Startup valuation services in India
Investor-ready valuations for Indian startups
Registered valuer reports for fund raise, shareholders' agreements, conversions and ESOPs, backed by financial models your investors can test. Led by Aman Mathur, Chartered Accountant and IBBI Registered Valuer.
- Chartered Accountant
- IBBI Registered Valuer (SFA)
- IIM Lucknow: Executive Program in Corporate & Investment Banking
- BBMCo Network · 68 years
Valuation for fund raise
Valuations for SHA
CCPS and CCD conversions
ESOP valuation
Financial modelling
Sensitivity analysis
Cap table advisory
Due diligence
Aman Mathur
CA · IBBI Registered Valuer (SFA) · Founder, BValued
Executive Program in Corporate & Investment Banking, IIM Lucknow
Meet the expert
Who values your startup?
Aman Mathur leads Startup Advisory and India Entry at BBMCo. A third-generation Chartered Accountant and IBBI Registered Valuer, he works with growth-stage founders who want more from their numbers than an audit: financial models, projections, fundraising readiness and navigation of government schemes.
He also partners with mid-sized CA and valuation firms that need specialist startup capacity they cannot staff in-house. Aman chose a deliberately narrow specialisation over generic breadth, and prefers a smaller number of deep client relationships to a long list of transactional ones. He treats continuing professional education as a discipline, not a formality.
Chartered Accountant
Third generation of a 68-year practice
IBBI Registered Valuer
Securities or Financial Assets (SFA) class, signs reports in his own name
IIM Lucknow
Executive Program in Corporate & Investment Banking (certificate course)
Startup India experience
Manager with the Startup India team at Invest India, working on startup schemes and budget recommendations
Incubator and investor network
Close working ties with incubators and investors
BBMCo Network partner
Tax, audit and compliance support within one network
Our approach
Startup first. Investor ready.
A startup is not a smaller version of a listed company. Its value sits in a plan, a team and a market that has not fully arrived yet. We build the valuation around that reality, then make sure it holds when an investor starts asking questions.
Start from the startup
Your stage, your model
A pre-revenue SaaS product and a D2C brand with three years of sales need different methods. We pick the methods that fit your stage and business model, not a fixed template.
Built to be questioned
Every number has a source
Assumptions are traced to your data, industry benchmarks or signed contracts, and the model shows what moves the value. Your investor's analyst can follow the logic line by line.
Compliant by default
Ready for the paperwork
The report is drafted for the purpose it serves, whether that is a share allotment under the Companies Act, an income-tax requirement or an SHA clause, so the round does not stall at the last step.
Offerings
What do you need valued?
Registered valuer reports, financial models and transaction support for Indian startups, from the first priced round onwards.
Valuation for fund raise
Registered valuer report for issuing shares to investors in a priced round, prepared for preferential allotment and private placement.
When: seed, pre-Series A and Series A rounds
Valuation for SHA
Fair value for the pricing clauses in your shareholders' agreement: entry and exit, put and call options, anti-dilution and transfer rights.
When: drafting or exercising SHA clauses
Valuation for conversions
Valuation at the point of conversion for CCPS, CCDs, convertible notes and iSAFE notes, so the conversion ratio stands up.
When: conversion events and follow-on rounds
ESOP valuation
Fair value of options for your books and for planning the size of the ESOP pool before a round.
When: creating or topping up a pool, grant dates
Valuation of shares
Independent valuation of equity and preference shares for transfers, secondary sales and other share transactions.
When: founder exits, secondaries, restructuring
Other fund raise certifications
The CA and registered valuer certificates a round asks for under the Income-tax Act and the Companies Act, issued alongside your valuation report.
When: closing documents and regulatory filings
Financial modelling and sensitivity analysis
An integrated three-statement model with scenarios and sensitivity on the drivers that matter: pricing, conversion, churn, burn and runway. Built so investors can change an input and see what happens.
When: before a raise, for board planning, for lenders
Business model development
Revenue logic, unit economics, pricing and cost structure worked out before the numbers go into a model, so the plan and the pitch tell the same story.
When: early stage, pivots, new product lines
Cap table advisory
Pre-money and post-money, dilution across rounds, ESOP pool sizing and instrument choice, modelled before you sign the term sheet.
When: term sheet stage, round structuring
Due diligence and limited financial DD
Full financial due diligence for investors, or a limited financial DD with a focused scope for early rounds and for founders who want to find the gaps before an investor does.
When: pre-raise readiness, investor-side checks
A valuation is your growth story told in numbers. Investors will test both.
Process
How does a valuation engagement run?
Five steps, with a clear output at each one, so you always know where your report stands.
1
Agree on scope
Purpose of the valuation, the instrument, the valuation date, timelines and the data we need from you.
Output: engagement letter
2
Understand the business
Conversations with the founders on the product, customers, revenue model and plan for the next few years.
Output: business notes
3
Industry analysis and model build
Market and peer research, choice of methods, and a financial model built on your numbers.
Output: draft model
4
Review of assumptions and model with you
We walk you through every key assumption and the sensitivity, and close open points together.
Output: agreed assumptions
5
Delivery of signed report
The final valuation report, signed by the registered valuer, ready for your board, investors and filings.
Output: signed RV report
Why us
Why do founders choose BValued?
You work with one registered valuer from the first call to the signed report, with a 68-year-old firm network behind him.
Part of the BBMCo Network
B.B. Mathur & Company (BBMCo) is a trusted finance partner for businesses in India and abroad, with 68 years of practice across tax, audit, accounting, startups and advisory.
Built for startups
Methods, models and language suited to early and growth-stage companies, not adapted from listed company work.
One expert, start to finish
The person who scopes your valuation is the person who signs it. No hand-offs to a junior team.
The investor's lens
Close ties with incubators and investors mean we know which assumptions get questioned, and prepare for them.
Policy grounding
Experience with the Startup India team at Invest India brings a working knowledge of the schemes and rules that shape startup funding.
Model valuation together
The financial model and the valuation come from the same work, so your pitch, plan and report agree.
Clear scope upfront
Purpose, deliverables, data needs and timeline are agreed in writing before work starts.
Blog
Notes for founders
Business Acumen by BBMCo
Explainers and founder guides on valuation, funding and finance from the BBMCo team.
FAQs
Questions founders ask us
Do not see yours? Write to Aman and he will answer it directly.
It is a valuation report signed by a valuer registered with the Insolvency and Bankruptcy Board of India (IBBI). Startups usually need one when they issue shares to investors through a preferential allotment, when convertible instruments convert, and when an SHA clause needs a fair value.
Yes, in most priced rounds. The Companies Act still requires a registered valuer's report for a preferential allotment, certain income-tax certifications still apply when you raise funds, and investors expect a number they can defend to their own committees. A well-documented valuation also helps if the tax department asks about the source of funds.
It depends on your stage and the purpose. Common methods include discounted cash flow, comparable company multiples and recent transaction prices, with methods such as the VC method used as a cross-check for early-stage companies. The report explains why each method was chosen.
Typically three to four weeks, depending on the scope and how quickly your data comes in. The timeline is agreed in writing at the scoping stage, and you are kept updated at each of the five steps.
Typically your latest financial statements, management accounts, the business plan or projections, the current cap table, the term sheet or SHA draft, and details of any past rounds. We send a checklist after scoping.
Yes. We build integrated models with scenarios and sensitivity analysis, and the same model can support your valuation, so your pitch deck and report use one set of numbers.
No. We work with founders preparing for a first priced round as well as companies raising follow-on rounds, and with CA and valuation firms that need specialist startup support.
Use the form below or write to Aman. After a short scoping call you receive a written proposal with the scope, deliverables and timeline, before any work begins.
Contact us
Raising soon? Let us talk about your valuation.
Share a few details about your company and round, and Aman will get back to you with a scoping call and a written proposal.
Expert
Mr Aman Mathur
Phone
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