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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

Image by Chandan Chaurasia

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
Image by Mahadev Ittina

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

Speak To Our Experts

Image by Mike Kononov

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