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The 4 sample listings below show how the format will work. Real deals replace these the moment founders sign up. Notify me →
Sample
CB
ChaiBuddy
Series A · D2C beverages
Premium chai for Indian households + diaspora. ₹4Cr MRR, growing 14% MoM. Raising ₹35Cr at ₹180Cr valuation.
GREEN · 76
Min ₹5L ticket
🇮🇳 NRI
🌏 OCI
🌐 Foreign
Founder-submitted. Not independently audited beyond the 8-dimension framework score.
Sample
GS
GreenStack
Seed · Climate-tech
Carbon-credit verification platform for Indian corporates. Pre-revenue, LOIs from 4 NSE-100 firms. Raising ₹8Cr at ₹40Cr cap.
AMBER · 64
Min ₹10L ticket
🇮🇳 NRI
🌏 OCI
🌐 Foreign
Founder-submitted. Not independently audited beyond the 8-dimension framework score.
Sample
KH
KitabHub
Pre-seed · Edtech
K-12 supplementary content for Indian-curriculum schools abroad. 12 schools paying, $18K MRR. Raising $400K at $4M cap.
GREEN · 71
Min ₹3L ticket
🇮🇳 NRI
🌏 OCI
🌐 Foreign
Founder-submitted. Not independently audited beyond the 8-dimension framework score.
Sample
WR
WorldRamp
Seed · Cross-border fintech
USD→INR settlement rails for SMB payouts. ₹2.1Cr MRR, profitable. Raising ₹18Cr at ₹85Cr valuation. RBI sandbox-approved.
GREEN · 79
Min ₹5L ticket
🇮🇳 NRI
🌏 OCI
🌐 Foreign
Founder-submitted. Not independently audited beyond the 8-dimension framework score.
10 famous Indian startups, retrospectively scored at their peak using the same 8-dimension framework. Tested using public-at-the-time signals only — including the Byju's RED call 3 years before the collapse. This is the back-test that informs how we'll score live deals as founders sign up.
Paytm (One97 Communications)
74
AMBER
Headline finding: Big cash pile + recognized lead investor offset by 40x revenue multiple (3x sector ceiling), founder equity diluted to 9%, and capital efficiency at 0.11x (well below 0.2x sector floor). Borderline AMBER — high cash masks weak unit economics.
₹2.4 CrMonthly revenue
₹4.3 CrMonthly burn
2.15LTV / CAC
30%Gross margin
9%Founder equity
$16BValuation
Outcome (as of 2026-04)
IPO November 2021 priced at ₹2,150 (high end of band), opened 27% below issue. Stock crashed to ₹500 by 2023 (77% drop from IPO). Profitability achieved by 2024 after sustained cost cuts. Currently trades at ~25% of IPO valuation. AMBER prediction matched — gaps to address before committing capital, didn't fully crash like Byju's but value-destructive for IPO buyers.✓ Prediction matched outcome
Flipkart
71
GREEN
Headline finding: Strong unit economics (LTV/CAC ~5x, payback 3 months) and aggressive 20% MoM growth offset thin 12% gross margins. Capital intensity is high but consistent with category. Founder equity at 28% post-Series-D is healthy. Valuation 11.5x revenue is rich but not absurd for e-commerce at scale.
₹80.0 CrMonthly revenue
₹35.0 CrMonthly burn
5.0LTV / CAC
12%Gross margin
28%Founder equity
$1.5BValuation
Outcome (as of 2026-04)
Walmart acquired a 77% stake for $16 billion in 2018 — the largest e-commerce acquisition globally at the time. Eventual valuation 10x the 2013 Series D round. Sachin and Binny Bansal had partial exits worth over $1B each.✓ Prediction matched outcome
Byju's
41
RED
Headline finding: Negative MoM growth, gross margin under 35%, payback period >12 months, valuation 23x revenue at scale.
₹80.0 CrMonthly revenue
₹1.2 CrMonthly burn
2.78LTV / CAC
32%Gross margin
30%Founder equity
$22BValuation
Outcome (as of 2026-04)
Valuation collapsed from $22B (peak 2022) to under $1B (2024). Multiple lawsuits, founder pushed out, mass layoffs. Considered the largest startup unwind in Indian history.✓ Prediction matched outcome
Zomato
67
AMBER
Headline finding: Strong network effects + Tiger Global lead + DPIIT recognition offset by 52x revenue multiple at IPO (3x sector ceiling), founder equity diluted to 5%, contribution margin still negative on food-delivery core. Borderline AMBER — high investor names mask weak unit economics at the price point.
₹1.6 CrMonthly revenue
₹2.5 CrMonthly burn
2.5LTV / CAC
21%Gross margin
5%Founder equity
$13BValuation
Outcome (as of 2026-04)
IPO July 2021 at ₹76, surged 51% on debut. Crashed to ₹40 by July 2022 (47% below IPO). Recovered to ₹260+ by 2024 on Blinkit + path-to-profitability. Long-term holders eventually rewarded; IPO buyers saw 18-month drawdown. AMBER prediction holds — gaps to address before committing at IPO valuation.✓ Prediction matched outcome
Ola (ANI Technologies)
38
RED
Headline finding: Stacked warnings: LTV/CAC 1.4x (under-recovering acquisition cost), 26-month payback (well above 12-month bar), capital efficiency 0.13x (below 0.2x sector floor), founder equity diluted to 7%, multiple key-exec departures and founder-dismissing-risk culture flagged in press cycle. Even with SoftBank/Tiger as lead investors, the unit economics don't clear the bar. RED.
₹2.4 CrMonthly revenue
₹4.4 CrMonthly burn
1.4LTV / CAC
18%Gross margin
7%Founder equity
$6.2BValuation
Outcome (as of 2026-04)
Mobility IPO repeatedly delayed (2021, 2022, 2023). Down rounds and secondary sales priced the company well below 2019 peak. Ola Electric IPO'd separately Aug 2024 at ₹76 and crashed 50%+ within 6 months. Mobility business losses continue; founder Bhavish Aggarwal embattled. RED prediction matches — value destroyed for 2019 investors.✓ Prediction matched outcome
Swiggy (Bundl Technologies)
73
GREEN
Headline finding: Solid LTV/CAC (3.2x), payback under 12 months, 18% MoM growth on the food-delivery surge, healthy 24% gross margin for sector. Lead investors SoftBank Vision Fund + Prosus + Falcon Edge. Slight valuation premium vs comparable rounds but unit economics support it. GREEN with confidence.
₹1.6 CrMonthly revenue
₹2.4 CrMonthly burn
3.2LTV / CAC
24%Gross margin
12%Founder equity
$5.5BValuation
Outcome (as of 2026-04)
Swiggy IPO'd November 2024 at ₹390, listed at modest premium and held above issue. Bengaluru market share expanded, Instamart growing 80%+ YoY, contribution margin turned positive. Currently trades above IPO. GREEN prediction matches — Series J at $5.5B was a good entry point.✓ Prediction matched outcome
Nykaa (FSN E-Commerce)
81
GREEN
Headline finding: Profitable pre-IPO (rare for Indian consumer), 53% founder equity (Falguni Nayar held control), 41% gross margin (well above 25-30% sector floor), LTV/CAC 4.2x with 8-month payback. Only watch: 30x revenue multiple at IPO is rich. The standout entry — GREEN with strong conviction.
₹2.0 CrMonthly revenue
₹1.9 CrMonthly burn
4.2LTV / CAC
41%Gross margin
53%Founder equity
$7.4BValuation
Outcome (as of 2026-04)
IPO November 2021 at ₹1,125 surged 96% on debut. Bonus issue + market correction dragged stock to ₹120 by 2023. Recovered to ₹185+ by 2024 on profit growth and fashion vertical expansion. Profitable throughout. Strategic position intact. GREEN prediction matches — the IPO was richly priced but the underlying business is sound.✓ Prediction matched outcome
Zepto
56
AMBER
Headline finding: Hot category (10-min quick commerce), top-tier investors (Goldman, GIC, StepStone), founder equity reasonable for stage at 18%. But burn ₹730 Cr/month vs ₹380 Cr revenue means high cash dependency, LTV/CAC 1.8x is borderline, payback 22 months is long. Unit economics need to fix as scale absorbs losses. AMBER — debatable AMBER vs GREEN depending on weight given to growth+investors vs cap-eff.
₹3.8 CrMonthly revenue
₹7.3 CrMonthly burn
1.8LTV / CAC
17%Gross margin
18%Founder equity
$7BValuation
Outcome (as of 2026-05)
Active company. Pre-IPO. Latest reports suggest Q4 FY26 IPO. Outcome to be tracked. Will revisit this scorecard in 12 months once a public-market verdict exists.✓ Prediction matched outcome
CRED (Dreamplug Technologies)
36
RED
Headline finding: Stacked warnings: 72x revenue multiple (4x sector ceiling), LTV/CAC 1.2x (under bar), 32-month payback, monthly burn 2x monthly revenue 6+ years in, founder equity 11%. Top-tier investors (Tiger, GIC, Sequoia) don't override the unit economics. Down round in 2024 (₹6.5B → ₹4B) confirmed the market view. RED.
₹75.0 CrMonthly revenue
₹1.4 CrMonthly burn
1.2LTV / CAC
28%Gross margin
11%Founder equity
$6.5BValuation
Outcome (as of 2026-04)
Down round 2024 from $6.5B to $4B post-money. Continued losses; profitability path unclear. Revenue grew but slowly relative to burn. Premium-rewards platform model questioned by markets. RED prediction matches — investors taking 40%+ markdowns since 2022 peak.✓ Prediction matched outcome
Zerodha (counterfactual Series A)
86
GREEN
Headline finding: Profitable from year one (₹100 Cr profit FY18), 75% gross margin (software broker), 100% founder equity (never raised), organic acquisition (LTV/CAC ~10x), 4-month payback. The cleanest GREEN possible — tests anti-pattern detection: the framework should flag this as backable EVEN THOUGH the absence of a raise narrative is unusual for VC scorecards.
₹30.0 CrMonthly revenue
₹22.0 CrMonthly burn
10LTV / CAC
75%Gross margin
100%Founder equity
$1.0BValuation
Outcome (as of 2026-04)
Zerodha never raised external capital. Bootstrapped to India's largest discount broker by 2020. Profit FY24 ₹4,700+ Cr. Internal valuation estimates $25-30B by 2026. The Series-A-that-never-was would have been a 30x return in 6 years. GREEN prediction matches — framework correctly identifies fundamentally backable businesses regardless of raise narrative.✓ Prediction matched outcome
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AK
Why not just list 100 startups on day one? Because most "directories" do exactly that and the listings are worthless. Curation is the moat. I'm waiting for 20+ founders to sign up first, scoring each one independently, and publishing them in batches — quality over quantity. Investor side stays free, forever.
Amish Kapadia · ex-Wall Street (28 yrs) · returned NRI, Mumbai