Confidential · Investor Use Only · April 2026
Fairshare Valuation Report
Online Dekho · Utthapana Private Limited · Lucknow, India
Pre-Money Valuation
₹75.83 Cr
Weighted 3-method avg
Raise (Round 2)
₹7.50 Cr
Seed / Pre-Series A
Equity Offered
9.00%
Post-money dilution
Founder Retained
86.08%
Combined post Round 2
Section 01
Executive Summary
Online Dekho (Utthapana Pvt. Ltd.) has raised capital across two completed rounds — an seed round (Mayank Verma, ₹7.5L) and a co-founder entry round (Ankit Pandey, COO, ₹2.5L cash + 333 sweat equity shares) — and is now raising ₹7.5 Crore at a pre-money valuation of ₹75.83 Cr. The company is achieving ₹2.52 Cr ARR, positive operating P&L for 4 consecutive quarters, and a 133× LTV:CAC ratio — entirely without institutional capital.
Pre-Money Valuation
₹75.83 Cr
Weighted · 3 Methods
Post-Money Valuation
₹83.33 Cr
After ₹7.50 Cr infusion
Equity to New Investor
9.00%
₹7.50 Cr ÷ ₹83.33 Cr
ARR — 1 Market
₹2.52 Cr
Annualised Q4 FY25-26
CM% — Q4 FY25-26
+23.3%
All-time high · improving
LTV : CAC Ratio
133×
Industry benchmark: 3–7×
Op P&L — Q4
+₹69.9K
4th consecutive profitable qtr
Take Rate
20–25%
Global avg: 10–18%
Total Orders (10Q)
61,596
Single market · zero funding
Section 02
Funding History — Three Rounds
Online Dekho has completed two prior funding rounds and is now raising its third. Each round reflects a clear step-up in valuation justified by operational milestones.
Round 0 · Incorporation
Founders' Shares — Sweat Equity
10,000 shares issued to founding team at par value. Pradeep Agrahari (6,500) and Sweksha Srivastava (3,500). Represents founder IP, domain expertise, and early-stage execution. No cash consideration.
10,000 Total Shares
Pradeep: 6,500 (CEO & Director)
Sweksha: 3,500 (CTO & Director)
Pre-Revenue
Round 1 · Early Angel · Closed
Mayank Verma — ₹7.5 Lacs (Cash)
First external capital. 600 shares issued at ₹1,250/share. Pre-money ₹1.25 Cr — company had early product and initial market validation. At Round 2 pricing of ₹65,054/share, Mayank's stake is worth ₹3.90 Cr — a 52× paper return.
600 Shares @ ₹1,250/share
Pre-Money: ₹1.25 Cr
Post-Money: ₹1.325 Cr
Mayank: 5.66%
Round 1.5 · Co-Founder Entry · Closed
Ankit Pandey — ₹2.5 Lacs Cash + 333 Sweat Equity Shares
Ankit joined as a part-time Co-Founder & COO after Mayank's entry, contributing operationally alongside his other commitments. 500 shares issued via cash subscription (167 shares) and sweat equity (333 shares) under Section 54 of the Companies Act, 2013. Price set at ₹1,500/share — a 20% step-up from Round 1. Pre-money: ₹1.59 Cr. Post this fundraise, Ankit will transition to full-time COO.
167 Shares — Cash (₹2.5L @ ₹1,500)
333 Shares — Sweat Equity (u/s 54)
Pre-Money: ₹1.59 Cr
Price: ₹1,500/share (+20% vs R1)
Round 2 · Seed / Pre-Series A · Current Raise
New Investor — ₹7.5 Crore
1,098 new shares at ₹68,318/share — a 45.5× step-up from Ankit's entry price of ₹1,500. Fully justified by 10 quarters of live traction, ₹2.52 Cr ARR, 4 consecutive profitable quarters, and 133× LTV:CAC — all without institutional capital. Raise includes ₹7.22 Cr investment + ₹0.28 Cr towards bank charges and processing fees.
1,098 Shares @ ₹68,318/share
Pre-Money: ₹75.83 Cr
Post-Money: ₹83.33 Cr
Investor Stake: 9.00%
| Round |
Investor |
Amount |
Price/Share |
Pre-Money |
Shares Issued |
Cumulative |
| Round 0 |
Pradeep (CEO, Director) + Sweksha (CTO, Director) — Sweat |
— |
Par |
— |
10,000 |
10,000 |
| Round 1 ✓ |
Mayank Verma — Seed Investor, Director (Non - Salaried) |
₹7,50,000 |
₹1,250 |
₹1.25 Cr |
600 |
10,600 |
| Round 1.5 ✓ |
Ankit Pandey — Co-Founder, COO (Cash + Sweat) |
₹2,50,000 cash |
₹1,500 |
₹1.59 Cr |
500 |
11,100 |
| Round 2 ● Current |
New Investor (Seed) |
₹7,50,00,000 |
₹68,318 |
₹75.83 Cr |
1,098 |
12,198 |
Section 03
Ankit Pandey — Co-Founder Share Structure
500 shares structured as cash subscription + sweat equity — recognising both Ankit's financial contribution and his part-time operational role during early growth. Post this round, Ankit will transition to full-time COO.
Cash Subscription — 167 Shares
₹2,50,500
167 shares × ₹1,500/share
Cash paid: ₹2,50,000 (rounded)
Priced at Round 1.5 valuation
Instrument: Equity Shares
Sweat Equity — 333 Shares
333 Shares
Issued u/s 54, Companies Act 2013
Recognises part-time operational contribution
Post R2: transitions to full-time COO
Instrument: Sweat Equity Shares
| Component | Shares | Basis | Value @ R2 (₹68,318) | Instrument |
|---|
| Cash Subscription | 167 | ₹1,500/share | ₹1.14 Cr | Equity Shares |
| Sweat Equity | 333 | Non-cash (services) | ₹2.27 Cr | Sweat Equity u/s 54 |
| Total — Ankit Pandey | 500 | — | ₹3.42 Cr | — |
Section 04
Capitalization Table — Pre & Post Round 2
Complete shareholding across all rounds. Total shares post Round 2: 12,198. Founders retain a combined 86.08% post-investment.
| Shareholder |
Role / Round |
Shares |
Pre-R2 % |
Post-R2 % |
Value @ R2 Price |
| Pradeep Agrahari |
Founder, CEO & Director · Round 0 |
6,500 |
58.56% |
53.29% |
₹44.41 Cr |
| Sweksha Srivastava |
Co-Founder, CTO & Director · Round 0 |
3,500 |
31.53% |
28.69% |
₹23.91 Cr |
| Mayank Verma |
Angel Investor & Director · Round 1 |
600 |
5.41% |
4.92% |
₹4.10 Cr |
| Ankit Pandey |
Co-Founder & COO · Round 1.5
167 Cash + 333 Sweat Equity |
500 |
4.50% |
4.10% |
₹3.42 Cr |
| New Investor |
Seed · Round 2 |
1,098 |
— |
9.00% |
₹7.50 Cr |
| Founders Combined |
Pradeep + Sweksha + Ankit |
10,500 |
94.59% |
86.08% |
₹71.74 Cr |
| Total — All Shareholders |
Post Round 2 |
12,198 |
100% |
100% |
₹83.33 Cr |
Post Round 2 — Ownership Distribution
53.3%
28.7%
4.1%
4.9%
9.0%
Sweksha Srivastava 28.69%
Ankit Pandey 4.10% (Cash+Sweat)
Section 05
Valuation — Weighted Average (3 Methods)
| Method | Weight | Pre-Money | Weighted Value |
|---|
| VC Method — Return Based | 40% | ₹67.50 Cr | ₹27.00 Cr |
| Scorecard Method — vs ₹35 Cr India median | 30% | ₹70.20 Cr | ₹21.06 Cr |
| Revenue Multiple — 30× ARR (₹2.52 Cr) | 30% | ₹75.60 Cr | ₹22.68 Cr |
| Weighted Average | 100% | — | ₹70.74 Cr |
| + Control Premium 4% — First-mover, zero Tier 2/3 competition | — | — | +₹5.09 Cr |
| Final Pre-Money Valuation | — | — | ₹75.83 Cr |
| Round 2 — Deal Terms | Value |
|---|
| Pre-Money Valuation | ₹75.83 Cr |
| Total Shares Pre-R2 | 11,100 |
| Price Per Share (R2) | ₹68,318 |
| Investment Amount | ₹7.22 Cr |
| Bank & Processing Charges | ₹0.28 Cr |
| Total Raise | ₹7.50 Cr |
| New Shares Issued | 1,098 |
| Post-Money Valuation | ₹83.33 Cr |
| Investor Equity (Post-Money) | 9.00% |
Method 1 — VC Method Detail
| Parameter | Assumption | Value |
|---|
| ARR (1 Market) | Q4 FY25-26 annualised | ₹2.52 Cr |
| Year 5 Revenue (50 markets) | 50 × ₹2.52 Cr — no per-market growth assumed | ₹126 Cr |
| Exit Revenue Multiple | Comparable hyperlocal cos at exit | 5× |
| Projected Exit Valuation | ₹126 Cr × 5× | ₹630 Cr |
| Investor Return Target | Standard VC at Seed: 8–10× in 5 yrs | 8.82× |
| Pre-Money (Method 1) | ₹75 Cr − ₹7.50 Cr | ₹67.50 Cr |
Method 2 — Scorecard Detail (Base: ₹35 Cr India Median)
Factor
Assessment
Weight
Value
Founding Team
Deep domain expertise, lean execution, zero external capital, multi-functional team
30%
₹14.70 Cr
Market Size
Quick commerce India TAM ₹4.7L Cr by 2030. 90%+ districts unserved. Asset-light fits Tier 2/3.
25%
₹12.25 Cr
Product / Tech
Live 19-min platform, 10Q transaction data, AI ERP in pipeline. Take rate 20–25% vs 10–18% global avg.
15%
₹7.35 Cr
Traction & Unit Economics
LTV:CAC 133× (benchmark 3–7×). CM +23.3%. Op P&L positive 4 quarters. GMV 103× growth.
15%
₹12.25 Cr
Competitive Moat
No direct competitor in Tier 2/3 asset-light hyperlocal. Dark store model not viable here.
10%
₹5.25 Cr
Strategic Network
12M+ kirana stores as supply, delivery ecosystem, local brand partnerships — all operational.
5%
₹2.10 Cr
Pre-Money (Method 2)
₹35 Cr × 2.006× premium
100%
₹70.20 Cr
Section 06
Use of Funds — ₹7.50 Crore
| Category | Amount (₹) | % | Purpose |
|---|
| Marketing Cost | 3,90,52,500 | 54.1% | Market expansion & brand |
| Vendor & DP Onboarding | 1,00,37,500 | 13.9% | Supply-side — 5 new markets |
| Tech Team | 60,30,000 | 8.3% | Engineering hires |
| G&A Cost | 50,21,000 | 7.0% | Operations & administration |
| Operations & Support | 40,50,000 | 5.6% | Customer ops |
| Tech Infrastructure | 27,83,700 | 3.9% | AI ERP · infra · platform |
| Marketing Team | 24,30,000 | 3.4% | Marketing hires |
| Product & Service | 15,30,000 | 2.1% | Product development |
| Finance & Accounts | 12,85,000 | 1.8% | Compliance & audit |
| Bank & Processing Charges | 28,00,000 | 3.7% | Transaction & compliance costs |
| Total | 7,50,00,000 | 100% | ₹7.50 Crore |
Fairshare Valuation — Online Dekho
Utthapana Private Limited · Lucknow · April 2026 · Confidential
Methods: VC Method (40%) · Scorecard (30%) · Revenue Multiple 30× ARR (30%)
Round 1: Mayank Verma ₹7.5L → 55× paper return at R2 pricing
Round 1.5: Ankit Pandey ₹2.5L cash + 333 Sweat Equity shares (u/s 54, Companies Act 2013)
Contact: erpradeep@onlinedekho.net
₹75.83 Cr
Pre-Money · 9% for ₹7.50 Cr
Founders retain 86.08%