Venture Capital case studies, worked step by step

Cases
100
Traced to a firm
33
Topics
13
Hard
30
Topic
All topicsTerm sheets and waterfalls9Company pitch10Portfolio management and follow-ons8Unit economics9Down rounds, distress and runway7Fund economics and LP maths6Market sizing and theses8SaaS metrics and diagnostics9Cap tables and round modelling8Growth equity returns8Diligence and red flags5Exits and secondaries6Early-stage valuation7
Level
AnyWarm upCoreHard
Source
AnyReported at a firmStandard
Showing 1–10 of 100
  1. 001A Series A lead offers Kavachik Security a higher pre-money valuation, but only with a bigger option pool, a 1.5x liquidation preference and a second board seat. What does each term cost the founders, and which would you trade?Term sheets and waterfallsHardSeries A to C VCSaaS-focused VC
  2. 002Pitch a company that is not in our portfolio: Sutrana Payroll, payroll software for Indian SMEs. The fund already owns an HR software company. Why is this a fit, and what has to happen for the round to return 5x?Company pitchHardInsight PartnersNew York · 2022
  3. 003Give me your opinion of our current portfolio. Meruvale Ventures Fund II reports a TVPI of almost 2.9x, but three of its biggest marks date from 2021 and one company is nearly out of cash. What is a defensible NAV?Portfolio management and follow-onsHardBattery VenturesBoston · 2019
  4. 004Kistvik Credit makes 30-day pay-later loans of Rs 8,000 for a 3% fee. With its funding cost, defaults and servicing costs, does each loan make money, and at what default rate does it break even?Unit economicsHardFintech VCIndia VC
  5. 005Udyamik Commerce is offered Rs 20 crore of venture debt with warrants. How much runway does it really add, and what does it cost if the company later sells for Rs 2,000 crore?Down rounds, distress and runwayCoreVenture debtIndia VC
  6. 006Meghvik Capital runs a Rs 250 crore fund on a 2% fee. Does the fee cover the team, and what would each partner earn in carry if the fund returns 2.5x gross?Fund economics and LP mathsWarm upFund of funds and LPsSeed and early-stage VC
  7. 007Size a market that replaces something: Urjavik Storage sells battery packs to replace diesel generators at telecom towers. How big is the market, and does the product pay for itself?Market sizing and thesesCoreDeep tech VCIndia VC
  8. 008Read Vantrel Analytics' cohort table: three yearly cohorts, each measured today. What is each cohort's annual net revenue retention, and what does the trend mean for the growth plan?SaaS metrics and diagnosticsCoreSaaS-focused VCSeries A to C VC
  9. 009Follow one seed cheque through the whole venture process: a fund buys 15% of Sopanvik Freight for Rs 3 crore, is diluted by three later rounds, and the company sells in year eight. What is the stake worth at each stage, and what is the IRR?Cap tables and round modellingCoreWarburg PincusNew York · 2013
  10. 010A growth fund owns 14% of Shikharik Consumer and the company lists at Rs 6,000 crore. The fund can sell only part of its stake in the IPO and must hold the rest through a lock-up. What does it actually realise?Growth equity returnsCoreGrowth equityIndia VC

Company names and figures are illustrative.