Early-stage businesses
An idea gaining traction
A short financial history calls for close attention to the team’s plan, market evidence, unit economics and funding runway. Scenarios help explain a wider range of possible outcomes.
For founders & investors
Ambition deserves
a considered valuation.
A grounded view of value for growing businesses, funding conversations and the securities that connect founders, investors and employees.
Across the business lifecycle
Different stages.
Different questions.
A startup’s potential and its uncertainties need to be considered together. We start with the business model, the purpose of the valuation and the rights attached to the investment.
Growth-stage businesses
A business finding scale
As revenue develops, the focus moves to repeatability, customer retention, margins and the investment needed to expand. Forecasts should connect growth to cash requirements.
Established businesses
A platform for the future
A longer operating record can support more developed cash-flow and comparable-company analysis. Capital structure, governance and proposed transaction terms remain central.
From plan to perspective
The story.
The assumptions.
The economics.
A compelling growth story needs an understandable financial foundation.
Depending on the purpose and available evidence, the analysis may consider discounted cash flows, comparable businesses, recent transactions or scenarios. Venture capital and qualitative frameworks can offer context, but their suitability must be assessed against the engagement’s requirements.
We consider forecast revenue, unit economics, working capital, reinvestment, funding needs and the path towards sustainable cash generation. The analysis should make uncertainty visible and explain which assumptions have the greatest effect on value.
Explore DCF valuationFunding & ownership
Review the proposed investment, pre-money and post-money context, dilution and the fully diluted capital structure. Share terms can matter as much as the headline price.
Convertible securitiesEmployee participation
Options and other employee securities need a clearly defined purpose, relevant terms and an appropriate method. Consider vesting, exercise conditions and the governing framework.
Employee securitiesPrepare for the discussion
Bring your business plan, financial statements, projections, cap table and proposed investment terms. We will use the initial discussion to identify the scope and information needed.
Discuss your startupRecognition and incentives. Startup recognition, tax eligibility and valuation requirements are separate questions. Check the current criteria on Startup India and discuss the applicable provisions with your advisers.
Every engagement starts with a conversation
Your next decision.
A clearer perspective.
Tell us what you’re considering.
We’ll help you understand the valuation you need.