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Series C Down Round with a Fractured Cap Table
Bengaluru - SaaS
Series C
Down Round
Anti-Dilution
Structuring
About The Client
A Bengaluru-based B2B SaaS company raising a Series C at a valuation below its previous round, with eleven existing investors across four prior funding rounds.
From Cap Table Complexity to a Successful Series C

Key Highlights
A complex down round restructured to balance anti-dilution rights, founder ownership and new investor requirements.
Series C
Down
Round
11
Existing
Investors
4
Prior Funding Rounds
4
Investor Jurisdictions
100%
Existing Investor Consent

ECG converted a potentially disruptive down round into a workable Series C structure, balancing investor protections with founder ownership and new capital requirements.
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