Indian FEMA residents. Such founders may be all India residents or "mixed groups" (where one or more of the founders is India-resident, and one or more is not).
FEMA residency is a complex matter but the overall definition is: "The residential status under FEMA follows the main criteria that if an individual is in India for more than 182 days during the preceding financial year, he/ she shall be considered a Person Resident in India." More detailed discussion is required to establish the FEMA residency status of individuals, as there are other clauses which must be considered.
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