Valuation Services

We provide independent and defensible valuation services for startups and businesses, supporting fundraising, negotiation, compliance, transactions, and strategic decision-making.

Our Pledge

Quality Output

Innovative Approach

Timely Delivery

Use of Technology

Relevant Deliverables

Smooth Communication

Stakeholder Satisfaction

How We Add Value

Valuation Discovery for Fundraise

Chunder Khator & Associates assists early-stage and growing ventures to carry out a thorough valuation analysis of their venture, to prepare for an external fundraise. We carry out an in-depth exercise to discover the best workable range of valuation to raise funds from angel investors, venture capital funds, family offices, private equity funds and corporates. Our approach is customized based on the stage of the venture, including pre-seed, seed, Series A, Series B and late stage fundraise. Our experience spans various sectors like healthtech, agritech, waste management tech, IoT, defence tech, enterprise tech, D2C, manufacturing, IT, and more. Our valuation discovery service includes:

Proprietary multi-method approach to cover all possible drivers of valuation
Comparative analysis with similar ventures, considering the stage and location of the venture
Range of valuation, which helps founders during negotiation
Defensible report, workings and references for investor review

Valuation for Compliance

Chunder Khator & Associates helps businesses to comply with various laws under which valuation reports are compulsorily required to be sought and filed with the statutory authorities. Our reports are prepared with technical accuracy and adherence to statutory guidelines, ensuring smooth regulatory compliance. Our regulatory valuation service includes:

Valuation under Income Tax Act, 1961, for issuance and transfer of shares, issued by a Chartered Accountant (CA) or a Merchant Banker (MB)
Valuation under Companies Act, 2013, for issuance and transfer of shares, issued by an IBBI Registered Valuer (RV) professional
Valuation under FEMA for inbound/outbound investments or transfers issued by a Chartered Accountant (CA) or a Merchant Banker (MB)

Best CA Firm for valuation in financial reporting

ESOP Valuation

Chunder Khator & Associates conducts structured ESOP valuations that assist businesses to meet accounting and regulatory requirements while ensuring fairness in option pricing. Our independent assessments help organizations manage equity compensation responsibly and transparency. Our ESOP valuation service includes:

Valuation for employee grant pricing and exercise decisions
Valuation for ESOP accounting and reporting in financial statements
Valuation for issuance of shares when ESOPs are exercised by employees, as per Companies Act and Income Tax requirements
Valuation for issuance of shares to foreign employees when ESOPs are exercised as per FEMA requirements

Here's a detailed guide on applicability of valuation for ESOPs in India.

Business Valuation for Mergers & Acquisitions

Chunder Khator & Associates provides independent business valuations to support mergers, acquisitions, and strategic transactions. Our assessments help buyers, sellers, and boards understand value, evaluate deal economics, and make informed decisions throughout the transaction lifecycle. By applying rigorous methodologies and market-based analysis, we support negotiations, structuring, and fair value determination in complex transactions. Our M&A valuation services include:

Valuation for mergers, acquisitions, and strategic transactions
Valuation for sell-side and buy-side decisions
Valuation for shareholder buyouts, dilution and restructuring
Fairness opinions
Valuation for M&A accounting and reporting in financial statements

Valuation for Financial Reporting

Chunder Khator & Associates helps businesses present reliable and defensible financial information to stakeholders. By combining technical rigor with a strong understanding of reporting expectations, we enable consistent, audit-ready outcomes across reporting cycles. Our financial reporting valuation services include:

Valuation for Ind-AS, IFRS, and US-GAAP reporting
Impairment testing
Fair value measurement under accounting standards like Ind-AS 109-Financial Instruments, Ind-AS 103-Business Combinations, Ind-AS 102-Share Based Payments, etc.

Valuation Review & Second Opinions

Chunder Khator & Associates assists businesses and investors in validating valuation outcomes through independent review and expert insight. Our proprietary approach provides clarity and assurance, enabling confident decision-making in high-stakes financial and strategic situations. Our valuation review services include:

Review of venture-provided valuations on behalf of incubators, angel investors, venture capital funds, family offices and other investors
Second opinion on valuation models and assumptions
Sensitivity analysis and validation of projections

Our Publications

Case Study 07: Agritech Startup Valuation in Kolkata, India

This case study explores the valuation of a Kolkata-based agritech startup undertaken to support an early-stage fundraising round. Using a structured multi-method approach, including DCF, venture capital benchmarks, and comparable transaction analysis, the engagement focused on balancing scalability with execution, working capital, and sector-specific risks. The valuation provided a defensible reference point for investor negotiations and strategic decision-making.

Dec 17, 20253 min read

Case Study 06: Fintech Startup Valuation in Hyderabad, India

This case study explores the valuation of a Hyderabad-based fintech startup undertaken to support a seed-stage fundraising round. Using a structured multi-method approach, including DCF and comparable transaction analysis, the engagement focused on balancing rapid scalability with regulatory and execution risks. The valuation provided a defensible reference point for investor negotiations and enabled informed decision-making during capital raise discussions.

Dec 17, 20253 min read

Case Study 05: D2C Startup Valuation in Mumbai, India

This case study examines the valuation of a Mumbai-based D2C startup undertaken to support a seed-stage fundraising round. Using a structured multi-method approach, including DCF, venture capital benchmarks and comparable company analysis, the engagement focused on balancing rapid growth potential with execution and margin risks. The valuation provided a defensible reference point for investor negotiations and strategic decision-making.

Dec 17, 20253 min read

Case Study 04: Healthtech Startup Valuation in Kolkata, India

Background Startup Venture D is a Kolkata-based healthtech company operating in the digital healthcare infrastructure space. Founded in early 2023, the company provides an integrated digital platform that enables hospitals, clinics, healthcare professionals, and patients to seamlessly access medical records, manage workflows, and automate operational processes. A key differentiator of the platform is its focus on interoperability of healthcare data across the broader healt

Dec 17, 20254 min read

Case Study 03: Dronetech Startup Valuation in Pune, India

Background Startup Venture C is a Pune-based dronetech company operating in the defence and unmanned aerial systems (UAS) space. Founded in 2021, the company designs and manufactures fixed-wing drones, quad-drones, and hex-drones for defence applications, supported by proprietary intellectual property, design patents, and in-house flight and ground control software. At the time of engagement, Startup Venture C was in seed stage (early stage venture), with strong defence-secto

Dec 17, 20253 min read

Case Study 02: Healthtech Startup Valuation in Bangalore, India

This case study explores the valuation of a Bangalore-based healthtech startup undertaken to support an upcoming fundraising round. Using a structured, multi-method approach including DCF, venture capital benchmarks, and market comparables, the engagement focused on deriving a defensible valuation range reflective of growth potential, sector dynamics, and early-stage risks. The valuation served as a practical reference point for investor negotiations and strategic decision-ma

Dec 16, 20253 min read

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Our Branches

Kolkata Branch

Address: 584A, Block-N, New Alipore, Kolkata, India - 700053 

Telephone: (033) 4602 1619
Timing: Monday - Saturday | 10:00 - 18:30

Mumbai Branch

Address: Ville Parle, Mumbai, Maharashtra, India 

Mobile: +91 98303 47380 Email: ritwik@chunderkhator.in

Bangalore Branch

Address: CMH Road, Indiranagar, Bangalore, Karnataka, India 

Mobile: +91 98305 47380

Email: kk@chunderkhator.in

Chunder Khator & Associates

Chartered Accountants

Kolkata | Mumbai | Bangalore | Dubai