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Checklist of documentation for Business Study & Investor Pitch.


  1. Letter of interest (LOI) as per the template.
  2. Summary information request form as per the template.
  3. Information Memorandum as per template.
  4. Corporate Presentation as per the template.
    • Promoters’ profile.
    • Vision & Mission statement.
    • Two pages of business strategy.

Financials - Historical

  1. Balance sheet for 5 years of consolidated and group companies.
  2. Profit & Loss Statement for 5 years of consolidated and group companies.
  3. IT returns for 5 years of consolidated and group companies.

Operations - Current

  1. Current operating level of business.
  2. How many products are they operating under the company?
  3. Current top-line of the plant on maximum utilization with demand growth.
  4. Where Does Company stands in India and in the categories they operate?

Valuations - Current.

  1. Valuation reports/ model.
  2. Group companies data (e.g. Effect of merger of two companies).
  3. Share holding pattern/ data.
  4. Unlisted and listed group companies borrowings.
  5. Free hold collateral available for additional funding.
  6. Any unutilized bank limits.
  7. Debt profile for all group companies and consolidated.
    • Term loan.
    • Bank name.
    • Non-fund based limit.
    • Cost of debt.
  8. Fixed Assets – Gross and Net.
    • Land, building.
    • Plant machinery.
  9. Financial Analysis.
    • Debt equity ratio.
    • %EPS and growth in EPS.
    • Contribution analysis, (Sales – RM) cost.
    • EBITA level and growth of EBITA.
    • Pat growth, % growth.

Proposition - Future.

  1. Entry Criteria.
  2. Fund requirement for what, working capital & expansion/ modernization, replacement of existing debt.
  3. Business plan as per the template.
  4. Investor pitch as per the template.
  5. Loan application form.

Projections - Future.

  1. Repayment schedule and terms.
  2. Revenue projections, ROI & Profitability.
  3. Order Book for projections, if there be, for working capital loans.
  4. Exit Criteria.


  1. Corporate Debt Restructuring (CDR) status and letters, if there be.
  2. Any legal cases, if be, explain. Legal status and letters, if there be.

Checklist for Start-ups before going for fund raising.


You need a have a solid team to win the attention of any investor. A strong team should comprise of the following founding members.

  1. Chief Executive Officer – Mandatory.
  2. Chief Technology Officer - Mandatory.
  3. Chief Financial Officer - Mandatory.
  4. Chief Marketing Officer – Mandatory.
  5. Chief Operating Officer.
  6. Chief Information Officer.
  7. Chief Scientific Officer (in case of R&D involved).
  8. Chief Digital Officer.

Corporate Presentation.

You need a have a solid team to win the attention of any investor. A strong team should comprise of the following founding members.

  1. Introduction.
  2. Board Members.
  3. Why US.
  4. Products.
  5. Each product one page.
  6. Services.
  7. Solutions.
  8. Cliental.
  9. Each client one page.
  10. Website links and Contact Information.

Information Memorandum.

Here you need to make a 2 pager with no name basis to be supplied as a teaser wherever required.

  1. Executive Summary.
  2. Proposition & Business Model.
  3. Company Information.
  4. Vision.
    • Mission.
    • Brief Overview.
    • Lines of Business.
    • Unique Selling Proposition.
    • Key Features.
  5. Current Status
    • Customer Pain Point & Solution.
    • Current Customers & Pipeline.
  6. Technology Strategy.
    • Technology Stack.
    • Data Model.
    • MVP Features & Link.
  7. Market Strategy.
    • Market Size & Pricing.
    • Entry Barriers.
    • Competitors & competitors.
    • Go to market strategy.
  8. Risk & Risk Mitigation.
  9. Governance & Compliances.
  10. Financial Strategy.
    • Planned Business Metrics.
    • Planned Income Statement.
    • Fund Requirement.
    • Source of Funds.
    • Application of Funds.
  11. Why Us?
    • Strong Revenue Model.
    • Cash flow Analysis.
    • High ROI & Profitability.
    • Favourable Ratios.
  12. Conclusion.

Product/ Service wise Pitch Deck.

A ppt wherein not more that 5 to max 15 slides are presented with the following elements.

  1. Introduction.
  2. Vision & Mission Statement.
  3. Business Model.
  4. Products & or Services.
  5. Particular Product with use case that is presented (if one).
  6. Problem Statement/ Pain Points.
  7. Value Proposition/ Benefits.
  8. Go To Market Strategy.
  9. Partnership & Synergy – this sheet to be modified based on target audience.
  10. Technology.
    • Technology stack.
    • Data model.
    • Minimum Viable Product demo link (required in some incubators and accelerators).
    • Link to Github code (required in some incubators and accelerators).
  11. Competitors landscape.
  12. Risk & Risk Mitigation.
  13. Governance & Compliances.
  14. Team/ Founding members/ Board/ Management/ Advisor.
  15. Governance & Compliances.
  16. Plan & Growth strategy.
    • Roadmap/ projected timeline.
    • Current Status.
  17. Financials.
    • Expected/ current Source of funds.
    • Application of funds.
    • Revenue streams.
    • Projected Financials.
    • Tokenomics in case of crowd-funding.
  18. Success stories (if any).
    • Of company.
    • Of company leaders.
  19. Contact Details.


Important to understand that an investor has 5 mins of window time to judge you and your first 5 slides are the maker or breaker. So the most important slides that you wish to speak about are prioritized.


A detailed version of the pitch deck with thrust on.

  1. Technology, product and services, design thinking, data modelling, smart contract, etc.
  2. Insight into financial modelling.
  3. Marketing strategy.
  4. Include details about team and its members, share-holding pattern.
  5. Legal Framework.
  6. Risk Management.

Detailed Business Plan.

Required for discussion in the last stage and includes.

  1. Technical documentation – Get a deep dive into design thinking which includes.
    • Ideation or Concept generation, brainstorming, white boarding.
    • Product service system, Need analysis, customer experience cycle decomposition.
    • Minimum viable product (MVP), prototype, etc.
    • Considerations for environment and society (CSR).
  2. Commercial documentation – Get into details of financial modelling that includes.
    • Product costing or generation of Bill of Material (BOM), resource costing, space management, requirements of funds and application of funds.
    • Come out with revenue model.
    • Minimum viable product (MVP), prototype, etc.
      • Net Present Value.
      • Ratio Analysis.
      • ROI, Profitability.
      • Breakeven Analysis.
      • Sensitivity Analysis & Tornado charts.

Product/ Service Website.

  1. Home Page.
  2. About Us.
    • Vision & Mission.
    • Team.
    • Benefits.
    • Roadmap.
    • Go To Market Strategy.
    • FAQ’s.
  3. Business.
    • Business Model.
    • Problem Statement.
    • Products.
    • Participants/ Users.
    • Risk & Compliance.
  4. Technology.
    • Technology Stack.
    • Data Model.
  5. Documents.
    • MVP / Pilot.
    • Github Code … link.
    • Github Code … link.
    • Pitch Deck … link.
    • Whitepaper … link.
  6. Financials.
    • Source of Funds.
    • Application of Funds.
    • Revenue Stream.
    • Tokenomics (if any).

Contact Us.

Content of the Corporate Presentation.

Product/ Service Website.

  1. Vision.
  2. Mission.
  3. Value.

Goals, priority and commitment.

  1. Goals.
  2. Priority.
  3. Commitment.

Clientele list, Geo spread.

  1. Clientele list.
  2. Geo spread.

Feedback and Trust.

  1. What clients say about you (feedback and trust) … accolades.

Competitors and market share.

  1. Competitors.
  2. Market share.

Business strategy and growth models.

  1. Organic – Product injection, service strategy, framework devp.
  2. Inorganic – SI, takeovers, acquisitions, mergers, product bundling.
  3. Business by value, relation (network) or innovation.

Current business, projected growth (YoY).

Business benefits, hurdles (risks) if any, risk management.

Company USP … how different from competitors (RAD).

Market innovation & repeat business.

Resource / Infrastructure needs for growth.

Team structure and Management strengths.


Letter of incorporation, MoA, AoA.

Content of the Corporate Presentation.

Vision, Mission, Value.

Goals, priority and commitment.

Clientele list, Geo spread.

What clients say about you (feedback and trust) … accolades.

Competitors and market share.

Business strategy and growth models.

  1. Organic – Product injection, service strategy, framework devp.
  2. Inorganic – SI, takeovers, acquisitions, mergers, product bundling.
  3. Business by value, relation (network) or innovation.

Current business, projected growth (YoY).

Business benefits, hurdles (risks) if any, risk management.

Company USP … how different from competitors (RAD).

Market innovation & repeat business.

Resource / Infrastructure needs for growth.

Team structure and Management strengths.


Letter of incorporation, MoA, AoA.

Information Memorandum/ Teaser Template.

Executive Summary.

Proposition & Business Model.

Company Information.

  1. Vision.
  2. Mission.
  3. Brief Overview.
  4. Lines of Business.
  5. Unique Selling Proposition.
  6. Key Features.

Current Status.

  1. Customer Pain Point & Solution.
  2. Current Customers & Pipeline.

Technology Strategy.

  1. Technology Stack.
  2. Data Model.
  3. MVP Features & Link.

Market Strategy.

  1. Market Size & Pricing.
  2. Entry Barriers.
  3. Competitors & competitors.
  4. Go to market strategy.

Financial Strategy.

  1. Planned Business Metrics.
  2. Planned Income Statement.
  3. Fund Requirement.
  4. Source of Funds.
  5. Application of Funds.

Why us ?

  1. Strong Revenue Model.
  2. Cashflow Analysis.
  3. High ROI & Profitability.
  4. Favourable Ratios.
  5. Risk & Risk Mitigation.
  6. Governance & Compliances.


  1. Conclusion

Investor Pitch Template.

Investor Pitch to be prepared in Word in details (for notes) and PPT presentation in summary.

Company Profile.

  1. Clients name NOT to be named.
  2. Can say started from Mumbai/ Kolkata so many years back.
  3. Promoter’s profile (no name please).
  4. What is USP of company in form of products, facilities and services.
  5. What is the vision? Vision statement.
  6. Whether listed, privately held…

Business Information

  1. Manufacturing facilities.
  2. Product & Service profile.
    • Product verticals.
    • Service verticals, service delivery model.
  3. Current customer list.
    • Top 5 private customer list.
    • Top 5 government customer list.
  4. Competitor list with ranking and market share.
  5. Where does company stands in India and in the categories they operate.
  6. Segmentation, Targeting and Positioning.
  7. Technological investments in terms of R&D and training.
  8. Current operating level of business.
  9. Current partners and their role.
  10. Market share details in terms of location-wise revenue breakup and contribution percentage of Top 5 – 20 customers both in private and govt. sector.
  11. What are the go to market strategy.
  12. HR & its policy highlights.

Work orders in hand.

  1. How much executed?
  2. How much value pending?
  3. LOI from prospective clients?
  4. What are the prospective bidding tenders with value?


  1. Gross and Net profit margins.
  2. Receivables and write offs.
  3. Reserves.
  4. Gross block in the assets combined.
  5. Billing cycle & Payment realization cycle.
  6. Outstanding debt.
  7. Projected profit/loss showing snap shot of top-line (Sales), COGS, EBITDA, PAT & ROI.
  8. What are the industry average values of PAT and ROI?.
  9. What part of the revenue can be treated as fixed income and variable.
  10. income? If fixed, list based on tenure and value.
  11. Bank wise / financial institution wise debt/ equity percentage & amount.
  12. Any unutilized bank limits.
  13. Current ratio, debt equity ratio, liquidity ratio, asset turnaround ratio, interest coverage ratio and DSCR (5 years history & projections).
  14. Without infusion of funds in 14-15 what would be the consolidated balance sheet and what would the PAT look like? Is it going to be positive or negative?.
  15. Debt profile of Company.
    • Term loan.
    • Bank name.
    • Non-fund based limit.
    • Cost of debt.
    • Total loan on the balance Sheet.
  16. Gross Block and Net Block
    • Fixed Assets.
    • Land, building.
    • Plant machinery.
  17. Last 3 years financial snapshot with topline, PAT, net worth, EPS alongwith next 5 years projections.
  18. Above snapshot with only 50-100 million USD infusion.


  1. Shareholding pattern and value of stake that is being proposed to be sold.
  2. What is total net worth?.
  3. What is the current EPS? %EPS increase/ decrease and growth in EPS.
  4. Contribution analysis (Revenue – Variable cost).
  5. EBITA level and growth of EBITA.
  6. Pat growth, % growth.
  7. What is the current asset valuation? Please attach valuation report.
  8. What are the free hold assets of the company and promoter that can be utilized for short-term funding?
  9. Explain valuation model in terms of assets, collaterals, shares, etc.
  10. Budgeted cost allocation for different areas like training, R&D, sales & marketing, etc.
  11. Current JV partners contribution and stake.
  12. If JV is to be done, what would be the ideal stake for investor to participate understanding the future growth requirements?

Capital Repayment.

  1. Investment required, purpose and schedule of draw down
  2. How much additional capital required to execute pending/ current orders.
  3. Application of funds - Fund requirement for what, working capital & expansion/ modernization, replacement of existing debt.
  4. What is the nature of fund request, debt or equity or both? Please give breakup.
  5. If debt what is the expected loan, interest rate, term and moratorium if any.
  6. How would the repayment be done? Balloon, step, etc. Please give details in percentage/ amount YoY.
  7. If 100 Million USD is available, are we able to dislodge the market leader or come between 1 to 3?
  8. If not then what is required and where would be used to achieve the position?
  9. How would you arrive at a breakeven of the amount that would be infused and what is expected ROI and profitability that an investor can expect from the deal?

Future Plans & growth prospects.

  1. Prospects of new business.
  2. How much new workforce will be added in next 5 years?
  3. Where do you see company in 5 years down the line? Please project in numbers.
  4. Why should investor participate?
  5. Private equity will expect minimum 3X ROI. What is the strategy and calculation required to achieve better ROI and PAT?
  6. Any thoughts of merger, amalgamation, acquisitions, listing, IPO?
  7. Any legal cases, if be, explain.

Business Plan Presentation Template.

Elevator Pitch (1 slide).

A 5 line quick pitch on.

  1. What does the Company do?
  2. What new benefits do you provide and/or what pain points are addressed?
  3. How are you differentiated from competitors on a sustainable basis?

Vision & Mission Statement.

  1. Please define the Vision and Mission statement of the Company.
  2. The management team's vision for the business needs to be powerful and realistic enough to rally employees, customers, investors and the industry around it.
  3. We partner with businesses that have the potential to be market leaders in their category.

Market & Industry Environment.

  1. Help us learn more about the specific market segments that you are targeting and the industry that you operate in.
  2. This would include relevant facts of the market such as market definition, key segments, size of target segments, growth rates, key market trends and challenges/issues the market is facing. Please briefly note the critical success factors for a company in this market.
  3. A visual illustration of the market place with names of various participants, such as competitors, vendors, distributors and customers would paint a picture of the environment.

Value Proposition, Key Products/Services and Differentiation.

  1. Use this section to convince us that a very large number of sticky customers will repeatedly pay you good amounts of money to enable you to build a sustainable, profitable and scalable business.
  2. Tell us why the customer is passionate about each of your products/services; what benefits does the target customer get and/or what pain point is addressed. Also, briefly note the profile of your typical customer.
  3. Describe your key products/services today and the roadmap for the next two to three years. Explain how your business is deeply differentiated on a sustainable basis; for instance by way of a unique business model, technology or industry partnerships.

Competitive Scenario and Entry Barriers.

  1. Please provide a table describing the competitive scenario with separate columns for competitor name, business line, geography, representative customer list, key strengths and weaknesses of each competitor.
  2. A thorough understanding of the competitors will demonstrate an awareness of the environment and the resulting opportunities and threats.
  3. Highlight why an extremely well-funded new entrant in your market will not succeed in dislodging your position.

Business Model and Sales/Marketing Strategy.

Note the important revenue and cost drivers of your business. Please describe the sales/marketing strategy ensuring that you include.

  1. Overall product/brand positioning.
  2. Sales & distribution strategy.
  3. Key business development alliances & partnerships.
  4. Pricing approach.

Market Traction.

  1. The best possible validation of your business strategy is a list of repeatedly and well-paying quality customers. So please use this section to tell us about your customer wins and historical traction with key accounts.
  2. For example, as applicable to your business, please provide metrics such as your key accounts, number of unique users, distribution partners, average revenue per account/user and any other metric you consider important for measuring traction of your business.
  3. Please forecast your projections on each of the above metrics for the next four quarters.

Management Team.

  1. This is a vital section of the business plan. Our belief is that good teams are rarer than great ideas.
  2. We are looking for solid management teams that demonstrate strong ethical standards, entrepreneurial mindset, a history of achievements, formidable domain expertise, proven chemistry between founders and perseverance.
  3. Please share with us specific facts about your team's past (with ex-employer/venture names, role descriptions and timelines included) and why it will be able to meet the challenges posed by a very dynamic market environment.


  1. Do tell us about your organization's human resource structure, number of employees and locations. Please include information on the constitution of your Board of Directors and if applicable your Board of Advisors.


  1. Please provide all currency figures consistently either in INR or USD only.
  2. This section should include audited annual high level Profit and Loss statement for the last three years (if applicable) and projections for the following three years.
  3. Kindly list the main 3 or 4 assumptions underlying the financial projections. Please break down the revenues by the main business lines/products/services as applicable.


  1. Please provide all currency figures consistently either in INR or USD only.
  2. Venture capitalists invest with a definite intent of exiting the investment within a defined time frame ranging from 3 to 7 years. Exit may occur in the form of the Company making an IPO (Initial Public Offering) or an M & A (Merger & Acquisition).
  3. Please list the 4 or 5 most likely acquirers of your business and why would they be interested in acquiring your Company?
  4. Do provide a few examples of recent exit valuations in this market (IPO and/or M & A).


  1. Please provide all currency figures consistently either in INR or USD only.
  2. Tell us how much money you are raising and give us a high level breakdown of how you will deploy these funds across the various business streams/segments/functions of your Company. Please specify the current capital shareholding structure and the history of earlier funding; dates of such transactions, amounts raised, the pre-money valuations applicable and the equity stake allotted.
  3. Do provide a few examples of recent exit valuations in this market (IPO and/or M & A).

Risk & Gaps.

  1. Share with us the specific risks that your venture and market/industry face. What are the likely reasons that would cause your Company to under-achieve its targets? (These may be company-specific and market-specific reasons).
  2. What steps are being taken to mitigate these risks? Finally, share with us the gaps that exist in your Company today. Those could be in the strategy, business model, customer traction, talent, technology, operations etc. By sharing with us your perspective on gaps that exist you would allow us to work with you in bridging them and enabling your Company to achieve its vision.
  3. Truly, this section may be used to compellingly demonstrate the maturity of the management team.

Executive Summary & Business Plan Content

Please note! :The production of a Business Plan is the responsibility of the borrower.If we are asked to produce – or substantially amend – a Business Plan, we can, if requested, pass the task to an independent professional who will contact you direct and agree a charge for the time and costs involved.


  1. The Executive Summary and Business Plan together form one document. However, the Executive Summary should also be available as a stand-alone document, to be presented to the potential lender, who may then ask to see the full Business Plan. These notes are for the assistance of those requiring guidance on the content. Each business and project will be different, and the document will therefore have to be tailored according to the particular situation. Every letter and figure must be readily legible (at least 11pt.). The total number of pages should not exceed 50 (excluding appendices). The document should initially be submitted in Microsoft Word, to allow for small amendments to made easily. Pictures and diagrams should be kept to a minimum, otherwise the size of the file become unmanageable (too many mb). Do NOT send us hard copy, and do NOT use ‘drop-box’.

Essential Requirements.

  1. All documentation must be in clear English.All amounts must be stated in millions and currency in US $ only, quoting the exchange rate used for conversion from local currency. Local terms, technical terminology, and acronyms must be explained – the investor must easily understand what is being proposed.

The Executive Summary.

This is a brief Summary of the Plan, in order (a) to provide investors with a “snapshot” of the Company, and an outline of the project, and (b) most importantly, to attract their interest in reading the full Business Plan.

It will therefore contain the following summarized information:

  1. The Company - its Management, and financial results for the past 3 years.
  2. The Project – background, market, and summary.
  3. Implementation of the Project and the timescale.
  4. Project Cost.
  5. Capital Contribution by the Company/Promoters and Collateral offered.
  6. Funding requirement - amount, modus, and proposed terms thereof.
  7. Financial projections for 5 years – Gross Revenues, EBITDA (earnings before interest, tax, depreciation, and amortization), net Profit , Cash flow, balance sheets, and ROI (Return on Investment).

The Executive Summary should be constructed under the above-named headings, and should normally be contained in two or three A-4 sized pages, The initial impact of this Executive Summary is vital in securing funders’ interest in any project!

The Business Plan .

The Business Plan will be divided into 3 sections, viz.

  1. The Executive Summary: per (3) above---for a quick overview of the Project.
  2. The Business Plan which will contain the following detailed information, adapted to suit the particular circumstances, and referenced where appropriate to the Appendices in (c) below:
    • Background to the Project including socio-economic, national/international factors.
    • The Proposal: brief description of the Project, aims, objectives, justification.
    • The Company: brief history, operations, markets, products, last 3 years’ financials - Cash Flows, Profitability, Balance Sheets and key ratios.
    • The Products: including trademark/copyright/patent/licensing and other arrangements; the products’ cutting edge over competing ones.
    • The Markets: including Market Growth, Competitors, and Marketing Strategy to achieve market shares and sales.
    • Production: availability of materials and labour, and security of same. Land & Buildings required. Technology & Equipment, including providers of both. Operational details.
    • Sales & Distribution Arrangements: including the sales force, warehousing, transportation.
    • Administration and related facilities: including IT and staffing.
    • The Management Team: the function of each member and an organization chart.
    • Research & Development: effort required to maintain competitiveness and profitability.
    • List of Official Approvals and Licences required for the project
    • Implementation of the project and the Timetable.
    • The Project Cost: broken down under the different heads of Capital Expenditure, (Land & Civil Works, Buildings, Furniture, Fixtures & Fittings, Plant & Equipment, Vehicles, Technology/know-how, Goodwill), Preliminary & Pre-operative expenses, Working Capital, Interest during Construction, and Contingencies.
    • Promoters’ Capital Contribution: towards the project cost - amount and percentage and Collateral offered.
    • Funding Requirement & Modus: e.g. loan - details of term, grace period, proposed repayments and security, or equity investment - proposed shareholding, dividends, exit, exit premium.
    • Any Government incentives/support for the project.
    • Financial Projections: 10 years’ cash flow forecast (template available on request), profitability (EBITDA, Pre-tax and after-tax profit) balance sheets and key ratios.
    • SWOT Analysis: Analysis of Strengths, Weaknesses, and Opportunities of, and Threats to, the Project.
    • Sensitivity Analysis: Analysis of the impact on the Project when major adverse/critical factors come into play, and what steps will be taken to mitigate this impact.
  3. Appendices - all supporting documentation such as:
    • A statement of any assumptions made, quoting independent evidence/sources to support them.
    • Map and drawings of the site and plant layout.
    • Attorney’s confirmation of title to the land and building permissions.
    • Leaflets on the technology and the plant/equipment.
    • Supplier quotations/contracts.
    • Marketing, sales, and distribution agreements.
    • CV’s of the management team.
    • Copies of official approvals/licenses.
    • Evidence of Government incentives/support.
    • Any research/press publications supporting the project or its kind.