Thanks!

Thanks!

You would have to rely on comparable companies for a lot of the projections. So, look at what other startups at similar stages spent on engineers, sales/marketing, and so on, and how much they earned from users or downloads. But a lot of it would be pure guesswork, at least on the revenue side. Expenses are easier because you can establish how many employees a project will take and how expensive they are.

DCFs are more common for life sciences startups because it is easier to estimate revenue there. For early-stage tech startups, you are more likely to use multiples such as EV / Unique Visitors or EV / Daily Active Users.

Quick questions

– Given the lack of “historical data”, how would you come up with the assumptions and growth rates for the revenue/expense projections?

– Are DCFs common in valuing startups (I guess comparables would be the first port of call)? If so, how would you go about calculating the discount rate?

The ones listed here are the ones I’ve been able to find plus the ones the interviewee mentioned, so that is all for now. If you want to find more, look up recent VC fundraising activity in India and see if there’s a bank attached to the deals in press releases. You could also try Capital IQ, but they may not have some of the newer firms.

Follow up now. Always follow up if you haven’t heard anything in at least a week.

I don’t have a list for the UK, but a quick Google search revealed these results (but again, more diversified than just fundraising):

http://gptpartners.com/
http://www.moorelandpartners.com/
http://www.panmure.com/
http://www.gpbullhound.com/
http://www.eocp.com/
http://www.clipperton.net/
http://www.torchpartners.com/
http://bulgerpartners.com/investment-banking/

Thanks!!