1. Geographic and Jurisdictional Mandate

Nirmaan is incorporated in Mumbai, India, and operates under SEBI Alternative Investment Fund (AIF) regulations. Our primary investment mandate is to fund entities that have their primary operations, engineering teams, or headquarters located in India. We also back Delaware/Singapore holding structures, provided the core product development and market deployment reside in India.

2. Target Investment Stages & Check Sizes

We focus exclusively on early-stage opportunities where our capital and operational network can make a major impact on product-market fit and revenue pathways:

• Pre-Seed Stage: Check sizes ranging from ₹1 Crore to ₹3 Crore ($120k to $360k). At this stage, we look for a prototype, early customer feedback, and an exceptional founding team.
• Seed Stage: Check sizes ranging from ₹3 Crore to ₹7 Crore ($360k to $840k). At this stage, we expect an active product in the market showing early monthly recurring revenue (MRR) or transactional volume (GTV), and clear evidence of scale-up readiness.

3. Co-Investment Policy

We believe in collaborative syndicate building. Nirmaan regularly acts as a lead investor, underwriting up to 70% of the target round. However, we also co-invest alongside institutional seed funds, corporate venture arms, and tier-1 angel networks. We do not participate in unpriced convertible notes in India; we require priced equity shares (CCPS/Equity) to ensure transparent capitalization tables.

4. Sector Focus

Our capital is deployed across sectors where our investment team and advisors possess deep domain expertise:

• Financial Infrastructure and B2B Lending
• Vertical B2B Commerce and Input Supply Chains
• SaaS platforms targeting global SME or Enterprise markets
• Applied AI, DeepTech, and Hardware-Software integrated stacks

5. Governance and Compliance Standards

We maintain high fiduciary standards. Every portfolio company we invest in is expected to adhere to our corporate governance guidelines:

This includes maintaining clean, audited accounts, conducting quarterly board reviews, and implementing proper employee stock option schemes (ESOPs) to incentivize early staff. We strictly avoid investing in sectors with heavy regulatory ambiguity or ethical conflicts (e.g., real-money gambling, unregulated digital assets, or predatory lending models).

"Governance is not a constraint on growth; it is the infrastructure that makes sustainable scale possible."