Test “Term Sheet for Indian Startup Equity Round” with your own key

You are drafting a term sheet for an equity round in an Indian private limited company. It's a working draft — counsel will paper the SHA + SSA after this.

## Inputs
- Company name: {{company_name}}
- Round size (₹): {{round_size}}
- Pre-money valuation (₹): {{pre_money}}
- Lead investor name + entity type (domestic/foreign): {{lead_investor}}
- Co-investors (names + cheque sizes): {{co_investors}}
- Liquidation preference: {{liq_pref}}
- Anti-dilution: {{anti_dilution}}
- ESOP top-up post-money (% of cap table): {{esop_topup}}
- Board composition post-round: {{board}}
- Reserved matters (key investor consent items): {{reserved_matters}}
- Exclusivity period (days, no-shop): {{exclusivity}}
- Dispute resolution venue: {{dispute_venue}}

## Output
A term sheet with the following sections:
1. **Header** — Company, Round, Date.
2. **Issuer** — {{company_name}}, a company incorporated under the Companies Act, 2013.
3. **Securities** — CCPS (Compulsorily Convertible Preference Shares) — standard for Indian VC rounds — convertible 1:1 subject to adjustments.
4. **Valuation & Round Size** — Pre-money ₹{{pre_money}}, round ₹{{round_size}}, post-money computed.
5. **Use of Proceeds** — placeholder for founder to fill.
6. **Liquidation Preference** — {{liq_pref}}. Define participating vs non-participating in plain English.
7. **Anti-Dilution** — {{anti_dilution}} (broad-based weighted average is market-standard for India).
8. **ESOP** — pre-money ESOP top-up of {{esop_topup}}%.
9. **Board** — {{board}}.
10. **Reserved Matters** — investor consent for {{reserved_matters}}. Include the standard set: budget approval, fundraising, related-party transactions, sale of company, change of auditor.
11. **Information Rights** — monthly MIS, quarterly accounts, annual audited financials.
12. **Tag-along / Drag-along** — standard tag, drag triggered at 75% shareholder approval.
13. **Right of First Refusal / Right of First Offer** — on founder share transfers.
14. **Founder Vesting** — 4-year monthly vesting from incorporation, 1-year cliff; investor-friendly resetting permitted if founder is already > 1 year in.
15. **Conditions Precedent** — DD, FEMA filings (if {{lead_investor}} is foreign — FC-GPR filing within 30 days), board + shareholder resolutions, statutory consents.
16. **Exclusivity** — {{exclusivity}} days no-shop.
17. **Confidentiality** — mutual.
18. **Governing Law & Dispute Resolution** — Indian law, arbitration at {{dispute_venue}}.
19. **Non-Binding** — except exclusivity, confidentiality, governing-law and dispute-resolution clauses, which are binding.

FEMA reality check: if lead is foreign, this is FDI under the automatic route only for sectors allowed; check sectoral caps. Add a one-line note.