VCFO Lite
Fundraise readiness pack: financials, projections, ratios, valuation and data room
What this means, checked by a CA
Before you meet investors we make your numbers investor-ready: clean financial statements for the last 3 months to 2 years, a 3 to 5 year projection model, the ratios investors in your sector check, a valuation view, a clean cap table and a data room. You walk into meetings with answers instead of follow-ups.
Quote
One time, refreshed before each round, fixed after a quick look
- Delivered in 2 to 4 weeks after books and documents are shared; valuation report adds the valuer's time
- Due: Start 2 to 3 months before investor meetings; valuation must be in hand before the board resolution approving the issue
How we do it: IDFD
Every case runs through the same four steps: Information, Discussion, Forms, Deliverables. You see each one ticked as it happens.
InformationWhat we need from you · 9 items
Audited financial statements, last 2 years
Base of model and diligence
Monthly management accounts, latest months
Shows current run-rate and burn
Bank statements and capital structure records
Proof of funding and cash
Current shareholding and ESOP details
Cap table and dilution
Key customer, vendor and founder agreements
Valuer and investor review
Business plan and assumptions
Drives the projections
Traction data: customers, pilots, LOIs
Investors test claims
KYC of existing investors and source of funds
Defends share money in scrutiny
ROC, GST, TDS filing statusOptional
Diligence red flags
DiscussionWhat we discuss · 6 items
Which round, how much, from whom (angels, VC, AIF, foreign)?
Decides pack depth and valuation rules
How many months of books are clean and closed?
Investors want 3 months to 2 years
Any foreign or land-border country investor?
FEMA pricing and approval track
Any undocumented promises of equity to founders, advisors or staff?
Cap table must be complete
What is your runway today?
Sets urgency and round size
Any pending notices or missed filings?
Fix before diligence starts
FormsForms we file · 8 items
Financial statements: close and reconcile books; prepare audited statements for completed years and monthly management accounts for the current year (3 months for very new startups, up to 2 years for seed and Series A)
Where: Company books (Tally, Zoho or similar). Due: Week 1 to 2
Projection model: 3 to 5 year monthly or quarterly P&L, cash flow and balance sheet with hiring plan, capex, opex and funding need
Runway (months) = cash in bank / average monthly net burn; funding ask = cash needed to reach next milestone plus a buffer
Where: Spreadsheet model. Due: Week 2
Ratio and metrics pack for the sector: revenue growth, gross margin, contribution margin, CAC, LTV, LTV to CAC, payback, retention or churn, burn multiple, EBITDA margin; for D2C returning-customer rate; for SaaS net revenue retention
Gross margin = (revenue minus direct costs) / revenue; LTV = average monthly gross profit per customer x expected lifetime in months; payback = CAC / monthly gross profit per customer
Where: Spreadsheet and one-page summary. Due: Week 2
Valuation view: indicative range for negotiation; registered valuer report for the Companies Act and a FEMA fair value certificate if a non-resident invests
Pre-money = post-money minus new money; investor stake = new money / post-money
Where: Registered valuer (IBBI) and, for FEMA, CA or SEBI merchant banker. Due: Before the board resolution approving the issue
Cap table: fully diluted pre and post round, including ESOP pool top-up and any notes converting
Where: Spreadsheet or cap table tool. Due: Week 2
Compliance health check: ROC annual filings, registers, GST, TDS, PF, licences; fix gaps
Where: https://www.mca.gov.in, GST and TRACES portals. Due: Before data room opens
Data room: corporate, financial, tax, legal, HR, IP and customer folders with an index
Where: Secure shared drive or data room tool. Due: Before first term sheet
Eligibility map of government routes (DPIIT, SISFS, FFS-backed AIFs, CGSS) for the round
Where: https://www.startupindia.gov.in. Due: Week 1
DeliverablesWhat you get · 6 items
Investor-ready financial statements and MIS
When: Week 2
Projection model with assumptions sheet
When: Week 2 to 3
Sector ratio pack and one-page KPI summary
When: Week 3
Valuation range and statutory valuation reports
When: Before board approval
Fully diluted cap table
When: Week 3
Indexed data room and compliance fix list
When: Week 3 to 4
Questions people ask
Do we still worry about angel tax on premium?
Not for raises from AY 2025-26 onwards; it can still matter for older rounds.
Who can do our valuation?
A registered valuer for Companies Act pricing; for a non-resident investor, fair value certified by a practising CA, SEBI merchant banker or practising cost accountant.
What does a valuer need from us?
Past and forecast financials, agreements, shareholding pattern, management discussions and a representation letter.
Which metrics should go in the deck?
Three-year projections, unit economics, runway, use of funds, market size and sector metrics such as retention, CAC and LTV.
Can a SEBI angel fund invest in any startup?
Angel funds invest only in startups not promoted by or related to a corporate group with turnover above ₹300 crore.
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