₹42L demand dropped to nil
Case Study · IT & Technology · ₹28 Cr raised, diligence closed in 6 weeks
Diligence-ready books support a ₹28 Cr institutional round
An earlier round had stalled in diligence on revenue recognition and cap-table hygiene. Restated accounts, a clean data room and an investor reporting cadence closed the next round without a valuation reset.
₹28 Cr
Capital raised
6 weeks
Financial diligence, start to sign-off
0
Material diligence findings
24 months
Accounts restated to policy
The situation
- Revenue recognised on invoicing rather than over the subscription term.
- ESOP grants and prior instruments were not reconciled to the cap table.
- No standing reporting pack for existing investors.
What we did
- Restated 24 months of accounts to a documented revenue recognition policy.
- Reconciled the cap table across grants, conversions and prior instruments.
- Built a structured data room with an index mapped to standard diligence requests.
- Instituted a monthly investor pack covering ARR, churn, burn and runway.
Measured outcome
- Round of ₹28 crore closed with no material financial diligence findings.
- Financial diligence completed in six weeks against a twelve-week prior attempt.
- Investor reporting has continued monthly since close, without escalation.
Governance shift
Reporting discipline was built before the raise, so diligence tested an existing system rather than creating one.
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