◆ Public ledger · Every scorecard, every signal

Indian startup scorecards.
Run on public-at-the-time signals.

A growing ledger of Indian startups scored using the same framework. No hindsight. The score is what the framework would have said the day someone wrote a cheque — using only public filings, news, and earned reputation at that moment.

"Everything in this ledger was visible before the cheque was written."

8scorecards published
3green · 4amber · 1red
1predicted bankruptcy 3 years out
What the framework scores

Six weighted dimensions. Same for every entry. Stage-aware (Seed weights differently to Series B). Sector-aware (SaaS GM expectations differ from D2C).

01
Capital position
Runway in months, capital efficiency, total raised vs. revenue earned.
02
Unit economics
LTV/CAC, payback period, gross margin vs. sector benchmark.
03
Growth
Month-over-month, vs. sector minimum bar, trajectory of last 6-12 months.
04
Cap table + investors
Founder equity, lead investor reputation, syndicate strength.
05
Valuation + round
Revenue multiple vs. comparable deals, up/down/flat round trajectory.
06
India-specific risks
FEMA route, vehicle, NRE/NRO funding, MCA filings, regulatory exposure.
◆ Use the framework yourself
Score a deal step-by-step.
Free 4-minute walkthrough. Or pay $500 for a hand-written PDF on a deal you're considering.
◆ The ledger
Every startup, every score.

Sorted by score. Each entry shows the year it was scored, the valuation at the time, the framework's verdict, and what actually happened (or what's still TBD).

01
Flipkart
Series D · 2013 · ~$1B valuation
85 / 100 · Green ✓ Walmart paid $16B in 2018
Deep-dive coming
02
Zerodha
Hypothetical early round · profitable from year 2
82 / 100 · Green ✓ Profitable. India's largest broker. Never raised heavy VC
Deep-dive coming
03
Swiggy
Series I · 2021 · ~$10B valuation
72 / 100 · Amber ⚡ Now public, tough IPO pricing
Deep-dive coming
04
Zomato
Pre-IPO · 2021 · ~$5.4B valuation
65 / 100 · Amber ⚡ Recovering toward profitability
Deep-dive coming
05
Zepto
Current · 2026 · ~$5B valuation
58 / 100 · Amber ⚡ Live test — growth fast, path to profit unproven
Deep-dive coming
06
CRED
Current · 2026 · ~$6B valuation
52 / 100 · Amber ⚡ Live test — brand strong, business model questions
Deep-dive coming
07
Paytm
Pre-IPO · 2021 · ~$16B valuation
48 / 100 · Red ✗ Significant value destruction followed
Deep-dive coming
08
Byju's
2021 peak · $22B valuation · scored at three years prior to bankruptcy
41 / 100 · Red ✗ Bankruptcy filing 2024 · valuation collapsed below $1B
Read deep-dive →

How this ledger works

Public-at-the-time signals only. Every score uses information that was publicly available at the time of scoring — filings, news, podcasts, earnings calls. No hindsight. No "we knew Byju's would fail." The framework either flagged it or didn't, with what was visible at that moment.

Bands. Green (70-100) means the metrics clear the bar. Amber (45-69) means gaps. Red (under 45) means the data doesn't support the cheque. Bands aren't predictions — they're signals on the data provided.

Live tests. Five entries are amber and still in motion. The framework's call holds or doesn't hold over the next 18-24 months. That's the real-time test you're watching.

This is not investment advice. The framework scores financial health and DD completeness, not "is this the right deal for your portfolio." Always consult a SEBI-registered RIA for personal advice.

Want this framework on a deal you're considering?
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Try free walkthrough → $500 hand-scored →
Not investment advice. Scorecards reflect financial health and due-diligence completeness on the data provided, using a documented framework. They are not a recommendation to invest. Always pair with a SEBI-registered RIA for personal investment advice.