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Between overprotective term sheets and oversimplified ones lies the real market.
On this episode of #ZeroToInfinity, Avnish Bajaj and Tarun Davda, are joined by Archana Rajaram to weigh in on one of the most misunderstood parts of startup building: the term sheet. As the founder of River Law (formerly Rajaram Legal), Archana’s work has quietly shaped the “market standards” that nearly every Indian SHA now follows.
In this episode, they break down the real-world changes in Indian term sheets post-2021 : from liquidation preferences and reverse vesting to governance, exits, board control, and how AI is already reshaping negotiations. The way a founder negotiates a term sheet often foreshadows how they’ll build their company, handle conflict, and navigate hard decisions later.
Tune in for a rare inside look at venture’s most misunderstood document.
Earlier conversations where we’ve discussed similar themes:
• https://youtu.be/uPX3atOS2eM?si=1lq9jFyDiPOZXxlP
• https://youtu.be/n-VyRtZUDzM? si=Gbk69ESI3vcBWonN
• https://youtu.be/wqOlpe_jKkQ?si=Q2m3lVNJ63ilbVT1
And here’s the article we discussed in the episode:
https://medium.com/@tarun_davda/calculating-liquidation-preference-f604cb70d652
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