATIONS
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CHALLENGE 1: Customer Success Capacity
Problem: CS team stretched thin with 52 customers (1 CSM per 13
customers vs. 1:8 industry standard). Risk of churn if service quality
degrades.
Mitigation: Hiring 2 additional CSMs in Q2. Implementing automated
health scoring to prioritize high-risk accounts.
CHALLENGE 2: Product Complexity for SMBs
Problem: Lost 3 SMB customers (<500 employees) citing product
complexity. SMB churn 12% vs. enterprise 2%.
Mitigation: Building "SME Lite" version with simplified onboarding
and workflows. May sunset SMB segment if unit economics don't improve.
CHALLENGE 3: Lengthening Sales Cycles
Problem: Enterprise cycles at 105 days creating revenue lumpiness
and cash flow challenges.
Mitigation: Building pipeline 6+ months ahead. Exploring annual
prepayment discounts to smooth cash flow.
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🗺️ Q2 2025 PRIORITIES
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1. Revenue: Target ₹2.5 crore new ARR (vs ₹1.7 crore in Q1)
2. Product: Launch fitness tracking module (Q2 delivery)
3. Team: Hire Head of Customer Success + 2 CSMs + 5 engineers
4. Partnerships: Sign 4 new channel partners (insurance brokers)
5. Geographic: Establish presence in 2 tier-2 cities (Jaipur, Chandigarh)
SUCCESS METRICS FOR Q2:
• ARR: ₹8.5 crore (+41% QoQ)
• Customers: 72 (+20 net new)
• NRR: 130%+
• Gross Margin: 80%+
• Runway: 12+ months maintained
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🙋 HOW YOU CAN HELP
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1. Customer Intros: Targeting HR leaders at mid-to-large enterprises
in fintech, pharma, manufacturing, BFSI sectors.
2. Hiring: Head of Customer Success (5-7 years SaaS experience,
enterprise background). Please share strong referrals.
3. Press: Planning Series A announcement for Q4. Connections with
tier 1 business journalists (ET, Mint, Inc42, YourStory) would
be valuable.
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Detailed board deck attached for deeper dive on financials, pipeline,
and product roadmap.
Thanks for your partnership. Excited for what's ahead.
Best,
Priya
--
Dr. Priya Sharma
Co-Founder & CEO, NeoHealth Technologies
priya@neohealth.in | +91-98765-43210
Attachment: NeoHealth_Q1_2025_Board_Deck.pdf
Quarterly Update Best Practices: - Include more strategic context than monthly updates - Show quarter-over-quarter trends (not just point-in-time numbers) - Attach full board deck for investors who want deeper detail - Discuss learnings and strategic pivots - Preview next quarter's priorities and success metrics
Template 3: Bad News Update Email¶
Subject Line: [Company Name] Update — [Honest Assessment of Situation]
Example: NeoHealth Update — Q2 Revenue Miss & Plan Forward
Purpose: Communicate setbacks proactively before investors hear elsewhere. Build trust through transparency.
Structure: Problem → Impact → Plan → Ask for Support
From: Priya Sharma <priya@neohealth.in>
To: investors@neohealth.in
Subject: NeoHealth Update — Q2 Revenue Miss & Plan Forward
Hi everyone,
I'm writing with disappointing news: we missed our Q2 revenue target
by 35% and need to make significant operational changes. I want to
share what happened, our plan to address it, and how you can help.
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📉 WHAT HAPPENED
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TARGET: ₹2.5 crore new ARR in Q2
ACTUAL: ₹1.6 crore new ARR
MISS: 35% below target
ROOT CAUSES:
1. Pipeline Conversion Collapsed (32% → 18%): Three large deals
(₹1.2 crore total) pushed to Q3 due to budget freezes at
prospective customers facing economic headwinds.
2. Unexpected Churn: Lost 4 customers (₹18L ARR) including one
large account that got acquired and consolidated vendors.
3. Sales Team Underperformance: Our new sales reps (hired in Q1)
ramped slower than expected. Only 3 of 8 are quota-productive.
CURRENT STATE:
• ARR: ₹7.6 crore (vs ₹8.5 crore target)
• MRR: ₹63L (vs ₹71L target)
• Runway: 10 months (vs 12 months planned)
• Morale: Team knows we missed target, some uncertainty
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💥 IMPACT
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IMMEDIATE IMPACT:
• Runway reduced to 10 months (from 14 months in Q1)
• Series A timeline at risk: Planned for Q4 2025, may need to
push to Q1 2026 or raise bridge
• Team morale shaken after strong Q1 performance
STRATEGIC IMPLICATIONS:
• Slower path to ₹10 crore ARR threshold for Series A
• May need to adjust valuation expectations or consider bridge
round to extend runway
• Need to demonstrate recovery in Q3 to maintain investor confidence
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🛠️ OUR PLAN FORWARD
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IMMEDIATE ACTIONS (Next 30 Days):
1. SALES TEAM RESTRUCTURING
• Letting go 3 underperforming reps (tough decision but necessary)
• Doubling down on top 5 performers with accelerated compensation
• VP Sales (Anjali) personally closing top 5 pipeline deals (₹2.8 cr)
• Hired sales consultant to rebuild onboarding and training
2. BURN REDUCTION
• Cutting monthly burn from ₹52L to ₹42L (-19%)
• Pausing 5 non-critical hires (kept sales, engineering, CS)
• Reducing discretionary spending (travel, events, software tools)
• Target: Extend runway back to 14 months
3. CUSTOMER RETENTION FOCUS
• Launching "customer health" scoring system to predict churn
• Assigning executive sponsor to top 20 accounts
• Quarterly business reviews with all customers >₹25L contracts
MEDIUM-TERM STRATEGY (Q3-Q4):
4. REVENUE RECOVERY PLAN
• Q3 Target: ₹2.2 crore new ARR (conservative vs Q2's ₹2.5 cr)
• Pipeline rebuilt to ₹12 crore (4x coverage ratio)
• Channel partnerships accelerated (targeting 40% revenue from
partners by Q4 vs 18% today)
5. PRODUCT VELOCITY
• Shipping fitness module in July (1 month ahead of schedule)
• 3 high-value features requested by top customers
• Improving onboarding to reduce sales cycle to <90 days
6. FUNDRAISING STRATEGY
• Option A: Hit ₹10 cr ARR by Dec 2025, raise Series A in Q1 2026
(3-month delay from original plan)
• Option B: Raise ₹2-3 crore bridge in Q4 2025 at favorable terms,
extend runway to 20+ months, raise larger Series A in mid-2026
• Decision point: End of Q3 based on trajectory
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🙋 HOW YOU CAN HELP
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1. CUSTOMER INTROS (URGENT): We need to close ₹2.2 crore in Q3.
Any warm intros to HR/wellness decision-makers at mid-to-large
enterprises would be incredibly valuable.
2. ADVICE: Several of you have navigated similar situations. I'd
love 30 minutes with anyone willing to share lessons on sales
team rebuilding, burn management, or bridge vs Series A timing.
3. BRIDGE ROUND (IF NEEDED): If we decide on Option B (bridge round),
would you be interested in participating pro-rata? No commitment
needed now—just helpful to know level of interest.
4. MORALE: If you have relationships with team members, a note of
encouragement would go a long way. We're staying focused but
everyone feels the pressure.
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🔮 WHAT I'M CONFIDENT ABOUT
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Despite this setback, I remain highly confident in NeoHealth's
fundamentals:
✓ Product-market fit is strong: NRR still 127%, customer satisfaction
scores >85%, 95% of churn was external factors not product issues
✓ Unit economics work: CAC payback 11 months, LTV:CAC 11.6x, gross
margin 78%—these haven't changed
✓ Market opportunity is massive: Corporate wellness is growing 23%
CAGR in India, we're well-positioned
✓ Team is resilient: Core team committed, learning from mistakes,
executing with urgency
This is a speed bump, not a roadblock. We've built something valuable
and we're going to work our way through this.
I'll send weekly updates through Q3 so you have full visibility. As
always, my door (and inbox) are open if you want to discuss.
Thank you for your continued partnership.
Priya
--
Dr. Priya Sharma
Co-Founder & CEO, NeoHealth Technologies
priya@neohealth.in | +91-98765-43210
Bad News Update Best Practices: - Be proactive: Don't wait for investors to ask - Be honest: Own mistakes without making excuses - Be specific: Root cause analysis, not vague "headwinds" - Be solutions-oriented: Show the plan, not just the problem - Be realistic: Don't sugarcoat or over-promise recovery
Common Scenarios for Bad News Updates: - Missing revenue targets - Key executive departure - Product launch delay - Major customer churn - Competitive threat - Regulatory issues - Fundraising challenges
Part 3: Board Meeting Templates¶
Board meetings are where strategic decisions get made. Preparation is key to productive meetings.
Template 1: Board Meeting Agenda¶
Standard 2.5-3 Hour Board Meeting Structure
NEOHEALTH TECHNOLOGIES PRIVATE LIMITED
BOARD MEETING AGENDA
Date: March 15, 2025
Time: 2:00 PM - 5:00 PM IST
Location: NeoHealth Office, Bengaluru (+ Zoom for remote directors)
ATTENDEES:
• Dr. Priya Sharma (CEO, Founder Director)
• Arjun Mehta (CTO, Founder Director)
• Rajiv Khanna (Investor Director, Peak XV Capital)
• Meera Nair (Investor Director, Accel India)
• Dr. Kiran Patel (Independent Director)
OBSERVERS:
• Ravi Krishnan (COO, management observer)
• Anjali Desai (VP Sales, for agenda item 5)
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AGENDA
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1. APPROVAL OF MINUTES (5 minutes) | 2:00-2:05 PM
• Review and approve minutes from December 2024 board meeting
• Action items update from previous meeting
2. CEO UPDATE (30 minutes) | 2:05-2:35 PM
• Q1 2025 business review (Priya)
• Key wins and challenges
• Strategic priorities for Q2
• Materials: CEO update slides (attached)
3. FINANCIAL REVIEW (25 minutes) | 2:35-3:00 PM
• Q1 financials vs. budget (Priya/CFO)
• Cash position and runway
• Unit economics update
• Materials: Financial package (attached)
4. STRATEGIC DISCUSSION: SERIES A PLANNING (45 minutes) | 3:00-3:45 PM
• Series A timeline and readiness (Priya)
• Target milestones and valuation positioning
• Investor targeting strategy
• Decision: Approve Series A fundraising parameters
• Materials: Series A planning memo (attached)
**BREAK** (10 minutes) | 3:45-3:55 PM
5. OPERATIONAL DEEP DIVE: SALES STRATEGY (30 minutes) | 3:55-4:25 PM
• Sales team performance review (Anjali Desai, VP Sales)
• Pipeline analysis and conversion metrics
• Channel partner strategy
• Decision: Approve sales team expansion budget
• Materials: Sales strategy deck (attached)
6. GOVERNANCE MATTERS (20 minutes) | 4:25-4:45 PM
• Board resolutions for approval:
a) Approval of annual budget for FY 2025-26
b) Approval of ESOP grants to new employees (list attached)
c) Appointment of statutory auditors
• Compliance update: Companies Act, FEMA filings
• Materials: Resolutions draft (attached)
7. EXECUTIVE SESSION (15 minutes) | 4:45-5:00 PM
• Board-only discussion (management and observers excused)
• CEO performance review and compensation
• Sensitive strategic matters
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PRE-READ MATERIALS (DISTRIBUTED 5 DAYS IN ADVANCE)
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1. Board package (PDF, 35 slides):
• CEO update
• Financial review
• Key metrics dashboard
• Series A planning memo
• Sales strategy deck
2. Supporting documents:
• Q1 2025 financial statements (P&L, balance sheet, cash flow)
• Updated cap table
• Customer metrics analysis
• Draft board resolutions
3. Minutes from December 2024 meeting (for approval)
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EXPECTED DECISIONS / ACTION ITEMS
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• Approve Series A fundraising: Amount (₹30-40 crore), timing
(Q4 2025), and target investor profiles
• Approve sales team expansion: Hire 6 additional sales reps
(budget: ₹72 lakh annually)
• Approve annual budget for FY 2025-26
• Approve ESOP grants (15 employees, 45,000 options total)
• Approve appointment of Ernst & Young as statutory auditors
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Next Board Meeting: June 15, 2025 (Q2 2025 Review)
Questions before the meeting? Contact: priya@neohealth.in
Best Practices for Board Meetings: - Distribute materials 5-7 days in advance: Directors should arrive prepared - Start and end on time: Respect everyone's calendar - Focus on strategy, not operations: Board should guide, not micromanage - Balance presentation and discussion: 40% presenting, 60% discussing - Document decisions clearly: Resolutions should be unambiguous - Follow up on action items: Track commitments from both management and board
Common Mistakes: - ❌ Sending materials day-of or day-before meeting - ❌ Spending entire meeting on operational updates - ❌ Avoiding difficult topics or bad news - ❌ Not preparing board resolutions in advance - ❌ Letting meetings run long without structure
Template 2: Board Package Contents Checklist¶
Complete Board Package Components
Use this checklist to ensure you've prepared all necessary materials:
SECTION 1: EXECUTIVE SUMMARY (1-2 slides) - [ ] Key highlights from the quarter - [ ] Major decisions needed from board - [ ] Top 3 wins - [ ] Top 3 challenges
SECTION 2: BUSINESS METRICS (5-8 slides) - [ ] Revenue metrics (MRR, ARR, new bookings, expansion revenue) - [ ] Customer metrics (new customers, churn, NRR, active users) - [ ] Sales metrics (pipeline, win rate, sales cycle, CAC) - [ ] Product metrics (engagement, feature adoption, NPS) - [ ] Comparison to prior quarter and annual plan - [ ] Trend charts (not just point-in-time numbers)
SECTION 3: FINANCIAL REVIEW (5-7 slides) - [ ] Income statement (actual vs. budget, vs. prior quarter) - [ ] Balance sheet (cash, receivables, payables, equity) - [ ] Cash flow statement (operating, investing, financing activities) - [ ] Key financial metrics: - [ ] Burn rate (gross and net) - [ ] Runway in months - [ ] Gross margin % - [ ] EBITDA and path to profitability - [ ] Budget variance analysis (major deviations explained) - [ ] Updated financial projections for remainder of year
SECTION 4: OPERATIONAL UPDATES (8-12 slides) - [ ] Product roadmap: Shipped features, upcoming releases - [ ] Sales and marketing: GTM strategy, campaign results, pipeline - [ ] Team: Headcount changes, key hires, open positions - [ ] Customer success: Case studies, testimonials, support metrics - [ ] Partnerships: Active partnerships, pipeline, impact - [ ] Operations: Infrastructure, compliance, legal matters
SECTION 5: STRATEGIC INITIATIVES (5-8 slides) - [ ] Progress on board-approved initiatives from prior meeting - [ ] New strategic proposals requiring board input/approval - [ ] Competitive landscape updates - [ ] Market trends affecting business - [ ] Risk assessment and mitigation plans
SECTION 6: GOVERNANCE MATTERS (3-5 slides) - [ ] Draft board resolutions for approval - [ ] ESOP grant recommendations (with vesting schedules) - [ ] Regulatory compliance update (Companies Act, FEMA, etc.) - [ ] Cap table (current ownership, fully diluted) - [ ] Legal matters requiring board awareness
SECTION 7: APPENDICES (as needed) - [ ] Detailed financial statements - [ ] Customer list and contract details - [ ] Competitor analysis - [ ] Product roadmap detail - [ ] Hiring plan - [ ] Marketing plan - [ ] Any supporting analyses or research
FORMATTING STANDARDS: - Total deck: 30-50 slides (including appendices) - Use consistent template and branding - Charts > tables > text (in order of preference) - Include sources for external data - Highlight key numbers and takeaways - Use visual indicators (🟢 on track, 🟡 at risk, 🔴 off track)
DISTRIBUTION: - Send to all directors and observers 5-7 days before meeting - Use secure file sharing (not email attachments for sensitive data) - Clearly mark "CONFIDENTIAL - BOARD MATERIALS" - Include agenda and logistics with board package
Template 3: Board Resolution Templates¶
Board resolutions formally document decisions. Use these templates for common approvals.
Resolution 1: Approving Fundraising Round
NEOHEALTH TECHNOLOGIES PRIVATE LIMITED
BOARD RESOLUTION
[Date]
RESOLUTION FOR APPROVAL OF SERIES A FUNDING ROUND
WHEREAS, the Company requires additional capital to fund growth
initiatives and achieve strategic milestones;
WHEREAS, the management has presented a proposal to raise Series A
funding of approximately ₹30-40 crore (or such other amount as may
be determined);
WHEREAS, the Board has reviewed the terms and conditions of the
proposed funding round;
NOW, THEREFORE, IT IS RESOLVED THAT:
1. The Company is hereby authorized to raise capital through issuance
of Series A Compulsorily Convertible Preference Shares (CCPS) for
an amount not exceeding ₹40 crore on such terms and conditions as
may be finalized by the management in consultation with the Board.
2. The indicative terms of the Series A CCPS shall be as follows:
a) Pre-money valuation: ₹150-200 crore
b) Amount to be raised: ₹30-40 crore
c) Post-money valuation: ₹180-240 crore
d) Liquidation preference: 1x non-participating
e) Anti-dilution: Broad-based weighted average
f) Board representation: 1 Series A director seat
g) Other terms: Standard for Series A rounds in India
3. Dr. Priya Sharma (CEO) and Arjun Mehta (CTO) are hereby authorized
to negotiate and finalize the terms of the funding round, including
execution of term sheets, shareholders agreements, and all related
documentation.
4. The final terms of the funding round shall be presented to the
Board for approval before execution of definitive agreements.
5. The Company Secretary is directed to file all necessary forms and
documents with the Registrar of Companies and other regulatory
authorities as required under the Companies Act, 2013 and FEMA
regulations.
APPROVED by the Board of Directors on [Date].
________________________ ________________________
Dr. Priya Sharma Rajiv Khanna
Founder Director Investor Director
________________________ ________________________
Arjun Mehta Dr. Kiran Patel
Founder Director Independent Director
Resolution 2: Issuing New Shares
BOARD RESOLUTION: ISSUANCE OF SERIES A CCPS
RESOLVED THAT pursuant to the provisions of Section 42, 55, 62 and
other applicable provisions of the Companies Act, 2013 and FEMA
regulations, approval of the Board is hereby accorded for issuance
and allotment of:
25,00,000 (Twenty-Five Lakh) Series A Compulsorily Convertible
Preference Shares (CCPS) of face value ₹10 each at a premium of
₹1,390 per share (issue price: ₹1,400 per share) aggregating to
₹35,00,00,000 (Rupees Thirty-Five Crore) to the following investors:
Sr. No. Investor Name No. of CCPS Amount (₹)
1. Peak XV Capital Fund 15,00,000 21,00,00,000
2. Accel India Fund 10,00,000 14,00,00,000
────────── ────────────
TOTAL 25,00,000 35,00,00,000
RESOLVED FURTHER THAT the Series A CCPS shall have the rights,
privileges, and terms as set forth in the Shareholders Agreement
dated [Date].
RESOLVED FURTHER THAT the Company Secretary is authorized to file
necessary forms (PAS-3, FC-GPR, etc.) with MCA and RBI within
prescribed timelines.
Date: [Date]
Resolution 3: Approving Annual Budget
BOARD RESOLUTION: APPROVAL OF ANNUAL BUDGET FY 2025-26
WHEREAS, the management has presented the proposed annual budget for
financial year 2025-26;
WHEREAS, the Board has reviewed the budget in detail including revenue
projections, operating expenses, capital expenditures, and cash flow
forecasts;
NOW, THEREFORE, IT IS RESOLVED THAT:
1. The Annual Budget for FY 2025-26 is hereby approved with the
following key parameters:
Revenue Target: ₹32 crore (+90% YoY growth)
Operating Expenses: ₹28 crore
EBITDA: ₹4 crore (12.5% margin)
Capital Expenditures: ₹2 crore
Net Burn (monthly): ₹50 lakh average
Ending Cash Balance: ₹12 crore (estimated)
2. The CEO is authorized to execute the budget with a variance
tolerance of +/- 15% on any major expense category, provided total
operating expenses do not exceed approved budget by more than 10%.
3. Any material deviations from approved budget (>15% category
variance or >10% total variance) must be presented to the Board
for approval.
4. The management shall provide monthly budget vs. actual variance
reports to all directors.
APPROVED on [Date].
Resolution 4: Appointing Officers
BOARD RESOLUTION: APPOINTMENT OF CHIEF FINANCIAL OFFICER
RESOLVED THAT pursuant to Section 203 of the Companies Act, 2013,
Ms. Kavita Reddy is hereby appointed as Chief Financial Officer (CFO)
of the Company with effect from April 1, 2025.
RESOLVED FURTHER THAT the compensation for Ms. Kavita Reddy shall be:
• Annual Salary: ₹45 lakh
• ESOP Grant: 25,000 stock options (vesting: 4 years with 1-year cliff)
• Performance Bonus: Up to 30% of annual salary based on company
and individual performance
RESOLVED FURTHER THAT the CEO is authorized to execute the employment
agreement with Ms. Kavita Reddy on terms consistent with this
resolution.
Date: [Date]
Resolution 5: Approving Stock Option Grants
BOARD RESOLUTION: APPROVAL OF ESOP GRANTS - Q1 2025
RESOLVED THAT pursuant to the Company's Employee Stock Option Plan
2023 (ESOP 2023), the Board hereby approves the grant of stock options
to the following employees:
Sr. Employee Name Designation Options Vesting
1. Kavita Reddy CFO 25,000 4yr/1yr cliff
2. Suresh Kumar VP Engineering 20,000 4yr/1yr cliff
3. Neha Gupta Sr. Product Manager 8,000 4yr/1yr cliff
4. Vikram Singh Sales Director 10,000 4yr/1yr cliff
5. [11 other employees] Various 37,000 4yr/1yr cliff
───────
TOTAL 100,000
RESOLVED FURTHER THAT:
• Exercise price: ₹100 per option (fair market value as of grant date)
• Vesting schedule: 25% after 1 year, then monthly vesting for 36 months
• Post-termination exercise window: 90 days for good leavers
• All other terms as per ESOP 2023
RESOLVED FURTHER THAT the Company Secretary is directed to issue
grant letters to all grantees and maintain ESOP register as required.
Date: [Date]
Indian Regulatory Notes: - All share issuances require RBI filings (FC-GPR for foreign investment) - MCA filings required within 30 days (Form PAS-3 for preferential allotment) - Board resolutions must be recorded in minutes book - Companies Act 2013 compliance mandatory for all governance matters
Part 4: Fundraising Communications Templates¶
Template 1: Cold Outreach Email¶
Purpose: Reach out to investor without warm introduction (low success rate, but sometimes necessary).
Subject Line: [Mutual Connection / Shared Interest] — [Company] Solving [Problem]
Example Subject: IIT Bombay Connection — NeoHealth's AI Platform Reducing Corporate Healthcare Costs 40%
From: Priya Sharma <priya@neohealth.in>
To: investor@vc-firm.com
Subject: IIT Bombay Connection — NeoHealth's AI Platform Reducing
Corporate Healthcare Costs 40%
Hi [Investor Name],
I'm reaching out because [specific reason: you invested in [similar
company], you wrote about [relevant topic], your fund focuses on
[sector]].
I'm Dr. Priya Sharma, CEO of NeoHealth. We're building an AI-powered
preventive care platform that's reducing chronic disease costs for
enterprises by 40%.
Quick context:
• ₹6 crore ARR, growing 18% month-over-month
• 52 enterprise customers including Mahindra, HDFC Bank, Flipkart
• Proprietary ML model trained on 2.5M Indian health records
• 129% net revenue retention (customers expanding usage)
We're raising our ₹35 crore Series A and I'd love 20 minutes to share
our story. Corporate wellness is a ₹85,000 crore market growing 23%
annually, and we're positioned to lead the category.
Are you open to a brief intro call next week?
Best,
Priya
--
Dr. Priya Sharma
Co-Founder & CEO, NeoHealth Technologies
priya@neohealth.in | +91-98765-43210
neohealth.in
P.S. Attaching our investor deck for context. Happy to send
references from our existing customers and investors.
Best Practices: - Personalize: Reference something specific about the investor (portfolio, writing, background) - Be concise: 150 words maximum - Lead with traction: Metrics first, vision second - Clear ask: 20-minute call (not vague "connect") - Make it easy: Attach deck, offer to send references
Realistic Expectations: - Cold email response rate: 5-10% for quality investors - Meeting conversion: 2-5% of emails sent - Use cold outreach as last resort—warm introductions are 10x more effective
Template 2: Warm Introduction Request Email¶
Purpose: Ask a connection to introduce you to target investor.
To: The connector (NOT the investor)
Subject Line: Introduction Request: [Investor Name] at [VC Firm]
From: Priya Sharma <priya@neohealth.in>
To: connector@email.com
Subject: Introduction Request: Rajiv Mehta at Peak XV Capital
Hi [Connector Name],
Hope you're doing well! I'm reaching out to ask if you'd be comfortable
making an introduction to Rajiv Mehta at Peak XV Capital.
CONTEXT:
We're raising our Series A (₹35 crore) for NeoHealth, and Peak XV is
a top target given their track record in health-tech (Practo, Innovaccer)
and enterprise SaaS in India.
We've made strong progress since we last spoke:
• ₹6 crore ARR (was ₹1.2 crore a year ago)
• 52 enterprise customers including Mahindra, HDFC Bank, Flipkart
• 18% month-over-month growth
• 129% net revenue retention
WHY RAJIV:
• He led Peak XV's Practo investment (similar health-tech space)
• Peak XV has India enterprise SaaS focus that fits our profile
• We're at the stage/metrics where Peak XV typically invests Series A
MAKING IT EASY FOR YOU:
I've drafted a short introduction email below that you can send with
edits. Also attaching our deck for your reference.
Only introduce if you're comfortable and think it's a good fit.
Either way, truly appreciate your support!
Best,
Priya
━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━
DRAFT INTRO EMAIL (feel free to edit):
━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━
To: rajiv.mehta@peakxv.com
Cc: priya@neohealth.in
Subject: Introduction: Priya Sharma, NeoHealth (Series A, Health-Tech)
Hi Rajiv,
I'd like to introduce you to Dr. Priya Sharma, CEO of NeoHealth
Technologies. Priya and I [worked together at Apollo / went to IIT
together / met through mutual connection].
NeoHealth is building an AI-powered preventive care platform for
enterprises. They're at ₹6 crore ARR with impressive metrics (18% MoM
growth, 129% NRR, customers like Mahindra and HDFC Bank).
Given Peak XV's success with Practo and focus on health-tech, thought
this could be interesting for you. They're raising Series A now.
Priya, meet Rajiv. Rajiv, meet Priya. I'll let you both take it from
here!
Best,
[Connector]
Best Practices: - Provide context: Why this specific investor, why now - Make it easy: Draft the intro email for the connector - Share traction: Give connector confidence in making intro - Give them an out: "Only if you're comfortable" - Attach materials: Deck, one-pager, or whatever connector might need
Common Mistakes: - ❌ Asking for intro without context on investor fit - ❌ Making connector write the email themselves - ❌ Asking for intros to 20 investors at once - ❌ Not providing materials or traction summary
Template 3: Follow-Up Email After Initial Meeting¶
Purpose: Thank investor, summarize key points, and maintain momentum.
Subject Line: Thanks for the meeting — [Key Topic Discussed]
From: Priya Sharma <priya@neohealth.in>
To: investor@vc-firm.com
Subject: Thanks for the meeting — Customer Expansion Metrics
Hi [Investor Name],
Really enjoyed our conversation this morning. Appreciate your questions
on customer expansion dynamics and go-to-market strategy—those were
exactly the right areas to dig into.
QUICK RECAP:
• You asked about net revenue retention: We're at 129% driven by
customers expanding from base wellness to mental health + fitness
modules (35-40% upsell rate within 6 months)
• You wanted to understand competitive moat: Our proprietary AI
trained on 2.5M Indian health records gives us 87% prediction
accuracy vs 72% industry standard, plus deep integration with HR
systems creates switching costs
• You asked about sales efficiency: Our blended CAC is ₹8.2L with
11-month payback and ₹95L LTV (11.6x LTV:CAC ratio)
ACTION ITEMS:
✓ Sending you reference calls with 3 customers (Mahindra CHRO, HDFC
wellness head, Flipkart HR director)—contact info attached
✓ Sharing detailed unit economics model showing customer cohorts and
expansion revenue—attached
✓ Connecting you with Dr. Naresh Trehan (our advisor, Chairman of
Medanta) who can speak to clinical validation of our approach—
making intro separately
NEXT STEPS:
You mentioned wanting to meet Arjun (CTO) to discuss the AI technology
and Anjali (VP Sales) to understand pipeline. How about next Tuesday
10 AM for a 45-minute deep dive? I'll bring both.
Also, our data room is ready if your team wants to start diligence:
[secure link]
Thanks again for your time and thoughtful questions. Looking forward
to continuing the conversation!
Best,
Priya
--
Dr. Priya Sharma
Co-Founder & CEO, NeoHealth Technologies
priya@neohealth.in | +91-98765-43210
Attachments:
• Customer reference contact list
• Unit economics model
• Data room access instructions
Best Practices: - Send within 24 hours: Strike while iron is hot - Recap key points: Show you listened and understood concerns - Deliver on commitments: Provide what you promised in meeting - Propose next steps: Don't wait for investor to suggest - Make it easy: Attach materials, propose specific times
Timing: - Send follow-up within 24 hours of meeting - If no response in 5-7 days, send gentle nudge - If no response after 2 follow-ups, move on (they're not interested)
Template 4: Fundraising Announcement Email¶
Purpose: Announce successful fundraise to customers, team, press, and broader network.
Audience-Specific Versions:
Version A: To Customers
Subject: NeoHealth Raises ₹35 Crore Series A to Accelerate Product Innovation
Dear [Customer Name],
I'm excited to share that NeoHealth has raised ₹35 crore ($4.2M) in
Series A funding led by Peak XV Capital (formerly Sequoia India), with
participation from Accel India and existing investors.
WHAT THIS MEANS FOR YOU:
✓ Accelerated Product Development: We're investing heavily in new
modules you've requested—advanced mental health support, integrated
fitness tracking, and family health programs will launch in the next
6 months.
✓ Enhanced Platform Capabilities: Faster performance, better mobile
experience, and deeper integrations with your HR and benefits systems.
✓ Expanded Support: Growing our customer success team to provide even
better service and faster response times.
✓ Long-Term Partnership: This funding gives us 2+ years of runway to
continue building the best corporate wellness platform in India.
Our mission remains unchanged: helping your employees prevent chronic
diseases and live healthier lives. This investment allows us to do
that better and faster.
Thank you for being part of our journey. We're just getting started.
Questions? I'm always available: priya@neohealth.in
Best,
Priya
--
Dr. Priya Sharma
CEO, NeoHealth Technologies
[Link to press release: neohealth.in/press/series-a]
Version B: To Team
Subject: 🎉 We Did It: ₹35 Crore Series A Closed!
Team,
Incredible news to share: We've officially closed our ₹35 crore Series A
round led by Peak XV Capital!
This is a massive validation of what WE'VE BUILT TOGETHER. 18 months
ago we were 12 people with an idea. Today we're 43 people serving 52
enterprise customers and improving health outcomes for 68,000 employees
across India.
WHAT THIS MEANS:
💰 Resources to Execute: We now have 2+ years of runway to build the
product and team we've been dreaming about.
🚀 Product Acceleration: We're greenlighting the mental health module,
family health expansion, and mobile app v2.0. Ship ship ship!
👥 Team Growth: We're hiring 30+ people this year across engineering,
sales, customer success, and product. Refer great people!
🏆 Validation: Peak XV backed Practo, Innovaccer, and other category
leaders. They see us as the winner in corporate wellness. Let's
prove them right.
THANK YOU:
Every customer conversation, every late night debugging, every
feature shipped, every deal closed—you made this possible. This is
YOUR success as much as it is the company's.
We're celebrating this Friday at 6 PM (office + team dinner). Details
coming separately. Attendance mandatory. Champagne included. 🥂
Now let's get back to work. We've got 68,000 people counting on us to
keep them healthy, and millions more to reach.
Grateful to be building with you all.
Priya
P.S. Press release going out tomorrow. Feel free to share on LinkedIn
after that. Let's tell the world what we're building!
Version C: To Press / Public (LinkedIn, Twitter)
LinkedIn Post:
Thrilled to announce that NeoHealth has raised ₹35 crore ($4.2M) in
Series A funding led by Peak XV Capital (formerly Sequoia India) 🎉
We're on a mission to make preventive healthcare accessible to India's
workforce. Our AI-powered platform helps enterprises reduce chronic
disease costs by 40% through personalized health interventions.
The traction speaks for itself:
• ₹6 crore ARR, growing 18% month-over-month
• 52 enterprise customers including Mahindra, HDFC Bank, Flipkart
• 68,000+ employees using our platform daily
• 129% net revenue retention
This funding will accelerate our product roadmap (mental health,
fitness, family health), expand our team, and help us reach millions
more Indians.
Huge thanks to:
• Peak XV Capital and Accel India for believing in our vision
• Our incredible team for building something truly special
• Our customers for trusting us with their employees' health
• Our existing investors and advisors for unwavering support
Corporate wellness is a ₹85,000 crore market in India. We're just
getting started 🚀
[Link to press release]
#HealthTech #StartupIndia #SeriesA #PreventiveHealth
Timing: - Announce internally FIRST (team should hear from you, not press) - Customers and close partners next (same day or next day) - Public announcement (press release, social media) last - Coordinate timing with investors (they may announce too)
Template 5: Investor Rejection Response¶
Purpose: Maintain relationship for future rounds and preserve reputation.
Subject Line: Re: NeoHealth Series A — Thanks and Let's Stay Connected
From: Priya Sharma <priya@neohealth.in>
To: investor@vc-firm.com
Subject: Re: NeoHealth Series A — Thanks and Let's Stay Connected
Hi [Investor Name],
Thanks for letting me know, and I really appreciate the time you and
the team spent evaluating NeoHealth. Your feedback on [specific
feedback they gave: sales cycle, market size, competitive positioning,
etc.] was thoughtful and I've already shared it with the team.
While the timing wasn't right for this round, I'd love to stay in
touch and share progress as we scale. Based on your feedback, we're
specifically focused on:
• Reducing enterprise sales cycles below 90 days (currently 105 days)
• Expanding channel partnerships to 40% of revenue mix
• Building out SME-focused product to address broader market
I'll send quarterly updates if you're open to it, and would welcome
the chance to reconnect in 12-18 months as we approach Series B.
Thanks again for your consideration. Hope our paths cross again!
Best,
Priya
--
Dr. Priya Sharma
CEO, NeoHealth Technologies
priya@neohealth.in | +91-98765-43210
Best Practices: - Be gracious: No bitterness or defensiveness - Acknowledge feedback: Show you listened and are acting on it - Keep door open: Suggest staying in touch for future rounds - Move on quickly: Don't dwell or try to change their mind
Why This Matters: - Investors talk to each other—maintain professional reputation - "No" today can become "yes" next round if you execute well - They may refer you to other investors if impressed by your response - You're building relationships for a 7-10 year journey
Important Disclaimers¶
Legal Review¶
These templates are for educational and reference purposes only. They do not constitute legal, financial, or professional advice. Always:
- Customize for your specific situation: Your business, stage, and context are unique
- Have materials reviewed: Pitch decks, board materials, and investor communications should be reviewed by advisors or mentors
- Verify regulatory compliance: Indian startup regulations evolve—verify current requirements with legal counsel
- Use professional judgment: Templates are starting points, not final versions
Customization Guidance¶
DO Customize: - All company-specific information (metrics, financials, team) - Tone and voice to match your communication style - Level of detail based on your stage and audience - Visual design and branding to reflect your company
DON'T: - Copy templates verbatim without personalization - Use outdated metrics or placeholder information - Over-promise or exaggerate in investor communications - Ignore feedback from advisors and mentors
When Templates Are NOT Sufficient¶
Seek professional help for:
Legal Counsel Required: - Drafting term sheets or investment agreements (see Appendix A) - Board resolutions with legal implications beyond standard approvals - Regulatory filings (FEMA, RBI, MCA) where errors have penalties - Employment agreements for senior executives - Any situation involving cross-border investments or complex structures
Financial Advisor Required: - Detailed financial modeling for Series A+ rounds - Valuation analysis and negotiation strategy - Cap table modeling with multiple scenarios - Tax planning and optimization (particularly for ESOP grants) - Complex exit scenarios with multiple liquidation preferences
PR/Communications Consultant Required: - High-profile fundraising announcements (Series B+) - Crisis communications or sensitive situations - Media training for founders before press interviews - Coordinated announcements with multiple stakeholders
Investor Relations Professional Required: - Managing large investor bases (50+ investors) - Institutional investor reporting requirements - Pre-IPO investor communications - Complex shareholder conflicts or disputes
Regulatory Compliance Notes¶
Indian Regulatory Requirements:
- Companies Act 2013: All board resolutions, ESOP grants, and share issuances must comply with Companies Act requirements
- FEMA Regulations: Foreign investments require RBI compliance (FC-GPR filings, pricing guidelines, sectoral caps)
- SEBI Regulations: If approaching public markets or large investor bases
- Tax Compliance: ESOP grants have perquisite tax implications; fundraising may have angel tax considerations
- Data Privacy: Communications containing customer data must comply with IT Act and upcoming data protection laws
Always verify current regulations as Indian startup law evolves frequently. Consult with legal counsel familiar with Companies Act 2013, FEMA, and startup-specific regulations.
Cross-References to Book Chapters¶
For deeper understanding of the contexts where these templates apply:
Pitch Deck & Fundraising Preparation: - Chapter 5: Building Your Fundable Company — Understanding what makes companies investable - Chapter 6: Preparing to Fundraise — Investor targeting, warm introductions, timing fundraising - Chapter 2: Valuation Fundamentals — How to think about valuation in your pitch
Investor Relations: - Chapter 12: Board Dynamics and Governance — Board meetings, information rights, investor relationships - Chapter 14: Choosing Your Investors — Building relationships with the right partners - Chapter 18: Crisis Management — Communicating bad news and managing setbacks
Term Sheets & Negotiations: - Chapter 7: Term Sheet Analysis — Understanding terms before pitching - Chapter 9: Negotiating the Deal — Using these templates in context of negotiations - Chapter 13: Down Rounds and Difficult Financing — Bad news communications in tough times
Board Governance: - Chapter 10: Maintaining Equity and Control — Why board composition matters - Chapter 12: Board Dynamics and Governance — How boards actually function - Chapter 15: ESOP Strategy — Board resolutions for option grants
Indian Market Context: - Chapter 22: Indian Regulatory Framework — Companies Act, FEMA, regulatory compliance - Chapter 23: Indian Startup Success Stories — Learning from real examples - Chapter 1: Understanding the Funding Ecosystem — Landscape of Indian investors and funds
Conclusion¶
These operational templates provide the structural foundation for professional fundraising and investor relations. The difference between successful founders and struggling ones often comes down to operational excellence in these communications.
Key Takeaways:
- Consistency Matters: Use templates to maintain professional standards across all investor touchpoints
- Authenticity Wins: Customize templates to reflect your genuine voice and situation
- Preparation Pays: Investors notice when founders have tight materials and clear processes
- Relationships are Long-Term: Every communication is building (or eroding) trust for future rounds
- Transparency Builds Trust: Regular updates, honest challenges, clear asks—these build investor confidence
Next Steps:
- Review templates relevant to your current stage
- Customize 2-3 templates you'll need in the next 30 days
- Get feedback from advisors or mentors on your customized versions
- Create a calendar for regular investor updates
- Build a repository of your investor communications for consistency
Remember: These templates are tools, not scripts. Use them as frameworks to communicate clearly, build trust, and maintain professional relationships with investors throughout your fundraising journey.
For legal templates and agreements, see Appendix A: Legal Templates Library.
For financial calculations and modeling, see Appendix C: Calculator Methodologies.
Word Count: ~5,950 words
Disclaimer¶
This chapter provides educational information about startup funding and is not legal, financial, or investment advice. Every startup situation is unique. Consult qualified professionals (lawyers, accountants, financial advisors) before making any funding decisions.
Last Updated: November 2025
