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 91–100 of 100
  1. 091Baatvik Chat has Rs 5 crore of cash left and two options: an acqui-hire at Rs 40 crore, of which Rs 15 crore is retention paid by the acquirer to the team, or a wind-down with Rs 8 crore of asset value after dues. Investors hold Rs 70 crore of 1x non-participating preferences. What does each class get under each option, and what carve-out question must the board answer?Down rounds, distress and runwayHardConsumer internet VCVC platform and portfolio operations
  2. 092Your fund owns 12% of Rangvik Apparel and has pro rata plus a super pro rata right up to 20% of any round. The Series B raises Rs 100 crore at Rs 400 crore pre-money. What does it cost to hold 12%, what does the full super pro rata cost, and what ownership do you end with in each case?Cap tables and round modellingWarm upSeries A to C VCConsumer internet VC
  3. 093A secondary buyer wants 3% of Pravahik Payments from an early fund. The last round was Rs 4,000 crore post-money a year ago. The buyer targets a 25% IRR and expects an exit at Rs 7,000 crore in four years with 15% more dilution. What can it pay, and what discount to the last round is that?Exits and secondariesCoreSecondariesFintech VC
  4. 094Sproutvik Labs burns Rs 1.5 crore a month, wants 18 months of runway plus a 20% buffer, and will not give up more than 20% in its seed round. What must it raise, and what is the lowest post-money it can accept?Early-stage valuationWarm upSeed and early-stage VCIndia VC
  5. 095Padhvik Learning sells a Rs 60,000 test-prep course. It buys 2,000 leads a month at Rs 350 each, counsellors convert 8%, a counsellor costs Rs 60,000 a month and closes 30 sales, and 12% of buyers take refunds. What is the true acquisition cost per retained student?Unit economicsCoreConsumer internet VCIndia VC
  6. 096Why do you like the startup and its industry? Khetvik Spares sells tractor spare parts online to rural mechanics. Compare its industry with urban car accessories on market size, growth, top-five share, gross margin and digital ordering, and say which is more attractive for a startup.Market sizing and thesesWarm upInsight PartnersNew York · 2023
  7. 097A difficult SaaS case: Quillonet, a sales-engagement platform, grew ARR 70% to Rs 60 crore, but NRR fell from 125% to 104%, CAC payback rose from 14 to 26 months and gross margin slipped from 80% to 72%. The Series C is Rs 150 crore at Rs 900 crore post. Diagnose what is breaking and decide.SaaS metrics and diagnosticsHardInsight PartnersNew York · 2021
  8. 098Chitravik Studio raised Rs 3 crore on a SAFE with a Rs 30 crore post-money cap and a 20% discount. The Series A prices the company at Rs 80 crore pre-money with Rs 20 crore raised. Does the cap or the discount apply, and what does the SAFE holder own after the round? What changes if the Series A is at Rs 30 crore pre-money?Term sheets and waterfallsCoreSeed and early-stage VCIndia VC
  9. 099What is the worst investment the fund has made? Write the post-mortem on Bazaarvik Social Commerce, written off after the fund put in Rs 45 crore over three rounds while buyers grew 6x on incentives of up to Rs 140 an order. Which signals were visible at each round, and what rule would have stopped the follow-ons?Portfolio management and follow-onsCoreBessemer Venture PartnersNew York · 2014
  10. 100Explain why a growth fund should invest in Medivrit Labs, a diagnostics chain with 120 collection centres, revenue Rs 420 crore, EBITDA 22% and same-centre growth of 14%. A new centre costs Rs 1.1 crore and reaches Rs 3.5 crore of revenue at 28% EBITDA by year three. The ask is Rs 300 crore for 18%. Build the case on centre economics and an exit at 18x EBITDA in five years.Company pitchHardGeneral Atlanticnew york · 2022

Company names and figures are illustrative.