JBV
Favcy VB × Jeet Brothers Ventures

The Venture Studio
Operating System

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Confidential discussion draft · v0.9
Favcy VB × Jeet Brothers Ventures
The Joint Venture Studio Blueprint
One platform · Three engagement models · One governance system

One studio to build and scale new companies, together.

Jeet Brothers brings capital, networks and patient ownership. Favcy brings the team that builds. One studio, where every decision is gated, written down and owned.

Jeet Brothers Ventures

Mandate + Capital

Strategic direction, business networks, corporate access, reputation and long-horizon ownership.

×
Favcy Venture Builders

System + Execution

Thesis design, validation, product, growth, operators, shared services and capital readiness.

=
Joint Outcome

Institutional Venture Creation

A governed portfolio—not a collection of projects—with reusable learning and compounding equity.

Jeet Brothers brings capital and access. Favcy builds the companies. Governance keeps everyone aligned and founders investable.

01

One Mandate

A jointly approved thesis, capital envelope and annual venture-creation target.

02

Stage-Gated Capital

Evidence releases the next tranche. Sunk-cost emotion never replaces a gate decision.

03

Clear Decision Rights

Strategy, investment, operations and PortCo governance each have named owners.

04

Founder-Safe Structures

Vesting, IP, ESOP, dilution and reserved matters are designed before capital is deployed.

Proposal for tomorrow: approve a 90-day studio pilot, the 2+2+1 governance design, the three engagement bands and the work required to finalize binding documents.
Operating architecture

Three models. The equity matches the commitment.

Equity should follow the risk, capital, embedded team and accountability actually taken by the studio. Click a model to open its complete do’s, don’ts and governance design.

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Founder-led
3–8%

Acceleration

Best for an existing startup with a committed founding team, product evidence and a defined acceleration gap.

  • 12–16 week structured program
  • Founder retains operating and board control
  • Focused support: GTM, governance, capital readiness
  • Startup owns venture-specific IP
Click to open full model →
Jointly built
15–30%

Co-Builder

Best when a strong founder or validated thesis exists, but a hands-on venture squad is required to build and scale.

  • 12–24 month embedded build mandate
  • Named squad, budget and delivery milestones
  • Joint reserved matters; founder runs the company
  • Equity earned in tranches, not granted blindly
Click to open full model →
Studio-originated
51%+

Studio Venture

Best when the studio originates the idea, funds validation, assembles the team and carries primary creation risk.

  • Studio majority at formation
  • Operator/founder equity vests over time
  • PortCo owns venture IP; studio licenses shared IP
  • Institutional dilution plan from day one
Click to open full model →
DimensionAccelerationCo-BuilderStudio Venture
Starting pointExisting startupFounder or validated thesisStudio-originated opportunity
Favcy/JBV involvementProgrammaticEmbedded venture squadCompany creator and controlling shareholder
ControlFounder-controlledJoint reserved mattersStudio-controlled at formation
Equity logic3–5% base; milestone top-up to 8%15–20% base/earned; performance tranche to 30%51–70% studio; operator + ESOP + strategic pool
Primary success testGrowth and fundability upliftRepeatable revenue engineNew investable company created
Key mistake to avoidDelivering co-founder effort for accelerator equityOpen-ended services without milestonesAssuming majority ownership must remain forever
Legal/structuring note: ownership above one-half of voting power—or control of board composition—can create a holding/subsidiary relationship under India’s Companies Act. The final structure should be reviewed for consolidation, related-party, tax and fundraising consequences.
Organizational hierarchy

Owned jointly. Run by one team. One independent member for conflicts.

The structure separates ownership, investment approval and daily execution. Every node is clickable.

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Weekly Build RoomStudio CEO, venture architects and operating owners unblock delivery.
Monthly Portfolio CouncilEvidence, burn, risks, founder health and next gate for every venture.
Quarterly Studio BoardStrategy, capital envelope, governance, portfolio value and exceptions.
Annual Principals ReviewThesis, partnership economics, brand mandate and next-year ambition.
Recommended voting rule: ordinary matters by 3/5; reserved matters by 4/5 and at least one affirmative vote from each partner. Conflicted members recuse. Quorum always requires representation from both JBV and Favcy.
Suggested profiles

A small core team and a shared bench.

The studio should hire for decision ownership and venture throughput. Specialist capability can remain shared until portfolio demand justifies full-time roles.

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Day-1 staffing recommendation

Full-time: Studio CEO, Head of Venture Creation, 2 Venture Architects/EIRs and Portfolio Controller. Shared from Favcy/JBV: Product & Tech, Growth, Talent, Legal/IP, Finance and Investor Relations. The independent IC/board member is part-time.

Venture lifecycle

Every stage has an owner, an output and a go/stop gate.

The same funnel serves all three models; the depth of studio commitment changes after the model-selection gate.

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How the three models travel through the system

The highlighted steps show where the studio carries deeper execution responsibility.

Acceleration
IntakeDiagnosisAcceleration sprintCapital readinessAlumni support
Co-Builder
IntakeValidationJoint term sheetEmbedded build squadScale engine
Studio
Problem miningValidationOperator searchIncorporationBuild + fundSpin-out
Kill discipline: stop or redesign when buyer urgency is weak, unit economics cannot reach the approved threshold, a regulatory barrier is unresolved, no credible operator emerges, or the capital intensity is outside the studio thesis.
Getting everything in place

We launch when the studio is ready, not before.

Click each readiness item to mark it complete. Progress is saved in this browser for the meeting.

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Studio and PortCo structures

The studio and each company keep separate cap tables.

The studio entity governs the JBV–Favcy relationship. PortCo ownership should reflect the venture model, operator incentives, future ESOP and external fundraising.

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A. Structure of Jeet Brothers Ventures × Favcy VB

Joint StudioCo

JBV and Favcy both hold equity in the studio entity. A 2+2+1 board, vesting/buyback and deadlock clauses become essential.

Why it worksDeepest long-term alignment and one compounding portfolio balance sheet.
Watch-outEarly valuation debate, permanent cap-table complexity and deadlock risk.

Deal-by-Deal SPVs

JBV and Favcy agree economics independently for each venture or thematic pool, without shared ownership at studio level.

Why it worksMaximum flexibility and clean separation of different capital mandates.
Watch-outFragmented governance, inconsistent incentives and high transaction load.
Recommended path: begin with a 12-month Managed Studio pilot and a pre-agreed option to convert into a Joint StudioCo after agreed proof points—such as governance compliance, capital deployed, ventures validated and PortCos launched.

B. Illustrative PortCo cap tables at formation

Acceleration

Illustrative 6% studio position
Founders / existing holders82%
JBV Studio6%
ESOP12%

Co-Builder

Illustrative 24% studio position
Founder(s)60%
JBV Studio24%
ESOP12%
Strategic pool4%

Studio Venture

Illustrative 60% studio position
JBV Studio60%
Operator / founder20%
ESOP12%
Strategic pool8%

Economic design principles

1. Cost clarity

Operating retainer covers the agreed core platform; venture-specific build costs are budgeted separately.

2. Performance participation

Favcy’s upside should be linked to venture creation, value milestones or realizations—not only time spent.

3. No hidden double charge

Fees, equity and third-party margins are disclosed and approved through the annual budget.

4. Dilution before emotion

Each PortCo has an approved dilution map for ESOP and future institutional rounds.

Year-1 financial model · base case

A ₹7.6Cr envelope to build three companies in Year 1.

An editable base case for three co-built PortCos. All figures are pre-tax discussion targets — to be confirmed with Indian legal, tax and accounting advisers.

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₹7.6Cr

Total pre-tax envelope

Operations + PortCo deployment + held reserve.

₹2.6Cr

Studio operations

Favcy fees ₹1.69Cr, Studio CEO ₹0.60Cr, overhead ₹0.31Cr.

₹3.75Cr

PortCo deployment

₹1.25Cr authorized per company, released through gates.

₹1.25Cr

Held follow-on reserve

Released only on Investment Committee approval.

A · Funding mix

Studio operations₹2.60Cr
PortCo deployment₹3.75Cr
Held reserve₹1.25Cr

B · 12-month scheduled cash flow (₹ lakh)

Retainer billed quarterly in advance; setup split 50/50; PortCo tranches released at gates in months 2, 4, 7 and 10. The ₹1.25Cr reserve is excluded until approved.

65
M1
67
M2
7.6
M3
125
M4
7.6
M5
7.6
M6
155
M7
7.6
M8
7.6
M9
200
M10
7.6
M11
7.6
M12
Gate / retainer month Run-rate month Total scheduled cash: ₹6.65Cr Max cash incl. reserve & GST: ₹7.90Cr

C · Per-PortCo use of authorized capital (₹1.25Cr each)

Use of funds% of capitalPer PortCo (₹L)All 3 PortCos (₹L)
Product & engineering32%40120
GTM & paid pilots20%2575
Founder / operator19.2%2472
Talent & specialists12%1545
Contingency12%1545
Legal, finance & tools4.8%618
Total authorized capital100%125375

D · Stage-gated capital release

GateEvidence required% of capitalMonthPer PortCo (₹L)All PortCos (₹L)
G0 · ValidationBuyer urgency, problem evidence, kill criteria12%21545
G1 · MVPIncorporation, operator terms, MVP plan20%42575
G2 · Paid pilotWorking product and commercial proof28%735105
G3 · ScaleRepeatability, unit economics and next-round case40%1050150
Total100%125375
These gates mirror the venture-creation flow in section 05: capital is released only when the evidence for the next stage is in hand.

E · Ownership and illustrative value

Favcy receives a share of the studio pool — not an additional direct grant from each PortCo. The studio holds an illustrative 24% per co-built PortCo.

JBV75%
Favcy20%
Leadership pool5%
HolderShare of studio poolEffective stake / PortCoAfter 30% dilutionIllustrative value (₹Cr)
JBV75%18.0%12.6%12.6
Favcy20%4.8%3.36%3.36
Leadership pool5%1.2%0.84%0.84
Total studio position100%24.0%16.8%16.8
1

Modeled success

Illustrative — one PortCo reaching a value event. Not a forecast.

₹100Cr

Assumed exit value

Average value per successful company in the illustration.

₹16.8Cr

Studio gross value

Post-dilution studio position at the modeled outcome.

~1.66x

JBV cash-on-cash

Illustrative gross multiple on JBV’s deployed capital.

Discussion draft: every figure is an editable base-case assumption, not a commitment. GST treatment, securities instruments and input-tax-credit eligibility must be finalized by qualified Indian legal, tax and accounting advisers.
Who decides what

We agree who decides what, up front.

This is the proposed decision-rights map. “Owner” prepares and executes; “Approve” is the formal authority.

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DecisionOwnerApproveConsultInform
Annual studio thesis and capital envelopeStudio CEO + PrincipalsJoint Studio BoardIC, VBO, sector advisorsPortfolio teams
Opportunity enters validationHead of Venture CreationInvestment CommitteeJBV domain lead, Favcy specialistsStudio CEO
Engagement model and initial equity rangeStudio CEOInvestment CommitteeLegal, finance, venture leadJoint Board
PortCo incorporation, founder/operator appointmentVenture LeadIC + Joint Board reserved matterTalent, legal, independent memberPrincipals
Spend within approved venture budgetVenture CEO / Studio CEODelegated per T1/T2 thresholdsPortfolio ControllerMonthly Portfolio Council
Material pivot, pause or killVenture CEO + Venture LeadInvestment CommitteePortfolio Council, customer evidenceJoint Board
New share issue, debt, M&A, sale of core IPPortCo CEOPortCo Board + Studio reserved matterLegal, finance, investorsPrincipals
Related-party transactionPortfolio ControllerNon-conflicted board/committee membersAudit, Risk & IP CommitteeAll directors
Use of Jeet Brothers brand or public commitmentStudio CEOJBV brand principal / delegated ownerFavcy communicationsJoint Board
Favcy delivery standards and team deploymentFavcy Operating PartnerStudio CEO within approved mandateVenture lead, JBV sponsorPortfolio Council

Reserved matters

Thesis change, capital envelope, new venture incorporation, equity/convertibles, material debt, related-party deals, core IP transfer, founder removal, M&A and studio-brand commitments.

Delegated thresholds

Define T1 for venture CEO, T2 for Studio CEO, T3 for IC and “above T3” for the Joint Board. Thresholds should cover spend, hiring, contracts and discounts.

Deadlock path

Management resolution → Joint Board → Principals Council → mediation / pre-agreed buy-sell or status-quo mechanism. No unilateral action on a reserved matter.

Click to explore sections

Rules that keep us fast, trusted and investable.

These are the policy headings for the definitive Studio Charter, Operating Agreement and PortCo templates.

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From agreement to first build

A 90-day pilot to test the partnership first.

By Day 90: governance running, a real pipeline, and one or two build decisions backed by evidence.

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Days 0–30

Foundation

Create the mandate, decision system and minimum operating team.

  • Sign Heads of Terms / Studio Charter
  • Appoint 2+2+1 board and interim IC
  • Confirm Studio CEO and Favcy Operating Partner
  • Approve Year-1 thesis and capital envelope
  • Finalize scorecards, templates and data room
  • Agree studio economics and PortCo bands
Output: governed studio ready to originate and validate.
Days 31–60

Pipeline & Systems

Build qualified deal flow and test the operating cadence.

  • Run problem-mining sessions with JBV network
  • Screen an illustrative 20 opportunities
  • Advance 5 into discovery / validation
  • Recruit operator and EIR bench
  • Activate weekly Build Room and monthly Council
  • Complete IP, conflict and investment templates
Output: ranked pipeline with evidence and named owners.
Days 61–90

Build Decisions

Convert validation into explicit build, partner, pivot or kill decisions.

  • Complete 3 validation sprints
  • Select the right engagement model for each
  • Approve 1–2 investment/build memos
  • Issue founder/operator terms and vesting
  • Launch pilot or incorporate first PortCo
  • Publish 12-month portfolio and capital plan
Output: first venture(s) approved and studio proof established.

Illustrative pilot scorecard to approve

100%

Decisions logged

Every gate, exception, conflict and tranche has an auditable record.

≤ 6 wks

Validation decision

Time from approved opportunity to build / partner / pivot / kill decision.

20 → 5 → 2

Funnel discipline

Illustrative screened, validated and build-approved opportunity funnel.

12 mo

Capital visibility

Studio operating runway plus venture-specific tranche plan.

All numeric targets are proposed discussion targets, not commitments. The Board should approve the final funnel, budget, timelines and sector thesis.
Tomorrow’s outcome

Eight decisions to make.

Click to mark decisions complete. Add notes on the right; both are saved in this browser.

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