Glossary / funding

Valuation

funding

Quick Definition

Valuation is the estimated worth of your company, typically determined during fundraising. Pre-money valuation (before investment) + investment amount = post-money valuation (company value after funding).

Detailed Explanation

Valuation determines how much equity you give investors. Two types: (1) Pre-money valuation—company worth before investment. (2) Post-money valuation—company worth after investment. Example: Pre-money ₹10 crore, investor puts ₹2 crore → post-money ₹12 crore, investor owns 16.67% (₹2 crore ÷ ₹12 crore). Valuation methods: Early-stage (no revenue): Comparables (similar startups' valuations), scorecard method (rate team, market, product). Growth-stage: Revenue multiples (SaaS = 10-20x ARR), DCF (discounted cash flow). Example: Company with ₹1 crore ARR, 10x multiple → ₹10 crore valuation. Factors affecting valuation: Traction (revenue, users), growth rate (10% vs 100% MoM), market size (₹1,000 crore vs ₹1 lakh crore), team (repeat founders = higher), competition (hot space = higher). Valuations fluctuate: 2021 had inflated valuations (₹10 crore ARR companies raising at ₹1,000 crore), 2023-2024 correction (same companies now ₹200 crore). Focus on fair valuation you can grow into, not maximum valuation (leads to down rounds, team morale issues).

Formula

Post-Money Valuation = Pre-Money Valuation + Investment Amount | Investor Ownership % = Investment ÷ Post-Money Valuation

Real-World Examples

Typical Series A

₹5 crore ARR SaaS, growing 200% YoY. Valued at ₹100 crore (20x ARR multiple). Raising ₹20 crore → post-money ₹120 crore, investor gets 16.67%.

Down round

Raised Series B at ₹500 crore valuation. Missed targets, next round at ₹300 crore (down round). Hurts morale, dilutes early investors, signals problems.

Unicorn valuation

Edtech reached $22B valuation in 2021 based on GMV. 2024 revaluation at $3B. Overhyped valuations crash when metrics don't support them.

Why It Matters for Your Startup

Higher valuation = less dilution (keep more equity). But too high = pressure to meet unrealistic growth targets, risk of down round. Founders optimizing for max valuation often regret it—better to take fair valuation from helpful investor.

Common Mistakes

  • Taking highest valuation offer (wrong investor, toxic terms, unsustainable expectations)
  • Overvaluing company (creates pressure, makes next round harder)
  • Comparing pre-revenue valuation to unicorns (they earned high valuation through traction)
  • Not understanding liquidation preference impact on valuation (2x participating preference means valuation doesn't matter in small exit)
  • Giving up too much equity early (seed at ₹5 crore valuation = 20% gone for ₹1 crore)

Frequently Asked Questions

What is a good valuation for seed/Series A?

Seed (pre-revenue): ₹10-50 crore. Seed (early revenue): ₹30-100 crore. Series A: ₹100-500 crore (typically 10-20x ARR for SaaS). Varies by market, team, traction.

How do I negotiate valuation?

Get multiple term sheets (competition drives up price). Show traction growth. Benchmark against comparable companies. But don't optimize for max valuation—optimize for best investor+fair terms.

Can valuation go down?

Yes, called "down round." Happens when company misses targets or market corrects. Example: Raised ₹500 crore, next round ₹300 crore. Hurts morale, dilutes early investors more.

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Valuation - Definition, Examples & Formula | StartupIdeasDB Glossary | startupideasdb.com