FUNDING

FUNDINGS WERE DONE THROUGH -

1. VENTURE CAPITALISTS
2. IITB INCUBATOR BACKED BUSINESS PLANS
3. ANGEL INVESTORS
4. 2 TYPES OF PRESENTATIONS
FOR INDIA BASED FUND
AND FOR US BASED FUND
5. SMALL FUNDING PREFERRED OVER LARGE ONES
6. PROMOTERS SHRIVASTAVA CONTRIBUTED 0.7 MILLION RUPEES AND KUNTAL SHAH
CONTRIBUTED 0.5 MILLION
Opportunities during funding -

1.Mentality of venture capitalists

2.ideas were given more importance by the VCs.

Governance-
Registered under companies act 1956
Induction of representative
Three members board
Critical decisions were discussed over phones and not through
formal meetings.
Building of initial team

IIT graduates aspirants were handpicked by the promoters of IITB

ESOP was used as a tool to attract and retain employees.
An ESOP consultant was contract to design a suitable ESOP skim

Problems faced during initial building of the team

As the team consisted of IITs, they needed to be handled sensitively
Promoters drew less compensation as compensation as compared to the employees
Lack of formal procedure resulted in problems in decision making.