Pioneered by 100X.VC · July 2019
Five pages. Zero drama.
iSAFE — India Simple Agreement for Future Equity — is the most founder-friendly instrument for raising your first round. No valuation negotiation, no interest, no maturity date. Just capital, fast.
Why founders choose it
SAFE, adapted for Indian law
5 PAGES
The whole agreement. Your lawyers will be bored — and cheap.
CCPS
Legally structured as compulsorily convertible preference shares, fully enforceable in India.
NO HAGGLING
Valuation is decided at your next priced round, when you have the leverage of traction.
Four flavours
iSAFE templates
iSAFE — Valuation Cap
Converts at the next priced round, capped at an agreed valuation. The default for most seed deals.
iSAFE — Discount
Converts at a discount to the next round's price. Simple upside for backing you early.
iSAFE — Cap + Discount
Whichever is more favourable to the investor at conversion: the cap or the discount.
iSAFE — MFN
Most Favoured Nation: automatically inherits better terms if you issue them to later iSAFE investors.
Templates available free — because good paperwork should be public infrastructure.
FAQs
The fine print, unfolded
What exactly is an iSAFE note?
iSAFE (India Simple Agreement for Future Equity) is 100X.VC's adaptation of the Y Combinator SAFE for Indian law. It is legally structured as compulsorily convertible preference shares (CCPS), so it is fully enforceable in India while keeping the simplicity of a SAFE — no interest, no maturity date, no valuation negotiation at signing.
When does it convert to equity?
At your next priced equity round, or at a liquidity event — whichever comes first. Until then, founders keep full control of the cap table conversation.
Why is it founder friendly?
Five pages instead of fifty. No valuation fight at seed stage, no board seats demanded, minimal legal spend, and you close in days. You focus on building; the paperwork stays out of the way.
Do later investors accept iSAFE on the cap table?
Yes — 100X portfolio companies have raised follow-on rounds from Sequoia, Nexus, Chiratae, Norwest and 50+ other institutional investors. iSAFE converts cleanly into the priced round's structure.
How does it sit in my financial statements?
As CCPS, iSAFE is reflected in the share capital section rather than as debt — there is no interest accruing and no repayment obligation.