First Cheque

First Cheque uses convertible preferred stock with standard conversion terms, non-participatory liquidation preference, and broad-based weighted-average anti-dilution. The firm posts its full standard term sheet publicly, which includes an ESOP pool created pre-investment, monthly MIS reporting within eight days, and a 24-hour acceptance window once the offer is made. Co-investors participate on a per-deal basis, with the firm typically holding a board seat and exercising veto rights over share issuance, dividends, related-party transactions, and changes in management control.

First Cheque does not appear to operate a blind pool fund structure. Instead, it syndicates each ideation-stage deal to a network of 250+ co-investors, structuring investments on a per-company basis. The firm's standard terms stipulate that its shares will be sold in full before any founder or promoter shares are sold in a liquidity event, which is an unusual liquidity preference that prioritizes the firm's exit. This syndicate model removes fund-size deployment pressure and allows each startup to raise exactly what it needs.

First Cheque targets the ideation stage — before product-market fit and before institutional venture firms typically engage. The firm's own framing is 'Backing ambitious founders right from the ideation stage.' It does not list growth-stage, Series A, or later-stage investments, and its portfolio companies span sectors where zero-to-one risk is highest: deeptech, generative AI, spacetech, and web3 alongside consumer internet and D2C.

No public evidence indicates a follow-on reserve or later-stage investment program. The firm's standard term sheet includes pre-emptive rights to maintain its shareholding level, which could imply the capacity for pro-rata participation, but the overall posture is a single first-cheque deployment. The heavy reliance on co-investor syndication suggests that subsequent financing rounds are expected to be led by institutional VCs.

First Cheque does not publish a formal exclusion list, but the portfolio tags reveal notable sector gaps in hard infrastructure, energy transition, industrial manufacturing, and biotech. The firm appears concentrated in software, internet, and consumer-technology verticals — SaaS, fintech, deeptech, edtech, gaming, and web3 dominate the portfolio — with no mention of agritech despite the tag existing on the site.

The standard term sheet gives First Cheque tag-along rights ahead of any promoters, meaning the firm can join any sale initiated by founders. More notably, the firm retains the right to sell its shares in full before any founder or promoter shares are sold — a full-liquidation priority clause. Promoters are also restricted from transferring shares without offering the firm the right to exit entirely on the same terms.

Yes. The firm lists a Demo Day as part of its 'How we help' framework, alongside mentorship, expert connects, and continuous learning. The Demo Day functions as a syndication event connecting portfolio companies to the 250+ co-investor network. The firm also maintains an extended team of mentors and campus initiatives, suggesting a pipeline effort aimed at Indian university founders.