Venture Capital 2025

INDIA

China

Pakistan

Nepal

Delhi

Bangladesh

India

Myanmar

Law and Practice Contributed by: Lalit Kumar JSA Advocates and Solicitors

Sri Lanka

Contents 1. Trends p.244

1.1 VC Market p.244 1.2 Key Trends p.244 1.3 Key Industries p.244 2. Venture Capital Funds p.244

2.1 Fund Structure p.244 2.2 Fund Economics p.246 2.3 Fund Regulation p.246 2.4 Particularities p.247 3. Investments in Venture Capital Portfolio Companies p.247 3.1 Due Diligence p.247 3.2 Process p.247 3.3 Investment Structure p.248 3.4 Documentation p.249

3.5 Investor Safeguards p.249 3.6 Corporate Governance p.250 3.7 Contractual Protection p.250 4. Government Inducements p.251 4.1 Subsidy Programmes p.251 4.2 Tax Treatment p.251 4.3 Government Endorsement p.251 5. Employment Incentives p.251 5.1 General p.251 5.2 Securities p.251 5.3 Taxation of Instruments p.252 5.4 Implementation p.252 6. Exits p.252 6.1 Investor Exit Rights p.252 6.2 IPO Exits p.252 6.3 Pre-IPO Liquidity p.253 7. Regulation p.253 7.1 Securities Offerings p.253 7.2 Restrictions p.254

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