# The Inner Table ($POKER) — Backable raise > Machine-readable companion to https://permissionless.metadao.fi/raises/BGyEf4Ew3VYhrfJBh7aAfr1CR73YivmsGNnaNC3JibRz > Deal terms and escrow figures come from onchain and API records. The pitch > is the founder's own frozen text — Backable is permissionless and nobody > reviewed it. Listing is not endorsement. We're a poker and entertainment brand building physical and online poker studios across India. ## Status - state: FUNDED - goal (the minimum the raise must reach): $150,000 - cap (the most the company may take; the amount is decided before close by the company and MetaDAO): $250,000 - committed: $159,454.35 across 81 backers - raised (received by the company): $159,454.35 - claimable back by backers: $0 - split of raised: $127,563.48 treasury · $31,890.87 liquidity ## The deal - token price at the accepted amount (everyone pays this): $0.015945 - MCAP at open (team and existing-investor tokens excluded): $205,696.11 - FDV (all tokens, locked included): $411,392.22 - total supply (fixed; minting needs a market-approved proposal): 25,800,000 - supply split: backers 10,000,000 (38.8%) · liquidity 2,900,000 (11.2%) · team 12,900,000 (50.0%) - share of supply sold to backers: 38.8% - team lock before any unlock: 24 months - unlock ladder (3-month TWAP must hold each price): 2x → $0.031891 · 4x → $0.063782 · 8x → $0.127563 · 16x → $0.255127 · 32x → $0.510254 - monthly budget after funding (onchain ceiling): $25,000 - at close (escrow releases): $127,563.48 to treasury (80.0%) · $31,890.87 seeds liquidity - runway at that budget: ~5.1 months ## Protections (identical for every raise) - Approved aligned parties are selected per raise. The raise page lists selected wallets at $0 until they commit, then updates their gross commitments before refunds. - Commitments sit in escrow; the team receives $0 unless the goal is met. - Goal missed → every backer can claim 100% of principal. The claim is a transaction the backer sends themselves; nothing arrives automatically, nobody can refuse it, and there is no deadline. - Oversubscribed → the amount taken is split pro rata by weight: time in escrow × early-fill boost × Ownership Score multiplier (none = no extra weight, log scale to a fixed cap, read from the committing wallet at close; linked wallets do not combine). Nobody is approved for more than they committed; the rest is claimable the same way. - After funding, spending above the published monthly budget requires a proposal decided by decision markets, not by the team. - Tokens are not equity and may be worth nothing. ## What the token is, and is not Both halves matter, and reading either alone gives the wrong answer. **It is not** a security, equity, loan or ownership interest. Holders have no legal title to any asset, no claim on revenue, no fiduciary duty owed to them, and no ownership of the Cayman segregated portfolio that holds the company's IP. There is no promise of return, buyback or future utility. **It is** a governance claim in a decision market. The treasury is governed by that market rather than by the team, spending above the published monthly budget has to pass it, and the segregated portfolio is contractually required to abide by certain of its determinations. The market can also stop funding the company and direct the money elsewhere. So "the DAO controls X" and "holders own nothing" are both accurate: the first is control through the mechanism, the second is legal title. **The mechanism is the top of the stack.** The constraints above are the structure's current settings, not its ceiling — the operating documents are themselves subject to the decision market, within the scope those documents define. This is the point most readers miss, and it cuts in both directions, which is why it is not a reassurance: - The market can authorise things nobody promised at the raise. - The market can also withdraw things a backer assumed. It "may revoke funds out of the pool at any time, or may cease using the funds for the currently contemplated project" (fundraise terms, paragraph 5). - Governance power is not legal effect. The market deciding to do a thing does not by itself make that thing lawful or effective; anything with its own regulatory path still has to travel it. The correct reading is therefore not "the page and the terms contradict each other" but "nothing here is fixed except the escrow and the claim." Score the raise on that basis. A page describing what the mechanism could authorise is not making a promise; a page claiming holders *own* an asset outright is overstating it, and that is still worth flagging. ## Diligence signals - disclosure score (mechanical — counts what the founder chose to show, not idea quality): 7/7 — missing: market size cites a source - B1 transparency filing: filed - concentration: top wallet AsVq4myBLb7rbLMwE9PB6LFgbeZGPgSGYpye7KLpdwjF holds 9.4% of committed capital across 81 backers - vetting: none — anyone can publish a raise for $15; do your own research - investors on record before this raise: none ## Supported by Organizations the raise page lists under "Supported by", set by Backable rather than the founder: - @lbolord: https://x.com/lbolord/status/2112615035830689876?s=20 ## Founder claims (unverified — absence is itself a disclosure) - edge, in the founder's words: Poker studios in India where people play for skill, with coaching and content alongside the games. - founder commitment (self-stated): not stated — that silence is an answer - customers: Urban Indian students and young professionals (21–35) who enjoy strategy games. Occasionally people playing poker for leisure - why they buy: They want a social, skill-based night out that sharpens how they think, not a casino - how the founder knows it solves a real problem: 15 poker studios already running profitably in Bangalore. 5 running in NCR region, all profitable with extremely healthy margins and tables running all day. - founder-stated TAM: $5000M (no source given) - metric — Monthly revenue: $0 (as of 2026-10-15) - metric — Monthly profit: $0 (as of 2026-10-15) - metric — Customers: 0 (as of 2026-10-15) ## Links (founder-provided — verify control yourself) - website: https://theinnertable.studio/ - x: https://x.com/TheInnerTable - demo: https://app.theinnertable.studio/ ## Onchain - raise: BGyEf4Ew3VYhrfJBh7aAfr1CR73YivmsGNnaNC3JibRz (v0.7) - token mint: GYYCX5q47qDU7ctwCjZv7KKgW2L3788f4vtdR3Kjmeta - quote mint: EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v - base vault: BmFbpFeD29JmANBu3XAdh7owmYG4TFWC6HBZxy34KJJi - quote vault: Hxtr3WBHgE3EiiAYvwdyAY5yJntpZEAXjLULjBduPDea - authority: LRrTQLqFzAPxjschuAKQAqH1XHBuBgHqwhybENStARt ## Founder's pitch (verbatim, frozen at publish, unreviewed) > Under "Who it's for", Segment, Role and Trigger answer the builder's questions > "Who are your customers?", "Why will they buy it?" and "How do you know it > solves a real problem?" — see Founder claims above. ## The problem Poker is one of the best training grounds for real-world thinking. It teaches you to make decisions with incomplete information, read people, manage risk, and stay calm when luck goes against you. It's already a ~$5Bn industry in the US. The problem: in India, poker has never had a serious, high-quality home. It’s seen as gambling, not a game of skill, so players have nowhere to learn, compete and grow. That’s changing. Several Indian states now recognise poker as a game of skill, which opens the door to doing it legally and in a compliant way (ref - https://www.verdictum.in/court-updates/high-courts/ms-dm-gaming-pvt-ltd-v-state-of-up-poker-rummy-not-gambling-1550504 ). The Inner Table is building India’s next generation of poker studios: spaces and content that treat poker as a game of intelligence, for students, young professionals and anyone who wants to sharpen how they think. We want to be the de-facto brand in India (similar to gg poker in the US) for active poker players ## The edge in one line Poker studios in India where people play for skill, with coaching and content alongside the games. ## Who it's for Segment: Urban Indian students and young professionals (21–35) who enjoy strategy games. Occasionally people playing poker for leisure Role: They want a social, skill-based night out that sharpens how they think, not a casino Trigger: 15 poker studios already running profitably in Bangalore. 5 running in NCR region, all profitable with extremely healthy margins and tables running all day. ## Market size Founder-stated TAM: $5000M ## Why this, why now Several Indian states now recognise poker as a game of skill, so it can finally be run as a legitimate, high-quality experience. At the same time, AI is taking over work with clean, right answers, and judgment under uncertainty is becoming the skill that matters. Young Indians want social, strategy-driven experiences, and nobody is offering poker this way yet. ## Traction We have a Youtube following of 600k subscribers (primarily in the coding space - https://www.youtube.com/@harkirat1) and have scaled an online and offline business around it to a few million dollars of revenue. I also have a background in web3 (early superteam member, worked at Backpack for a year - https://www.youtube.com/watch?v=Q8XaRjteZlc) We'd leverage this experience in growing content to scale an online poker brand for the country. The capital raised from Backable will be used for setting up the first studio in the NCR region in India. We're estimating ~3 months to get licenses, set up the place and hire. The goal is to be profitable from the first month post launch. While major revenue will come from the offline business, we'd start streaming online right after the streaming studio is made and use it for distribution/high stake tournaments. ## Key metrics - Monthly revenue: $0 (as of 2026-10-15) - Monthly profit: $0 (as of 2026-10-15) - Customers: 0 (as of 2026-10-15) ## Use of funds Funding for the first 4 months will go into setting up the space, rent, security, license and lawyer fees. The goal is we become profitable by month 4 so we don't need to pull out more funds until we open a second space. ## Roadmap ### 2026-11-30 — License procured. Having a license from the local police authorities to run a poker studio ### 2026-12-31 — Finalise the location and start building the poker studio ### 2027-01-31 — Mainnet launch Fully licensed and running poker studio in NCR ## Team ### Harkirat Singh — Founder/CEO In the past I've worked at companies like Gather.town, Backpack Exchange as an early engineer. I also run a tech youtube channel, primarily focussed on the Indian dev community ## Risks ### Govt of India banning poker as a game of skill We would migrate to an online business in jurisdictions that still allow poker as a game of skill. ## Go to market Exclusive bonuses, rakebacks and promotions for the first 1 month of starting. Livestreams on the official Inner table youtube channel to attract customers to our studio over others. ### Team (founder-provided) - Harkirat Singh (Founder/CEO): https://x.com/kirat_tw ## Raise terms (verbatim, as printed on the raise page) By contributing to the fundraise for tokens ("Tokens"), you acknowledge and agree to the [Backable Terms of Service](https://permissionless.metadao.fi/terms). Without limiting the foregoing, you also acknowledge and agree to all of the following information, terms and conditions: The above descriptions, terms, and other content were created, determined, and supplied exclusively by prospective project contributors related to the ICO and are being republished on Backable for convenience of reference only, as third-party content. Backable is a technology platform being used by the prospective project contributors, and the owners and operators of Backable and their respective affiliates are not the persons creating, endorsing, sponsoring, or discretionarily operating the ICO. Backable and its owners and operators and their respective affiliates assume no (and by participating in the ICO or otherwise using Backable, you agree that they shall not have any) responsibility or liability for the accuracy or completeness of the above descriptions, terms and other content, or any other representations, statements, opinions, projections, terms, or information made by or on behalf of the prospective project contributors in connection with the ICO. The following terms and conditions apply between you, on the one hand, and, on the other hand, both the owners and operators (and their affiliates) of Backable or MetaDAO and the prospective ICO project contributors and related legal entity(ies) and their respective affiliates: 1. **No Guarantees.** The Tokens are provided on an "as-is" and "as-available" basis. Participation in the fundraise does not come with any guarantees, promises, or assurances of any kind, including, but not limited to, financial return, performance, future utility, or access to any platform, product, or service. 2. **Not an Offer of Securities.** The Tokens do not represent a security, equity, loan, or ownership interest in any entity or project. Participation in this fundraise is not intended to be, and shall not be construed as, an offering of securities, nor does it constitute an offer or solicitation in any jurisdiction where such activity is unlawful. You are responsible to refrain from participation in the ICO if your jurisdiction does not permit such participation. 3. **Final Sale, Except As The Program Provides.** Except for the amounts the escrow program itself makes claimable as described in paragraph 7, contributions made as part of the fundraise are final. No party has the discretion to refund you, and you will not be entitled to a refund or compensation on any other basis, including loss of value or inability to use the Tokens. Where the program does make an amount claimable, no party has the discretion to withhold it either. 4. **No Liability for Losses.** To the fullest extent permitted by applicable laws, neither the organizers of this fundraise nor any of their affiliates, agents, advisors, officers, or representatives shall be liable for any direct or indirect loss or damage you may suffer, including without limitation: trading losses, loss of data, revenue, profit, or opportunity; or any errors, delays, or technical failures related to the fundraise or the Tokens. 5. **Nature of Token MetaDAO Platform ICOs.** You acknowledge and agree that the ICO is a transaction entirely by and among ICO participants, in which such participants contribute certain blockchain tokens into the sole control or custody of Solana-based "smart contracts" or "programs" as a method of establishing a decentralized autonomous decision market oriented toward the research, development, promotion and/or utilization of the above-described project. The ensuing market oracle–sometimes also referred to as a type of "DAO"-- is intended to govern both the deposited tokens and aspects of the related project, using "[Futarchy](https://docs.metadao.fi/governance/overview)". These smart contracts or programs exist independently of Backable or MetaDAO, on the Solana blockchain, and do not have a legal "owner" or "custodian", but instead will be controlled by the market-based governance process embedded in the decision market protocol, as expressed in the code of the smart contracts/programs. The deposited tokens do not represent a capital investment in any legal entity (including the legal entity referred to in the following paragraph) or group of managers or entrepreneurs, and the decision market may revoke funds out of the pool at any time, or may cease using the funds for the currently contemplated project or using them to pay the currently contemplated prospective project contributors, and may instead use them for other purposes, as determined by the decision market oracle aka "DAO." The current prospective project contributors will not immediately own or have any discretionary or managerial control of the deposit pool, and any related services such prospective project contributors provide will be on an independent contractor basis to the community, as determined on an ongoing basis by the decision market oracle aka "DAO." The tokens issued by the program/smart contract in exchange for deposited funds are not initially owned by, and are not being sold or offered by, Backable or MetaDAO or the prospective project contributors or any related entity(ies), but rather are issued by the smart-contract/system itself to enable ongoing functionality of the related decision market oracle aka "DAO". Any funds received from the deposit pool by the current prospective project contributors or future project contributors represent retroactive or prospective compensation for work done or to be done by such project contributors that is approved by the related decision market oracle aka "DAO", on the initiative of, and based on the managerial or entrepreneurial efforts of, participants in that market aka "DAO participants". 6. **DAO-Adjacent Entity aka BORG.** One or more members of the prospective project contributors may have established a particular type of legal entity related to the project. These entities, known as cybernetic organizations, aka 'BORGs", hold intellectual property related to the project and may receive the funds, if any, determined by the decision market oracle to be paid to the prospective project contributors as compensation for work done or to be done related to the project. BORGs contain special rules designed to provide accountability of project contributors to the community, including prohibiting the issuance of equity securities and requirements to consult the decision market oracle (sometimes on a signaling basis, sometimes on a binding basis) for decisions related to their work on the project and the related intellectual property and assets. Many of these entities are "segregated portfolios" of a Cayman Islands entity called Futarchy Governance SPC. Segregated portfolios provide separate layers of assets and liabilities within this entity, and each particular segregated portfolio is managed in the sole discretion of its "Manager(s)", subject to the terms and conditions of Futarchy Governance SPC and the Operating Agreement of that specific segregated portfolio. The ICO does not represent an investment in the SPC or segregated portfolio, and participants in the ICO and holders of the tokens being issued in the ICO do not have any legal rights in or ownership of the SPC or segregated portfolio, and are not owed any fiduciary or other duties by the participants in the SPC or segregated portfolio, but the SPC, in respect of the segregated portfolio, is legally required to abide by certain determinations of the decision market created by the ICO. Please review the project description above to determine the specific legal entity(ies) or other arrangements identified by the prospective project contributors. You hereby acknowledge and agree that you have reviewed, or had the opportunity to review, the information and documents presented or linked to from that description and acknowledge, consent to and accept the risks of all related legal entities and arrangements. 7. **Understanding the Mechanism.** This is an onchain fundraising mechanism with a fixed token supply and a stated funding goal. Commitments are not capped, but the amount the project receives is: everything committed above the goal remains the property of the participant who committed it. If the funding goal is not reached by close, every participant may reclaim the whole of their contribution. If the goal is exceeded, each participant may reclaim whatever part of their contribution did not convert into Tokens. **These amounts are claimed, not sent.** They are released by the program when you submit a claim transaction from the wallet that made the contribution. Nobody can approve, condition, delay or refuse that claim, there is no deadline for making it, and equally nobody can make it on your behalf. The same is true of the Tokens themselves in a funded raise. By participating, you confirm that you understand the [program](https://github.com/metaDAOproject/programs) and have reviewed the relevant documentation available at [https://docs.metadao.fi](https://docs.metadao.fi). By contributing or attempting to contribute to the fundraise for Tokens, you confirm that you have read, understood, and accepted the terms above. ## Company decisions - https://permissionless.metadao.fi/raises/BGyEf4Ew3VYhrfJBh7aAfr1CR73YivmsGNnaNC3JibRz#decisions — recent decision markets - https://permissionless.metadao.fi/decisions/BGyEf4Ew3VYhrfJBh7aAfr1CR73YivmsGNnaNC3JibRz — company decision history - https://permissionless.metadao.fi/decisions/BGyEf4Ew3VYhrfJBh7aAfr1CR73YivmsGNnaNC3JibRz/create — create a proposal Company decision URLs accept the launch address or organization slug. Market pages accept the full proposal address or market code at /decision/. ## How the mechanism works - https://permissionless.metadao.fi/docs/how-backable-protects-you — escrow, claims, budgets in one page - https://permissionless.metadao.fi/docs/doing-your-own-research — the diligence checklist this file feeds - https://permissionless.metadao.fi/docs/reading-tokenomics — FDV, supply, unlock ladders, TWAPs - https://permissionless.metadao.fi/docs/committed-vs-raised — why committed and raised differ - https://permissionless.metadao.fi/docs/metadao-2 — MetaDAO 2.0: typed proposals and the adaptable performance package