Behind every venture funding news that you come across, if you look deeper, you will find one thing common in almost all deals - startups issue Compulsorily Convertible Preference Shares (CCPS) to investors, and not equity shares. Your instant thought could be that this must be for convertible rounds where the valuation is unknown and dependent on the next fundraise. However, this is also true for the priced rounds i.e. where the valuation is known and agreed upon. In such ca

Share buyback has always been seen as a viable exit strategy by startup investors, alongside IPO, M&A and secondary sale. In fact, the mention of share buyback is often made in shareholder agreements as a potential exit option for the investor. However, from 1 October 2024, the tax rules for buybacks in India have changed in a big way, which directly impacts its viability as an exit route for startup investors. Let's break it down: How Buybacks Were Taxed Earlier (Till 30th S

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.

In its 210th board meeting published in PR No.33/2025, and circular number SEBI/HO/AFD/AFD-POD-1/P/CIR/2025/128 dated 10th September, 2025, SEBI (Securities and Exchange Board of India) has approved a significant overhaul of the regulatory framework for Angel Funds under the SEBI (Alternative Investment Funds) Regulations, 2012, (“AIF Regulations”) and the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“ICDR Regulations”). The new set of amendments pro