Startup Valuations
A startup valuation that can withstand every audience.
Valuing a startup is fundamentally different from valuing a stable, cash-generating business. The absence of historical earnings, the weight of future potential, and the significant uncertainty about whether that potential will be realised all make standard valuation frameworks inadequate on their own.
We provide independent startup valuations — built on methodologies appropriate to the stage, the sector, and the purpose — with assumptions that are transparent, defensible, and calibrated to what the business actually is rather than what the founder hopes it will become.
Why Standard Frameworks Don't Work
The startup valuation problem
A DCF model requires projected cash flows. But a pre-revenue startup has no reliable basis for projections beyond management's ambition. A comparable company multiple requires comparable companies. But true startup comparables are scarce, and the ones that exist often reflect market sentiment as much as fundamental value.
The challenge is to produce a valuation that is intellectually honest about the uncertainty, grounded in what can actually be evidenced, and defensible to whoever will scrutinise it — whether that's a tax officer, an incoming investor, a co-founder, or a regulator.
This is where the quality of the methodology and the independence of the valuer matter most.
"The founder believed the business was worth ₹80 crore. The investor believed it was worth ₹40 crore. Neither had a methodology. We built an independent valuation — and both sides accepted ₹55 crore, because it was the only number in the room with a rationale behind it."
Stage & Risk
Valuation risk by funding stage
The appropriate methodology and the level of uncertainty in any startup valuation depend heavily on where the business is in its journey.
Pre-revenue concept
Risk: ExtremeNo validated customer demand, no revenue, often pre-product.
Pre-seed / concept validated
Risk: Very HighMVP built, early customer feedback, no commercial revenue.
Seed / early revenue
Risk: HighInitial paying customers, product-market fit being established.
Series A / growth stage
Risk: ElevatedRepeatable revenue model, scaling aggressively, path to profitability visible.
Series B+ / pre-IPO
Risk: ModerateScaled business, clear competitive moat, approaching or at profitability.
Our Services
Four startup valuation engagements
Valuation types
- ESOP grant price valuation — methodology-backed, audit-ready
- Fundraise valuation — independent basis for investor negotiations
- Regulatory / tax compliance — FEMA, income tax Sec 56/50CA
- Shareholder / co-founder exit valuation
What you get from us
- A valuation grounded in stage-appropriate methodology
- Transparent assumptions — not black-box outputs
- Documentation to the level required by your specific purpose
- A number you can defend to every audience that will scrutinise it
How we work
From brief to delivered valuation
Understand the purpose
The purpose of the valuation determines everything else — methodology, documentation standard, and what assumptions need to be most defensible. We start here.
Gather information
Business plan, financial model, cap table, term sheets, comparable funding rounds, industry data, and any existing investor materials. We review everything.
Apply methodology
We select and apply the appropriate methodology or blend — DCF on management projections, VC method, comparable round analysis, or scorecard / Berkus where relevant.
Deliver and walk through
A complete valuation report with methodology disclosure, key assumptions, sensitivity analysis, and a clear conclusion — walked through so you can defend it confidently.