Ask any early-stage investor: more deals die in due diligence than in pitch meetings. The product was great, the metrics were real — but the paperwork wasn’t. Here’s what their checklist actually contains.
Corporate hygiene
- Incorporation documents, current MOA/AOA
- Every board and shareholder resolution, signed and dated
- Statutory registers — members, directors, charges
- Prior funding documents and share certificates
The cap table
One spreadsheet, zero ambiguity: every holder, every instrument, fully-diluted. ESOP pool documented with scheme papers and grant letters. Verbal promises to early employees are the single most common deal-killer we see.
Financials
- Audited statements for completed years
- Monthly MIS — P&L, cash-flow, runway
- A driver-based financial model investors can interrogate
- Revenue recognition that matches your contracts
Compliance
- GST, TDS, PF, professional tax — filed and current
- ROC annual filings on time (late fees are a red flag)
- IP assigned to the company — including from founders and freelancers
- Key contracts signed, not “in final draft”
The 30-day sprint
Week 1: gap audit across all four areas. Weeks 2–3: remediation — backdated hygiene where legal, honest disclosure where not. Week 4: data room assembly with an index an analyst can navigate without calling you.
The best time to become diligence-proof was incorporation. The second-best time is 30 days before your raise.
Bequip’s funding-support team runs this sprint end to end — and our free Funding Readiness Score tells you in two minutes which week needs you most.